Page of 4 1 Given Information Unit Cost Units 400 Extended Cost 3,600.00 9.00 $ Beginning Inventory 1/1/200X Purchases 2/6/200X 5/19/200X 8/12/200X 10/4/2007 Avaliable for Sale 200 500 600 400 2,100 8.40 1,680.00 7.56 3,780.00 7.00 4,200.00 6.75 2,700.00 15,960.00 Revenue $ 40,000.00 LIFO Weighted Avg Units 1,400 FIFO Total year sales (Revenue) Fill in the following boxes: Value of Ending Inventory Cost of Goods Sold Gross Profit N 2 a 3/1 Make Journal entries for the following transactions for the Hat Store Hat Store buys hats on account for $4,600 from a distributor with terms FOB shipping point and payment 2/10 net 30 Paid freight on the purchase from 3/1 cash $150 Sold 20 hats to a baseball team for $1000 on account 3/10 net 30. The cost of the hats was $500 Hat store returned 10 damaged hats, related to 3/1 purchase and received a $200 credit D 3/2 G 3/5 d 3/6 ol Page > of 4 2 Make Journal entries for the following transactions for the Hat Store 3/1 b 3/2 3/5 d 3/6 e 3/8 Hat Store buys hats on account for $4,600 from a distributor with terms FOB shipping point and payment 2/10 net 30 Paid freight on the purchase from 3/1 cash $150 Sold 20 hats to a baseball team for $1000 on account 3/10 net 30. The cost of the hats was $500 Hat store returned 10 damaged hats, related to 3/1 purchase and received a $200 credit Paid the distributor for the purchase in #1 in full and took the discount. Remember to subtract the discount.. Hat store bought more hats for $5,500, cash. No freight cost Received payment from the customer for merchandise sold on 3/5. Customer took the discount Hat store sold 50 hats for $2000 cash. Terms are FOB destination. The cost of the 50 hats was $800 The Hat store paid freight on the 3/9 sale $100 cash Customer from 3/9 sale returned 5 hats and we gave them cash back of $200 The cost on those hats was $80 3/8 3/9 9 h 3/9 3/10 3/11 Account Debit DATE Credit 1-Mar 2-Mar 5-Mar p5689 121.pdf Download A Alten Page of 4 6-Mar 8-Mar 8-Mar 9-Mar 3 For the above transactions create an Income statement for March just down to the net Download A Alternative fi Page of 4 3 For the above transactions create an Income statoment for March just down to the Gross Profit Revenue less Discounts less Returns & Allowances Not Revenue Cost of Goods Sold Gross Profit NOTE: The Following 4 problems are connected to the same company ABC Software has tovonue of 300,000 in 2002 and estimates they should put 10% of rovonuo in the Allowance for Doubtful accounts. 4 Make the entry on 12/31/2002 for this below - assume they have not had any entries to the Allowance prior to this DATE Account Debit Credit Accounts Receivable (gross) at 12/31/2002 is the following aged: Age Amount Target Allowanco (% they don't think they can collect) COLT here to search C m2 chap5689 121.pdf Download A Alternat Page 3 of 4 S 1-30 days 31-60 days 61-90 days over 90 days Total AR 60,000 40,000 30,000 10,000 140,000 10% 20% 50% 90% 5 Based on the above schedule, how much should they have in the Allowance for Doubtful accounts? 6 Make the Journal entry to adjust the allowance account. Uso # answer as the current amount in that account DATE Account Debit Credit 7 Early the next ymar they decide to write of the receivable from a customer for $2,000 Describe this with a journal entry DATE Account Debit Credit Bil's Photos buys a truck on 4/1/2000 for the business. The cost is 150,000 and they expect to use it for 6 yoors and expect a salvago value at that time of $6,000. Use straight line depreciation LOCT Go back to the original assumptions. Assume they used milos driven as the method of depreciation. They believe it will be used 100.000 miles with the same 6,000 salvage value, 13. Describe the first months depreciation if they drive the truck 3.000 milos DATE Account Debit Credit 14. If they drive it for 90,000 milos and soll it for 5,000 croato the journal ontry DATE Account Debit Credit 10/31/2005