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hope these pictures are good enough. having a hard time with this problem and a very similar one on another assignment. thank you so much
hope these pictures are good enough. having a hard time with this problem and a very similar one on another assignment. thank you so much for your help. also, could you tell me how to reply to a responded question? how to comment
Allied Merchandisers was organized on May 1 Macy Co. is a major customer (buyer) of Allied seller products hay Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at price of $12 cash per it (for a total cost of $36,000). 5 Allied sold 1,500 of the units in Inventory for $10 per unit (invoice total: $24,000) to Macy Co. under credit teras 2/10, 1/60. The goods cost Allied $10,000 7 Hacy returns 150 units because they did not fit the customer's needs (invoice wount 52,400). Allied restores the units, which cost 51, seo, to its Inventory. 8 Macy discovers that 150 units are scuffed but are still of use and therefore, keeps the units. Allied gives price reduction (allowance) and credits Macy's accounts receivable for $1.200 to compensate for the dange 15 Allied receives payment from Hacy for the amount oued on the May 5 purchase payment is net of returns allowances, and any cash discount. Use the above informations, analyze each transaction by indicating its effects on the income statement-specifically, identify the accounts and amounts (including + or -) for each transaction Income Statement Components May 3 Increase Decrease Amount May 5 Increase/Decrease May 7 Increase/Decrease Sales Amount Amount May 8 Increase/Decrease Amount May 15 Increase/Decrease Amount Sales discounts Sales returns and allowances Natales Cost of goods sold Gross profitStep by Step Solution
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