Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with A, B, & C as soon as possible! thank you so much. Required information [The following information applies to the questions

Please help me with A, B, & C as soon as possible! thank you so much.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below.] 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 moisture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie 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 2025 . All watches are sold for $495 each. July 17 Purchased 45 watches for $6,525 ( $145 per watch) on account. July 31 Sold 35 watehes for $17,325 eakh. Auguat 12 purchased 35 vatehen for $5,425 ( $155 per wateh) cash. August 22 Sold 25 watehes for $12,375 on account. september 19 paid for watehes purchased on July 17. September 27 rocelve caab of $18,000 for watehen 6old on account on Auguat 22. oetober 27 Purchased 75 watehes for $12,375 (\$165 per watch) cash. November 20 sold as watches for $42,075 cash. December 4 purchased 110 vatchen for $19,250 (\$175 per wateh) on account. December 8 sold 35 vatches for $17,325 on account. Required: 1.a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming Suzle uses a FiFO perpetual inventory system to account for inventory. 1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches. Record any necessary adjusting entry on December 31,2025 , related to this information. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Complete this question by entering your answers in the tabs below. For what amount would MU inventory be reported in the December 31,2025 , balance sheet? Prepare an updated gross profit section of a partial income stateme

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

Marketing Audit Of A Private Health Care Facility Case Of The Bondeko Clinic

Authors: Tyty ELOOT ONDAIN

1st Edition

6204271237, 978-6204271231

More Books

Students also viewed these Accounting questions