P5-4A
are 2/10, n/30 Daytime Industries 1,200 cost) to 22 Daytime Industries returned 40 percent of the merchandis 26 Paid Baer Manufacturing for the May 14 purchase. 29 Paid Charles Industries for the May 18 purchase. May 18 Purchased S2,500 of merchandise from Charles Industries; terms aro Prepare a schedule that shows the impact of these transactions on Watt's Inventor following headings: Required Credit Amount Account Bala Cushing Distriburinu pany uses the perpetual inventory system. Cushing had the following transactions related w June 1 Purchased on account merchandise for resale for $10,000; terms were 2/10, n/30 Date Transaction Debit Amount P5-4A. Journal Entries for Merchandise Transactions-Perpetual System dise during the month of June: 3 Paid $550 cash for freight on the June 1 purchase. 7 Returned merchandise costing $600 (part of the $10,000 purchase). 10 Paid for merchandise purchased on June 1 . 13 Sold merchandise on account costing $8,000 for $10,000; terms were 2/10, n/3 16 Customer returned merchandise costing $750 that had been sold on account for SL. (part of the $10,000 sale). 22 Received payment from customer for merchandise sold on June 13. Required Prepare journal entries for each of the transactions for the Cushing Distributing Compary P5-5A. Profitability Analysis Kolby Enterprises reports the following informationo is incoa Net sales. Cost of goods sold Selling expenses $250,000 Administrative expenses..15.00 $10,000 50,000 Other expense 10.,00 Required Calculate Kolby's gross profit percentage and return on sales ratio. Explainha sb ut Kolby's performance. Kolby is planning to add a new product and expecs change and cost of goods to be $38,000. N each ratio her affect Kolby's gross profit percentage and ret o other income or expenses are expecte PS.6A. Joal Sntries for Merchandise Transactions on Seller's and urn on sales ratio? What do you adv ransactions occurred between Southwick Company and Mani hwick sol $7,100 worth of merchandise to Mann Store sann Stcres paid freight charges on th Mann Stores returned $T00 Southwick terms 2/10, n
