Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lyons Sport Warehouse Your name 32 885 123 678 303 Collins Street VIC 3000 Phone: (03) 8648 6610 2021 Last month: June July Wholesale and

Lyons Sport Warehouse Your name

32 885 123 678

303 Collins Street VIC 3000 Phone: (03) 8648 6610

2021 Last month: June

July

Wholesale and Export/Import

Suppliers

Adidas Pty Ltd.

Nike Australia Pty Ltd.

Date

30 June 2021

30 June 2021

Tax Invoice No

101551

550988

Details

50 pr Sport Shorts @ $30 ($1,500) 20 pr Sport Shoes @ $110 ($2,200)15 Track Suits @ $250 (3,750)

50 Baseball Caps @ $15 ($750) 15 pr Sport Shoes @220 ($3,300)

Sales Total

$7,450

$4,050

Freight

$50

$50

GST

$750

$410

Invoice Total

$8,250

$4,510

Terms

7% 11 days/Net 30

Customers

Department of Education

Katherine Sports

Date

30 April 2021

31 May 2021

Tax Invoice No

1015

1083

Details

20 T-shirts for $1,980 10 pair Adidas Shoes for $1,65010 pair Nike Shoes for $3,080 20 Baseball Caps for $330

10 Track Suits for $3,850 10 Adidas Sports Shoes for $1,650

Delivery Fee

$60

$0

Invoice Total

$7,810 (Invoice includes $710 GST)

$5,500 (Invoice includes $500 GST)

Terms

10% / 10 Net 30

10% / 10 Net 30

Item No

A-101

A-111

A-121

A-131

A-201

A-231

Item Name

T-shirt

Sport Shorts

Track Suit

Adidas Sports Shoes

Baseball Cap

Nike Sports Shoes

Cost of sales account

5-1000

5-1000

5-1000

5-1000

5-1000

5-1000

Income account

4-1000

4-1000

4-1000

4-1000

4-1000

4-1000

Inventory account

1-1320

1-1320

1-1320

1-1320

1-1320

1-1320

Buying Unit of Measure

Each

Pair

Each

Pair

Each

Pair

Items per Buying Unit

1

1

1

1

1

1

Tax Code

GST

GST

GST

GST

GST

GST

Minimum Stock Alert

20

20

20

20

20

20

Primary Supplier

Adidas Pty Ltd.

Adidas Pty Ltd.

Adidas Pty Ltd.

Adidas Pty Ltd.

Nike Australia P/L

Nike Australia P/L

Default Reorder Quantity

100

100

100

100

100

100

Base Selling Price

$99 including GST

$55 including GST

$385 including GST

$165 including GST

$16.50 including GST

$308 including GST

Selling Unit of Measure

Each

Pair

Each

Pair

Each

Pair

Units on Hand

100

65

35

17

75

32

Cost (Excl. GST)

$50

$30

$250

$110

$15

$220

Total

$5,000

$1,950

$8,750

$1,870

$1,125

$

QUESTION:

PRESENTATION

1. Introduction the company (1 slide)

2. Present the trial balance/ balance sheet and equity of the business (2 slide)

3. references (1 slide)

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting principles and analysis

Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso

2nd Edition

471737933, 978-0471737933

More Books

Students also viewed these Accounting questions

Question

3. What obstacles interfere with eff ective listening?

Answered: 1 week ago