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Question:
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The ledger of Rios Company contains the following balances: Owners Capital $31,791; Owners Drawings $2,257; Service Revenue $51,822; Salaries and Wages Expense $28,631; and Supplies Expense $6,410. The closing entries are as follows:
| (1) | Close revenue accounts. |
| (2) | Close expense accounts. |
| (3) | Close net income/(loss). |
| (4) | Close drawings. |
Post the closing entries in the order presented in the problem and use the numbers as a reference.
| Salaries and Wages Expense |
| Supplies Expense |
| Service Revenue |
| Owners Drawings |
| Income Summary |
| Owners Capital |
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The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company. Identify the accounts that would be included in a post-closing trial balance.
| Accumulated Depreciation |
| Depreciation Expense | |
| Owners Capital | |
| Owners Drawings | |
| Service Revenue | |
| Supplies | |
| Accounts Payable |
The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 19.
| (a) | Prepare a trial balance. |
| (b) | Journalize the transactions. | |
| (c) | Journalize and post closing entries. | |
| (d) | Prepare financial statements. | |
| (e) | Journalize and post adjusting entries. | |
| (f) | Post to ledger accounts. | |
| (g) | Prepare a post-closing trial balance. | |
| (h) | Prepare an adjusted trial balance. | |
| (i) | Analyze business transactions. |
Brief Exercise 4-10
The balance sheet debit column of the worksheet for Hamidi Company includes the following accounts: Accounts Receivable $12,787; Prepaid Insurance $4,468; Cash $4,040; Supplies $5,746, and Debt Investments (short-term) $6,910. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List current assets in order of liquidity.)
| HAMIDI COMPANY Partial Balance Sheet | |
| $ | |
| $ |
Exercise 4-1
The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows.
| NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 | ||
| Trial Balance | ||
| Account Titles | Dr. | Cr. |
| Cash | 2,296 | |
| Accounts Receivable | 2,236 | |
| Supplies | 1,804 | |
| Accounts Payable | 1,092 | |
| Unearned Service Revenue | 428 | |
| Owners Capital | 1,909 | |
| Service Revenue | 3,590 | |
| Salaries and Wages Expense | 518 | |
| Miscellaneous Expense | 165 |
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| Total | 7,019 | 7,019 |
Other data:
| 1. | A physical count reveals $630 of supplies on hand. |
| 2. | $126 of the unearned revenue is still unearned at month-end. |
| 3. | Accrued salaries are $162. |
Complete the worksheet.
| NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 | ||||||||||
| Trial Balance | Adjustments | Adj. Trial Balance | Income Statement | Balance Sheet | ||||||
| Account Titles | Dr | Cr. | Dr | Cr. | Dr | Cr. | Dr | Cr. | Dr | Cr. |
| Cash | 2,296 |
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| Accounts Receivable | 2,236 |
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| Supplies | 1,804 |
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| Accounts Payable | 1,092 | |||||||||
| Unearned Service Revenue | 428 | |||||||||
| Owner's Capital | 1,909 | |||||||||
| Service Revenue | 3,590 | |||||||||
| Salaries and Wages Expense | 518 |
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| Miscellaneous Expense | 165 |
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| Totals | 7,019 | 7,019 |
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| Supplies Expense |
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| Salaries and Wages Payable |
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| Totals |
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| Net Income |
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| Totals |
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Brief Exercise 5-1
Presented below are the components in Gates Companys income statement. Determine the missing amounts.
| Sales Revenue | Cost of Goods Sold | Gross Profit | Operating Expenses | Net Income | |
| (a) | $80,950 | $ | $38,320 | $ | $15,950 |
| (b) | $110,600 | $77,520 | $ | $ | $24,430 |
| (c) | $ | $80,120 | $89,390 | $44,740 | $ |
Brief Exercise 5-2
Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $1,188, and the cost of the goods is $831. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Account Titles and Explanation | Debit | Credit |
| Radomir Company | ||
| Lemke Company | ||
| (To record credit sale) | ||
| (To record cost of merchandise sold) |
Brief Exercise 5-7
Arndt Company provides the following information for the month ended October 31, 2014: sales on credit $339,810, cash sales $103,880, sales discounts $6,120, sales returns and allowances $10,700. Prepare the sales revenues section of the income statement based on this information.
| Arndt COMPANY Income Statement (Partial) For the Month Ended October 31, 2014 | |
| $ | |
| : | |
| $ | |
| $ |
Brief Exercise 5-9
Assume Kader Company has the following reported amounts: Sales revenue $1,162,800, Sales returns and allowances $34,200, Cost of goods sold $752,400, and Operating expenses $250,800. (a) Compute net sales.
| Net sales | $ |
(b) Compute gross profit.
| Gross profit | $ |
(c) Compute income from operations.
| Income from operations | $ |
(d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.)
| Gross profit rate | % |
| Link to Text |
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| Show List of Accounts | |||
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| $ | |
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| $ | |
| $ |
| Show List of Accounts |
Exercise 5-14
Financial information is presented below for three different companies. Determine the missing amounts.
| Allen Cosmetics | Bast Grocery | Corr Wholesalers | ||||
| Sales revenue | $95,520 | $ | (e) | $128,850 | ||
| Sales returns and allowances | (a) | 5,320 | 12,520 | |||
| Net sales | 87,010 | 95,880 | (i) | |||
| Cost of goods sold | 55,390 | (f) | (j) | |||
| Gross profit | (b) | 40,290 | 25,910 | |||
| Operating expenses | 16,340 | (g) | 18,360 | |||
| Income from operations | (c) | (h) | (k) | |||
| Other expenses and losses | 3,170 | 7,770 | (l) | |||
| Net income | (d) | 12,630 | 4,230 |
| Link to Text |
ese answers within the hour
Next -w4 The ledger of Rios Company contains the following balances: Owner's Capital $31,791; Owner's Drawings $2,257; Service Revenue $51,822; Salaries and Wages Expense $28,631; and Supplies Expense $6,410. The closing entries are as follows: (1) (2) (3) (4) Close revenue accounts. Close expense accounts. Close net income/(loss). Close drawings. Post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense Supplies Expense Service Revenue Owner's Drawings Income Summary Owner's Capital Link to Text The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company. Identify the accounts that would be included in a post-closing trial balance. Accumulated Depreciation Depreciation Expense Owner's Capital Owner's Drawings Service Revenue Supplies Accounts Payable The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1-9. (a) (b ) (c) (d ) (e) (f) (g) (h ) (i) Prepare a trial balance. Journalize the transactions. Journalize and post closing entries. Prepare financial statements. Journalize and post adjusting entries. Post to ledger accounts. Prepare a post-closing trial balance. Prepare an adjusted trial balance. Analyze business transactions. Brief Exercise 4-10 The balance sheet debit column of the worksheet for Hamidi Company includes the following accounts: Accounts Receivable $12,787; Prepaid Insurance $4,468; Cash $4,040; Supplies $5,746, and Debt Investments (short-term) $6,910. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List current assets in order of liquidity.) HAMIDI COMPANY Partial Balance Sheet $ $ Exercise 4-1 The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows. NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 Trial Balance Account Titles Dr. Cr. Cash 2,296 Accounts Receivable 2,236 Supplies 1,804 Accounts Payable 1,092 Unearned Service Revenue 428 Owner's Capital 1,909 Service Revenue 3,590 Salaries and Wages Expense 518 Miscellaneous Expense 165 Total 7,019 7,019 Other data: 1 . 2 . 3 . A physical count reveals $630 of supplies on hand. $126 of the unearned revenue is still unearned at month-end. Accrued salaries are $162. Complete the worksheet. Trial Balance Account Dr Cr. Titles Cash 2,2 96 Accounts 2,2 Receivabl 36 e Supplies 1,8 04 Accounts 1,09 Payable 2 Unearned Service 428 Revenue Owner's 1,90 Capital 9 Service 3,59 Revenue 0 Salaries and Wages 518 Expense Miscellane ous 165 Expense NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 Adj. Trial Adjustments Income Statement Balance Sheet Balance Dr Cr. Dr Cr. Dr Cr. Dr Cr. 7,07,01 19 9 Totals Supplies Expense Salaries and Wages Payable Totals Net Income Totals Exercise 4-11 (Part level Submission) Selected accounts for Heather's Salon are presented below. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 2,620 6/30 6/28 8,439 5,819 Supplies Expense 6/12 735 6/30 6/24 1,568 833 Service Revenue 6/30 17,665 6/15 8,893 Date Account Titles and Explanation 6/24 June 30 Debit Credit 8,772 Rent Expense 6/1 2,867 6/30 2,867 Owner's Capital 6/30 (To close revenue account.) 2,581 6/1 11,913 6/30 4,791 Bal. June 30 14,123 Owner's Drawings 6/13 648 6/30 6/25 (a) 2,581 1,933 (To close expense account.) Prepare the closing entries that were made. (Credit account titles are automatically indented when June amount is entered. Do not indent manually.) 30 Brief Exercise 5-1 Presented below are the components in Gates Company's income statement. (To close net income / (loss).) Determine the missing amounts. June Sales Revenue 30 (a) $80,950 Cost of Goods Sold Gross Profit Operating Expenses $ (To close drawings.) $38,320 $ Net Income $15,950 (b) (c) $110,600 $ $ $77,520 $80,120 $ $89,390 $24,430 $44,740 $ Brief Exercise 5-2 Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $1,188, and the cost of the goods is $831. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Radomir Company Lemke Company (To record credit sale) (To record cost of merchandise sold) Debit Credit Brief Exercise 5-7 Arndt Company provides the following information for the month ended October 31, 2014: sales on credit $339,810, cash sales $103,880, sales discounts $6,120, sales returns and allowances $10,700. Prepare the sales revenues section of the income statement based on this information. Arndt COMPANY Income Statement (Partial) For the Month Ended October 31, 2014 $ : $ $ Brief Exercise 5-9 Assume Kader Company has the following reported amounts: Sales revenue $1,162,800, Sales returns and allowances $34,200, Cost of goods sold $752,400, and Operating expenses $250,800. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit $ (c) Compute income from operations. $ Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate % Link to Text Exercise 5-4 (Part level Submission) On June 10, Tuzun Company purchased $9,850 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $430 on June 11. Damaged goods totaling $400 are returned to Epps for credit on June 12. The fair value of these goods is $200. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dat Account Titles and e Explanation Debi Credi t t Show List of Accounts Exercise 5-6 (Part level Submission) The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $857,860, Freight-out $17,540, Sales Returns and Allowances $32,630, and Sales Discounts $17,210. (a) Prepare the sales revenues section of the income statement. Tsai COMPANY Income Statement (Partial) For the Year Ended October 31, 2014 $ : $ $ Show List of Accounts Exercise 5-14 Financial information is presented below for three different companies. Determine the missing amounts. Allen Cosmetics Sales revenue $95,520 Bast Grocery Corr Wholesalers $ (e) $128,850 Sales returns and allowances Net sales 87,010 Cost of goods sold 55,390 (a) Net income Link to Text (i) (f) (b) 40,290 (g) (c) 3,170 (j) 25,910 16,340 Income from operations Other expenses and losses 12,520 95,880 Gross profit Operating expenses 5,320 18,360 (h) (k) 7,770 (d) 12,630 (l) 4,230 Next -w4 The ledger of Rios Company contains the following balances: Owner's Capital $31,791; Owner's Drawings $2,257; Service Revenue $51,822; Salaries and Wages Expense $28,631; and Supplies Expense $6,410. The closing entries are as follows: (1) (2) (3) (4) Close revenue accounts. Close expense accounts. Close net income/(loss). Close drawings. Post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense Supplies Expense Service Revenue Owner's Drawings Income Summary Owner's Capital Link to Text The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company. Identify the accounts that would be included in a post-closing trial balance. Accumulated Depreciation Depreciation Expense Owner's Capital Owner's Drawings Service Revenue Supplies Accounts Payable The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1-9. (a) (b ) (c) (d ) (e) (f) (g) (h ) (i) Prepare a trial balance. Journalize the transactions. Journalize and post closing entries. Prepare financial statements. Journalize and post adjusting entries. Post to ledger accounts. Prepare a post-closing trial balance. Prepare an adjusted trial balance. Analyze business transactions. Brief Exercise 4-10 The balance sheet debit column of the worksheet for Hamidi Company includes the following accounts: Accounts Receivable $12,787; Prepaid Insurance $4,468; Cash $4,040; Supplies $5,746, and Debt Investments (short-term) $6,910. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List current assets in order of liquidity.) HAMIDI COMPANY Partial Balance Sheet $ $ Exercise 4-1 The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows. NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 Trial Balance Account Titles Dr. Cr. Cash 2,296 Accounts Receivable 2,236 Supplies 1,804 Accounts Payable 1,092 Unearned Service Revenue 428 Owner's Capital 1,909 Service Revenue 3,590 Salaries and Wages Expense 518 Miscellaneous Expense 165 Total 7,019 7,019 Other data: 1 . 2 . 3 . A physical count reveals $630 of supplies on hand. $126 of the unearned revenue is still unearned at month-end. Accrued salaries are $162. Complete the worksheet. Trial Balance Account Dr Cr. Titles Cash 2,2 96 Accounts 2,2 Receivabl 36 e Supplies 1,8 04 Accounts 1,09 Payable 2 Unearned Service 428 Revenue Owner's 1,90 Capital 9 Service 3,59 Revenue 0 Salaries and Wages 518 Expense Miscellane ous 165 Expense NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 Adj. Trial Adjustments Income Statement Balance Sheet Balance Dr Cr. Dr Cr. Dr Cr. Dr Cr. 7,07,01 19 9 Totals Supplies Expense Salaries and Wages Payable Totals Net Income Totals Exercise 4-11 (Part level Submission) Selected accounts for Heather's Salon are presented below. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 2,620 6/30 6/28 8,439 5,819 Supplies Expense 6/12 735 6/30 6/24 1,568 833 Service Revenue 6/30 17,665 6/15 8,893 Date Account Titles and Explanation 6/24 June 30 Debit Credit 8,772 Rent Expense 6/1 2,867 6/30 2,867 Owner's Capital 6/30 (To close revenue account.) 2,581 6/1 11,913 6/30 4,791 Bal. June 30 14,123 Owner's Drawings 6/13 648 6/30 6/25 (a) 2,581 1,933 (To close expense account.) Prepare the closing entries that were made. (Credit account titles are automatically indented when June amount is entered. Do not indent manually.) 30 Brief Exercise 5-1 Presented below are the components in Gates Company's income statement. (To close net income / (loss).) Determine the missing amounts. June Sales Revenue 30 (a) $80,950 Cost of Goods Sold Gross Profit Operating Expenses $ (To close drawings.) $38,320 $ Net Income $15,950 (b) (c) $110,600 $ $ $77,520 $80,120 $ $89,390 $24,430 $44,740 $ Brief Exercise 5-2 Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $1,188, and the cost of the goods is $831. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Radomir Company Lemke Company (To record credit sale) (To record cost of merchandise sold) Debit Credit Brief Exercise 5-7 Arndt Company provides the following information for the month ended October 31, 2014: sales on credit $339,810, cash sales $103,880, sales discounts $6,120, sales returns and allowances $10,700. Prepare the sales revenues section of the income statement based on this information. Arndt COMPANY Income Statement (Partial) For the Month Ended October 31, 2014 $ : $ $ Brief Exercise 5-9 Assume Kader Company has the following reported amounts: Sales revenue $1,162,800, Sales returns and allowances $34,200, Cost of goods sold $752,400, and Operating expenses $250,800. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit $ (c) Compute income from operations. $ Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate % Link to Text Exercise 5-4 (Part level Submission) On June 10, Tuzun Company purchased $9,850 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $430 on June 11. Damaged goods totaling $400 are returned to Epps for credit on June 12. The fair value of these goods is $200. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dat Account Titles and e Explanation Debi Credi t t Show List of Accounts Exercise 5-6 (Part level Submission) The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $857,860, Freight-out $17,540, Sales Returns and Allowances $32,630, and Sales Discounts $17,210. (a) Prepare the sales revenues section of the income statement. Tsai COMPANY Income Statement (Partial) For the Year Ended October 31, 2014 $ : $ $ Show List of Accounts Exercise 5-14 Financial information is presented below for three different companies. Determine the missing amounts. Allen Cosmetics Sales revenue $95,520 Bast Grocery Corr Wholesalers $ (e) $128,850 Sales returns and allowances Net sales 87,010 Cost of goods sold 55,390 (a) Net income Link to Text (i) (f) (b) 40,290 (g) (c) 3,170 (j) 25,910 16,340 Income from operations Other expenses and losses 12,520 95,880 Gross profit Operating expenses 5,320 18,360 (h) (k) 7,770 (d) 12,630 (l) 4,230 Next -w4 The ledger of Rios Company contains the following balances: Owner's Capital $31,791; Owner's Drawings $2,257; Service Revenue $51,822; Salaries and Wages Expense $28,631; and Supplies Expense $6,410. The closing entries are as follows: (1) (2) (3) (4) Close revenue accounts. Close expense accounts. Close net income/(loss). Close drawings. Post the closing entries in the order presented in the problem and use the numbers as a reference. Salaries and Wages Expense Supplies Expense Service Revenue Owner's Drawings Income Summary Owner's Capital Link to Text The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company. Identify the accounts that would be included in a post-closing trial balance. Accumulated Depreciation Depreciation Expense Owner's Capital Owner's Drawings Service Revenue Supplies Accounts Payable The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1-9. (a) (b ) (c) (d ) (e) (f) (g) (h ) (i) Prepare a trial balance. Journalize the transactions. Journalize and post closing entries. Prepare financial statements. Journalize and post adjusting entries. Post to ledger accounts. Prepare a post-closing trial balance. Prepare an adjusted trial balance. Analyze business transactions. Brief Exercise 4-10 The balance sheet debit column of the worksheet for Hamidi Company includes the following accounts: Accounts Receivable $12,787; Prepaid Insurance $4,468; Cash $4,040; Supplies $5,746, and Debt Investments (short-term) $6,910. Prepare the current assets section of the balance sheet, listing the accounts in proper sequence. (List current assets in order of liquidity.) HAMIDI COMPANY Partial Balance Sheet $ $ Exercise 4-1 The trial balance columns of the worksheet for Nanduri Company at June 30, 2014, are as follows. NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 Trial Balance Account Titles Dr. Cr. Cash 2,296 Accounts Receivable 2,236 Supplies 1,804 Accounts Payable 1,092 Unearned Service Revenue 428 Owner's Capital 1,909 Service Revenue 3,590 Salaries and Wages Expense 518 Miscellaneous Expense 165 Total 7,019 7,019 Other data: 1 . 2 . 3 . A physical count reveals $630 of supplies on hand. $126 of the unearned revenue is still unearned at month-end. Accrued salaries are $162. Complete the worksheet. Trial Balance Account Dr Cr. Titles Cash 2,2 96 Accounts 2,2 Receivabl 36 e Supplies 1,8 04 Accounts 1,09 Payable 2 Unearned Service 428 Revenue Owner's 1,90 Capital 9 Service 3,59 Revenue 0 Salaries and Wages 518 Expense Miscellane ous 165 Expense NANDURI COMPANY Worksheet For the Month Ended June 30, 2014 Adj. Trial Adjustments Income Statement Balance Sheet Balance Dr Cr. Dr Cr. Dr Cr. Dr Cr. 7,07,01 19 9 Totals Supplies Expense Salaries and Wages Payable Totals Net Income Totals Exercise 4-11 (Part level Submission) Selected accounts for Heather's Salon are presented below. All June 30 postings are from closing entries. Salaries and Wages Expense 6/10 2,620 6/30 6/28 8,439 5,819 Supplies Expense 6/12 735 6/30 6/24 1,568 833 Service Revenue 6/30 17,665 6/15 8,893 Date Account Titles and Explanation 6/24 June 30 Debit Credit 8,772 Rent Expense 6/1 2,867 6/30 2,867 Owner's Capital 6/30 (To close revenue account.) 2,581 6/1 11,913 6/30 4,791 Bal. June 30 14,123 Owner's Drawings 6/13 648 6/30 6/25 (a) 2,581 1,933 (To close expense account.) Prepare the closing entries that were made. (Credit account titles are automatically indented when June amount is entered. Do not indent manually.) 30 Brief Exercise 5-1 Presented below are the components in Gates Company's income statement. (To close net income / (loss).) Determine the missing amounts. June Sales Revenue 30 (a) $80,950 Cost of Goods Sold Gross Profit Operating Expenses $ (To close drawings.) $38,320 $ Net Income $15,950 (b) (c) $110,600 $ $ $77,520 $80,120 $ $89,390 $24,430 $44,740 $ Brief Exercise 5-2 Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $1,188, and the cost of the goods is $831. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Radomir Company Lemke Company (To record credit sale) (To record cost of merchandise sold) Debit Credit Brief Exercise 5-7 Arndt Company provides the following information for the month ended October 31, 2014: sales on credit $339,810, cash sales $103,880, sales discounts $6,120, sales returns and allowances $10,700. Prepare the sales revenues section of the income statement based on this information. Arndt COMPANY Income Statement (Partial) For the Month Ended October 31, 2014 $ : $ $ Brief Exercise 5-9 Assume Kader Company has the following reported amounts: Sales revenue $1,162,800, Sales returns and allowances $34,200, Cost of goods sold $752,400, and Operating expenses $250,800. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit $ (c) Compute income from operations. $ Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate % Link to Text Exercise 5-4 (Part level Submission) On June 10, Tuzun Company purchased $9,850 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $430 on June 11. Damaged goods totaling $400 are returned to Epps for credit on June 12. The fair value of these goods is $200. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Dat Account Titles and e Explanation Debi Credi t t Show List of Accounts Exercise 5-6 (Part level Submission) The adjusted trial balance of Tsai Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $857,860, Freight-out $17,540, Sales Returns and Allowances $32,630, and Sales Discounts $17,210. (a) Prepare the sales revenues section of the income statement. Tsai COMPANY Income Statement (Partial) For the Year Ended October 31, 2014 $ : $ $ Show List of Accounts Exercise 5-14 Financial information is presented below for three different companies. Determine the missing amounts. Allen Cosmetics Sales revenue $95,520 Bast Grocery Corr Wholesalers $ (e) $128,850 Sales returns and allowances Net sales 87,010 Cost of goods sold 55,390 (a) Net income Link to Text (i) (f) (b) 40,290 (g) (c) 3,170 (j) 25,910 16,340 Income from operations Other expenses and losses 12,520 95,880 Gross profit Operating expenses 5,320 18,360 (h) (k) 7,770 (d) 12,630 (l) 4,230 Expert Answer:
