I need some help with my account homework I typed everything out the best I could so it will be easier to understand my homework

Question 8

A company reports the following sales-related information.

Sales, gross $200,000 Sales returns and allowances $16,000

Sales gross $ 4,000 Sales salaries expense $ 10,000

Prepare the net sales portion only of this company's multiple-step income statement.

Multiple - Step Income Statement ( Partial )

_______________________ _________________ __________________

_______________________ _________________ __________________

_______________________ _________________ __________________

______Net Sales______ _________________ __________________

Word Bank

1. Add: Sales discounts
2. Add: Sales returns and allowances
3. Add: Sales salaries expense
4. Cost of goods sold
5. Less: Sales discounts
6. Less: Sales returns and allowances
7. Less: Sales salaries expense
8. Sales, gross

Question 9

Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.

May11Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise.

May 12 Sydney returns $1,400 of the $40,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,050.

May 20Sydney pays Troy for the amount owed. Troy receives the cash immediately.

Assume that both buyer and seller use a periodic inventory system and the gross method.

1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.

2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

(Please use the words that I provide to fill out the general journal for question 9 and type in the whole word so I can understand it)

Word Bank

1. Accounts payable
2. Accounts receivable
3. Accumulated depreciation
4. Additional paid-in capital
5. Bond premium
6. Bonds payable
7. Building
8. Cash
9. Common stock
10. Cost of goods sold
11. Depreciation expense
12. Discount on bonds payable
13. Dividends declared
14. Goodwill
15. Interest expense
16. Interest income
17. Interest payable
18. Interest receivable
19. Land
20. Merchandise inventory
21. Miscellaneous expenses
22. Purchases
23. Purchases discounts
24. Purchases returns and allowances
25. Transportation-in

REQUIRED 1

Journal Entry Worksheet

1.) Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $30,000.

Date General Journal Debit Credit

May 11 _________________ _______ _______

_________________ _______ _______

__________________ _______ _______

_________________ _______ _______

_________________ _______ _______

__________________ _______ _______

2.) Record the transportation cost paid to express shipping.

Date General Journal Debit Credit

May 11 _________________ _______ _______

_________________ _______ _______

__________________ _______ _______

_________________ _______ _______

_________________ _______ _______

__________________ _______ ______

3.) Sydney returns $1,400 of the $40,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $1,050.

Date General Journal Debit Credit

May 12 _________________ _______ _______

_________________ _______ _______

__________________ _______ _______

_________________ _______ _______

_________________ _______ _______

__________________ _______ ______

4.) Sydney pays Troy for the amount owed. Troy receives the cash immediately.

Date General Journal Debit Credit

May 12 _________________ _______ _______

_________________ _______ _______

__________________ _______ _______

_________________ _______ _______

_________________ _______ _______

__________________ _______ ______

REQUIRED 2

Journal Entry Worksheet

1.) Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point.

Date General Journal Debit Credit

May 12 _________________ _______ _______

_________________ _______ _______

__________________ _______ _______

_________________ _______ _______

_________________ _______ _______

__________________ _______ ______

2.) Sydney returns $1,400 of goods to Troy.

Date General Journal Debit Credit

May 12 _________________ _______ _______

_________________ _______ _______

__________________ _______ _______

_________________ _______ _______

_________________ _______ _______

__________________ _______ ______

3.) Sydney mails a check to Troy Corporation for the amount owed. Troy receives the cash immediately.

Date General Journal Debit Credit

May 12 _________________ _______ _______

_________________ _______ _______

__________________ _______ _______

_________________ _______ _______

_________________ _______ _______

__________________ _______ ______

Question 10

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.

Apr.2Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.

3Paid $400 cash for shipping charges on the April 2 purchase.

4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450.

17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.

18 Purchased $7,900 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.

21 After negotiations, received from Frist a $500 allowance toward the $7,900 owed on the April 18 purchase.

28Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

(Please use the words that I provide to fill out the general journal for question 9 and type in the whole word so I can understand it)

Word Bank

1. Accounts payable?Frist
2. Accounts payable?Lyon
3. Accounts receivable?Frist
4. Accounts receivable?Lyon
5. Accumulated depreciation
6. Additional paid-in capital
7. Bond premium
8. Bonds payable
9. Building
10. Cash
11. Common stock
12. Cost of goods sold
13. Depreciation expense
14. Discount on bonds payable
15. Dividends declared
16. Finance costs
17. Goodwill
18. Interest expense
19. Interest income
20. Interest payable
21. Interest receivable
22. Land
23. Merchandise inventory
24. Miscellaneous expenses
25. Other expenses
26. Sales

Journal Entry Worksheet ( I was unable to provide lines for question 10 but its the same way filling it out on question 9)

1.) Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.

Date General Journal Debit Credit

April 02

2.) Paid $400 cash for shipping charges on the April 2 purchase.

Date General Journal Debit Credit

April 03

3.) Returned to Lyon Company unacceptable merchandise that had an invoice price of $450.

Date General Journal Debit Credit

April 04

4.) Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.

Date General Journal Debit Credit

April 17

5.) Purchased $7,900 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.

Date General Journal Debit Credit

April 18

6.) After negotiations, received from Frist a $500 allowance toward the $7,900 owed on the April 18 purchase.

Date General Journal Debit Credit

April 21

7.) Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Date General Journal Debit Credit

April 28

Question 11

Required information

( The following information applies to the questions displayed below.)

Allied Merchandisers was orgnaized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products.

May3Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000). 5 Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $11,000. 7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory. 8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual inventory system and the gross method.

1.) Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000).

Date General Journal Debit Credit

May 03

2.) Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000) to Macy Co. under credit terms 2/10, n/60.

Date General Journal Debit Credit

May 05

3.) Record the cost of goods sold.

Date General Journal Debit Credit

May 05

4.) Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500).

Date General Journal Debit Credit

May 07

5.) Allied restores the units, which cost $1,100, to its inventory.

Date General Journal Debit Credit

May 07

6.) Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage.

Date General Journal Debit Credit

May 08

7.) Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

Date General Journal Debit Credit

May 15

Question 12

Required Information

(The following information applies to the questions displayed below.)

Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products.

May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000).

5 Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $11,000.

7 Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory.

8 Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage.

15Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

(Please use the words that I provide to fill out the general journal for question 12 and type in the whole word so I can understand it)

Word Bank

1. No journal entry required
2. Accounts payable
3. Accounts receivable
4. Accumulated depreciation
5. Additional paid-in capital
6. Bond premium
7. Bonds payable
8. Building
9. Cash
10. Common stock
11. Cost of goods sold
12. Delivery expense
13. Depreciation expense
14. Discount on bonds payable
15. Dividends declared
16. Finance costs
17. Goodwill
18. Interest expense
19. Interest income
20. Interest payable
21. Interest receivable
22. Land
23. Merchandise inventory
24. Miscellaneous expenses
25. Other expenses
26. Sales
27. Sales discounts
28. Sales returns and allowances

1.) Allied made its first only purchase of inventory for the period on May 3 for 2,000 units at a price of $11 cash per unit (for a total cost of $22,000)

Date General Journal Debit Credit

May 03

2.)Allied sold 1,000 of the units in inventory for $15 per unit (invoice total: $15,000) to Macy Co. under credit terms 2/10, n/60. The goods cost $11,000 to Allied.

Date General Journal Debit Credit

May 05

3.)Macy returns 100 units because they did not fit the customer's needs (invoice amount: $1,500). Allied restores the units, which cost $1,100, to its inventory.

Date General Journal Debit Credit

May 07

4.)Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $700 to compensate for the damage.

Date General Journal Debit Credit

May 08

5.)Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

Date General Journal Debit Credit

May 15

Question 13

Camaro GTO Torino

Cash $2,550 $260 $1,300

Short-term investments $ 0 $ 0 $700

Current receivables $290 $540 $650

Inventory $ 2,250 $ 2,080 $3,200

Prepaid Expenses $400 $700 $900

________________________________________________________________________________

Total Current assets $5,490 $ 3,580 $6,750

Current Liabilities $2,280 $1,350 $3,700

Compute the current ratio and acid-test ratio for each of the following separate cases.

( I provide a screenshot down below)

Current Ratio Choose Numerator: Choose Denominator: Current Ratio Current ratio Camaro 0 to 1 GTO 0 to 1 Torino 0 to 1 Acid-Test Ratio Choose Numerator: Choose Denominator: Acid-Test Ratio Acid-test ratio Camaro 0 to 1 GTO 0 to 1 Torino 0 to 1