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6 A company purchases merchandise with a catalog price of $22,000. The company receives a 30% trade discount from the seller. The seller also offers credit terms of 3/10, n/30. Assuming no returns were made and that payment was made within the discount period, what is the net cost of the merchandise? 7 A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $320 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: 8. Garza Company had sales of $139,000, sales discounts of $2,100, and sales returns of $3,335. Garza Company's net sales equals: 9 Prentice Company, Inc. had cash sales of $95,275, credit sales of $84,050, sales returns and allowances of $2,100, and sales discounts of $3,875. Prentice's net sales for this period equal: 10 Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Year 1 Year 2 $ 126,000 $ 131,200 251,200 281,000 377,200 412,200 131,200 136,200 $ 246,000 $ 276,000 Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $16,200 and 2) ending inventory at the end of Year 2 was overstated by $7,200. Given this information, the correct cost of goods sold figure for Year 2 would be: 11. Beckenworth had cost of goods sold of $10,221 million, ending inventory of $2,889 million, and average inventory of $2,045 million. Its days' sales in inventory equals:(Use 365 days a year.) 12 On December 31 of the current year, Plunkett Company reported an ending inventory balance of $218,000. The following additional information is also available: Plunkett sold and shipped goods costing $38,600 to Savannah Enterprises on December 28 with shipping terms of FOB shipping point. The goods were not included in the ending inventory amount of $218,000. Plunkett purchased goods costing $44,600 on December 29. The goods were shipped FOB destination and were received by Plunkett on January 2 of the following year. The shipment was a rush order that was supposed to arrive by December 31. These goods were included in the ending inventory balance of $218,000. Plunkett's ending inventory balance of $218,000 included $15,600 of goods being held on consignment from Carole Company. (Plunkett Company is the consignee.) Plunkett's ending inventory balance of $218,000 did not include goods costing $95,600 that were shipped to Plunkett on December 27 with shipping terms of FOB destination and were still in transit at year-end. Based on the above information, the amount that Plunkett should report in ending inventory on December 31 is: 13 A company had the following purchases during the current year: January: February: May: September: November: 16 units at $126 26 units at $136 21 units at $146 18 units at $156 16 units at $166 On December 31, there were 56 units remaining in ending inventory. These 56 units consisted of 8 from January, 10 from February, 12 from May, 10 from September, and 16 from November. Using the specific identification method, what is the cost of the ending inventory? 14 A company had inventory on November 1, of 5 units at a cost of $14 each. On November 2, they purchased 15 units at $16 each. On November 6 they purchased 11 units at $19 each. On November 8, 13 units were sold for $49 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? 15. A company's normal selling price for its product is $28 per unit. However, due to market competition, the selling price has fallen to $23 per unit. This company's current inventory consists of 280 units purchased at $24 per unit. Replacement cost has fallen to $21 per unit. Calculate the value of this company's inventory at the lower of cost or market. 16. A company had net sales of $31,000 and ending accounts receivable of $3,200 for the current period. Its days' sales uncollected equals: (Use 365 days a year.) 17. The following information is available for Birch Company at December 31: Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps $ 2,890 $ 16,000 $ 1,725 $ 23,431 $ 750 $ 300 $ 28 U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 11,000 Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of: 18. At the end of the day, the cash register tape shows $1,060 in cash sales but the count of cash in the register is $1,085. The proper entry to account for this excess is: 19. Ferguson Co. has a $300 petty cash fund. At the end of the first month the accumulated receipts represent $53 for delivery expenses, $167 for merchandise inventory, and $22 for miscellaneous expenses. The fund has a balance of $58. The journal entry to record the reimbursement of the account includes a: 20 . Havermill Co. establishes a $270 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $75 for Office Supplies, $141 for merchandise inventory, and $24 for miscellaneous expenses. The fund has a balance of $30. On October 1, the accountant determines that the fund should be increased by $54. The journal entry to record the reimbursement of the fund on September 30 includes a: 21. A company had $62 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to: 22. Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $21,525. Clayborn's May bank statement shows $19,400 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $6,550 Outstanding checks $5,500 Bank service fees, not yet recorded by company A NSF check from a customer, not yet recorded by the company The adjusted cash balance should be: $70 $1,005 23. Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $19,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit Outstanding checks $1,650 $891 Additionally, a $35 check written and recorded by the company correctly was recorded by the bank as a $53 deduction. The adjusted cash balance per the bank records should be: 24. A company had total sales of $670,000, net sales of $663,000, and an average accounts receivable of $102,000. Its accounts receivable turnover equals: 25. Mullis Company sold merchandise on account to a customer for $1,125, terms n/30. The journal entry to record this sale transaction would be: 26. On July 9, Mifflin Company receives a $9,600, 90-day, 9% note from customer Payton Summers as payment on account. What entry should be made on the maturity date assuming the maker pays in full? (Use 360 days a year.) 27. Jasper makes a $37,000, 90-day, 6.0% cash loan to Clayborn Co. Jasper's entry to record the collection of the note and interest at maturity should be: (Use 360 days a year.)