Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

LITTUU HUVIOMIOI YEU VIJUGU UCUN Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle thinks of another area for business expansion

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
LITTUU HUVIOMIOI YEU VIJUGU UCUN Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle thinks of another area for business expansion She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so molsture from Kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzle decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $540 each Jul. 17 Purchased 56 watches for $8,400 ($150 per watch) on account. Jul. 31 Sold 44 watches for $23,760 cash. Aug. 12 Purchased 44 watches for $7,040 ($160 per watch) cash. Aug. 22 Sold 34 watches for $18,360 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $11,016 for watches sold on account on August 22. Oct. 27 Purchased 98 watches for $15,300 (5170 per watch) cash. Nov. 20 Sold 94 watches for $50,760 cash. Dec. 4 Purchased 104 watches for $18,720 ($180 per watch) on account. Dec. 8 Sold 44 watches for $23,760 on account. Late in December, the next generation of multiuse (MUI) watches is released. In addition to all of the features of the MU watch, the MU I watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $100 per watch Requirement General General Income Journal Trial Balance Balance Sheet Ledger Statement Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account hield.) View transaction list Journal entry worksheet Unadjusted GREAT ADVENTURES, INC. Income Statement For the Period Ended December 31, 2022 Revenues $ 0 0 0 0 Net Sales 0 0 $ $ 0 Gross Profit Operating Expense: 0 0 0 0 0 0 0 0 Total Operating Expenses Operating Income (Loss) 0 0 0 0 0 Income Before Income Taxes 0 o 0 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Payroll Accounting 2020

Authors: Jeanette Landin

6th Edition

1260247961, 9781260247961

More Books

Students also viewed these Accounting questions

Question

Which of the following is an external recruitment method?

Answered: 1 week ago