Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi people, Can you help me to solve this question as below ? Please kindly show the steps and also explain if possible. You can

Hi people,

Can you help me to solve this question as below ?

Please kindly show the steps and also explain if possible.

You can write on a piece of paper and snap it and upload here.

Your answer is much appreciated.

A)

image text in transcribed

3

image text in transcribed

image text in transcribed

__________________________________________________________________________________________

B)

image text in transcribed

Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected from 2013: Sold merchandise for cash (cost of merchandise 22,797). 39,200 Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise 270). 450 Sold merchandise (costing 4,038) to a customer, on account with terms 2 10, n 30. 8,500 Collected half of the balance owed by the customer in (c) within the discount period. 4,165 Granted an allowance to the customer in (c). 136 Required: Compute Sales Revenue, Net Sales, and Gross Profit for Hair World. Sales Revenue 47,700 Net Sales Gross Profit Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage Record the cash sales of 39,200. Record the cost of goods sold of 22,797. Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of 450 was given to the customer. Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was 270. Record the sales on account of 8,500 on terms 2 10, n 30. Record the cost of goods sold of 4,038. Record the collection of half of the balance of 4,165 owed by the customer within the discount period. Record the allowance of 136 granted to the customer. = journal entry has been entered Hair World is considering a contract to sell merchandise to a hair salon chain for 13,500. This merchandise will cost Hair World 9.280. What would be the increase (or decrease) Hair World's gross profit and gross profit percentage? (Round Gross Profit Percentage to 1 decimal place.) Gross Profit by Gross Profit Percentage to Percentage The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the 1,100 purchase with cash. The goods cost Evergreen Company 650. 15 Sold merchandise to Claudio's Chair Company at a selling price of 5,100 on terms 3 10, n 30. The goods cost Evergreen Company 3,550. 20 Sold merchandise to Otto's Ottomans at a selling price of 3,050 on terms 3/ 10, n 30. The goods cost Evergreen Company $1,950. 23 Collected payment from Claudio's Chair Company from the July 15 sale. Aug. 25 Collected payment from Otto's Ottomans from the July 20 sale. Required: Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended August 31. (Round your answer to 2 decimal place.) Net Sales This is a numeric ceil, so please enter numbers only. Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected from 2013: Sold merchandise for cash (cost of merchandise 22,797). 39,200 Received merchandise returned by customers as unsatisfactory (but in perfect condition), for cash refund (original cost of merchandise 270). 450 Sold merchandise (costing 4,038) to a customer, on account with terms 2 10, n 30. 8,500 Collected half of the balance owed by the customer in (c) within the discount period. 4,165 Granted an allowance to the customer in (c). 136 Required: Compute Sales Revenue, Net Sales, and Gross Profit for Hair World. Sales Revenue 47,700 Net Sales Gross Profit Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage Record the cash sales of 39,200. Record the cost of goods sold of 22,797. Record the return by a customer of unsatisfactory merchandise that was in perfect condition. A cash refund of 450 was given to the customer. Record the merchandise returned by the customer back into inventory. The original cost of the merchandise was 270. Record the sales on account of 8,500 on terms 2 10, n 30. Record the cost of goods sold of 4,038. Record the collection of half of the balance of 4,165 owed by the customer within the discount period. Record the allowance of 136 granted to the customer. = journal entry has been entered Hair World is considering a contract to sell merchandise to a hair salon chain for 13,500. This merchandise will cost Hair World 9.280. What would be the increase (or decrease) Hair World's gross profit and gross profit percentage? (Round Gross Profit Percentage to 1 decimal place.) Gross Profit by Gross Profit Percentage to Percentage The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the 1,100 purchase with cash. The goods cost Evergreen Company 650. 15 Sold merchandise to Claudio's Chair Company at a selling price of 5,100 on terms 3 10, n 30. The goods cost Evergreen Company 3,550. 20 Sold merchandise to Otto's Ottomans at a selling price of 3,050 on terms 3/ 10, n 30. The goods cost Evergreen Company $1,950. 23 Collected payment from Claudio's Chair Company from the July 15 sale. Aug. 25 Collected payment from Otto's Ottomans from the July 20 sale. Required: Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended August 31. (Round your answer to 2 decimal place.) Net Sales This is a numeric ceil, so please enter numbers only

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions