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Exercise 1. Fragment Company is a wholesaler that sells merchandise in large quantities. Its catalog indicates a list price of $300 per unit on a particular product and a 40% trade discount is offered for quantity purchases of 50 units or more. The cost of shipping the merchandise is $7 per unit under terms FOB shipping point. If a customer purchases 100 units of this product, what is the amount of sales revenue that Fragment will record from this sale? Show calculations. Exercise 2. Fill in the blanks (a) through (g) for the Morrison Company for each of the income statements for years 1, 2, and 3. Morrison Company Income Statements For the years ended December 31 Year 1 Year 2 Year 3 Sales $7,500 $10,000 Cost of goods sold Merchandise inventory (beginning) (a) 375 750 Total cost of merchandise purchases 2,400 3,625 4,875 Merchandise inventory (ending) (b) 750 625 Cost of goods sold 2,770 (d) 5,000 Gross profit (c) 6,750 5,200 Operating expenses 3.750 3.750 Net income $ 980 (e) $2.500 18. Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had a cost of $2,010. The returned items are restored to inventory and the customer's Accounts Receivable is credited. Received payment for merchandise sold August 1. Granted an allowance from the seller for the return of defective merchandise purchased on August 4 for $600. 18 Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) Paid for the merchandise purchased August 4 less the portion that was returned. 24 Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900. 31 Received payment for merchandise sold on August 24. Required: Prepare the general journal entries to record these transactions. Exercise 4. Following is the year-end adjusted trial balance for Fred's Corner Grocery for the current year: Fred's Corner Grocery Adjusted Trial Balance December 31 Dr. $ 67,500 46,000 60,000 800 $ 16,000 850 125,630 45,000 550,000 Cash...... Accounts receivable..................... Merchandise inventory.. Store supplies...... Accounts payable.... Salaries payable............ F. Brewster, Capital...... F. Brewster, Withdrawals... Sales........ Sales returns & allowances...... Sales discounts.......... Cost of goods sold.. ............ Sales salaries expense................ Advertising expense.................... Store salaries expense.. Store supplies expense... .... Interest expense..................... Totals................ 4,500 4,250 382,450 44,000 8,150 24,325 450 5,055 $692,480 $692,480 Prepare the closing entries at December 31 for the current year. Exercise 5. From the adjusted trial balance for Brookstone Art Supplies given below, prepare a multiple-step income statement in good form. Brookstone Art Supplies Adjusted Trial Balance December 31 Credit Debit $9,400 25,000 36,000 900 75,000 $22,000 60,000 Cash Accounts receivable Merchandise inventory Office supplies Store equipment Accumulated depreciation-store equipment Office equipment Accumulated depreciation-office equipment Accounts payable Notes payable A. Brookstone, Capital A. Brookstone, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Selling expenses General and administrative expenses Interest expense Totals 15,000 42,000 10,000 110,700 48,000 325,000 6,000 16,500 195,000 32,500 19,800 600 $524,700 $524,700 Exercise 6. A company's inventory records indicate the following data for the month of April: April 1 April 5 April 9 April 14 April 20 April 30 Beginning Purchase Sale Purchase Sale Purchase 350 units at $18 each 290 units at $20 each 500 units at $55 each 250 units at $22 each 200 units at $55 each 240 units at $25 each Compute inventory and cost of goods sold in a perpetual system using the methods of FIFO, LIFO, and weighted average. A. Credit period B. Credit terms C. Discount period D. FOB destination E. FOB shipping point F. General and administrative expenses G. Gross profit H. Inventory shrinkage 1. Merchandise inventory 1. Multiple-step income statement K. Periodic inventory system L. Perpetual inventory system M. Purchase allowance N. Purchases discounts O. Sales discount P. Selling expenses Q. Shrinkage R. Single-step income statement S. Trade discount __A cash discount granted from the view of the seller, indicated in the credit terms on the invoice. 2. A cash discount granted, from the view of the purchaser intended to encourage buyers to pay amounts owed earlier. 3. A given percent deducted from a list price often granted to customers purchasing large quantities of merchandise. 4. An income statement format that lists cost of goods sold as another expense and shows only one subtotal for total expenses. 5. Products a company owns and intends to sell. 6. An income statement format that shows detailed computations of net sales and other costs and expenses, and reports subtotals for various classes of items. 7. An inventory accounting method that updates accounting records for each purchase and each sale of inventory. 8. An inventory accounting method that updates the accounting records for purchases and sales of inventory only at the end of a period. 9. _Inventory losses that require an adjusting entry to account for losses from theft or deterioration. 10._ Price reduction granted by the seller to a buyer of defective or unacceptable merchandise. 11.__The amount of time allowed before full payment is due. 12._The calculation of net sales minus cost of goods sold. 13. The description of the amounts and timing of payments from a buyer to a seller for a purchase. 14._The expenses of advertising merchandise, making sales, and delivering goods to customers 15.__The expenses that support a company's overall operations and include costs related to accounting, human resources and finance. 16. The loss of inventory from theft and deterioration. 17._The point of ownership transfer from seller to buyer that takes place when the goods arrive at the buyer's place of business. 18. The point of ownership transfer from seller to buyer that takes place when the goods depart the seller's place of business. 19._The time period in which reduced payment can be made by the buyer because of a cash discount offered by a seller of goods on credit