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ONLY NEED 1A 2A and 3A solved EES-1 p 216 PE S-1A Gross profit OBJ.1 During the current year, merchandise is sold for $615,000 cash
ONLY NEED 1A 2A and 3A solved
EES-1 p 216 PE S-1A Gross profit OBJ.1 During the current year, merchandise is sold for $615,000 cash and $4,110,000 on account. The cost of the merchandise sold is $2,835,000. What is the amount of the gross profit ME HOW EES-1 p 216 PE S-1B Gross profit OBJ. 1 During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of the merchandise sold is $188,000. What is the amount of the gross profit? SHOW ME HOw EES-2 p 221 PE S-2A Purchases transactions OBJ. 2 Halibut Company purchased merchandise on account from a supplier for $18,600, terms 2/10, n/30. Halibut Company returned $5,000 of the merchandise and received full credit. a. If Halibut Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is credited by Halibut Company to record the return? PE 5-2B Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit. a. If Hoffman Company pays the invoice within the discount period, what is the amount Purchases transactions OBJ. 2 EE 5-2 p 221 ME HOW of cash required for the payment? b. What account is debited by Hoffman Company to record the return? Chapter 5 Accounting for Merchandising Businesses 249 EE5-3 p225 PE 5-3A Sales transactions OBJ. 2 a. Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the mer- chandise sold was $43,500 b. Received payment less the discount. SHOW ME HOWStep by Step Solution
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