Please help me with the following. I have attached (3)assignments. Three assignments should be submitted when completed. Please follow directions and do no submit incomplete work. Highlight all answers and if additional information is needed look to information attachment or contact me. Big Tip granted upon completion. Thanks in advance. (QUESTION ONLY FOR minxhere)

FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E5-17 Journalize all necessary transactions. Explanations are not required. Solution: Date 20-Jun 20-Jun 4-Jul 14-Jul 16-Jul 18-Jul 24-Jul Accounts and Explanation Merchandise Inventory Accounts payable Debit 5,400 5,400 Merchandise Inventory Cash 300 Accounts Payable Merchandise Inventory 900 300 900 Accounts Payable (5400 - 900) Cash 4,500 Merchandise Inventory Accounts Payable 3,800 Accounts payable Merchandise Inventory Accounts Payable Cash (3000 - 90) Merchandise Inventory (3000 x .03) Chapter 5: Merchandising Operations 4,500 3,800 800 800 3,000 2,910 90 Page 1 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E5-19 Journalize the sales transactions for Austine Mall. Explanations are not required. Solution: Date 4-Jan 8-Jan 13-Jan 20-Jan 20-Jan 25-Jan 29-Jan Accounts and Explanation Accounts Receivable Sales Revenue Debit xx Cost of Goods Sold Merchandise Inventory xx Sales Returns and Allowances Accounts Receivalbe xx Merchandise Inventory Cost of Goods Sold xx Cash ( 9700 - XX) Sales Discounts (9700 X %) Accounts Receivable (10000 - 300) xx xx Accounts Receivable Sales Revenue xx Cost of Goods Sold Merchandise Inventory xx Delivery Expense Cash xx Sales Returns and Allowances Accounts Receivable xx Cash (4700 - XX) Sales Discounts (4700 x %) Accounts Receivable (5200 - 500) xx xx Chapter 5: Merchandising Operations Credit xx xx xx xx 9,700 xx xx xx xx 4,700 Page 2 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E5A-26 Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Solution: Date 4-Sep 4 10 17 20 22 29 Accounts and Explanation Purchases Accounts payable Debit xx xx Freight - in Cash xx Accounts Payable Purchase Returns and Allowance xx Accounts Payable (6200 - XX) Cash (5800 - XX) Purchase Discounts (5800 x .03) xx Purchases Accounts Payable xx Accounts Payable Purchase Returns and Allowances xx Accounts payable (4600 - XX) Cash (3700 - XX) Purchase Discounts (3700 x .03) xx Chapter 5: Merchandising Operations Credit xx xx xx 174 xx xx xx 111 Page 3 of 4 FINANCIAL AND MANAGERIAL ACCOUNTING - Fifth Edition E5A-27 Journalize the sales transactions for Double Z Archery using the periodic inventory system. Explanations are not required. Solution: Date Accounts and Explanation Aug 1 Accounts Receivable Sales Revenue Aug 3 Sales Returns and Allowances Accounts Receivable Aug 8 Cash (7500-?) Sales Discounts (7500 x ?) Accounts Receivable (7800-300) Aug 15 Accounts Receivable Sales Revenue Aug 15 Delivery Expense Cash Aug 20 Sales Returns and Allowances Accounts Receivable Aug 24 Cash (2500-?) Sales Discounts (2500 x ?) Accounts Receivable (3200-700) Chapter 5: Merchandising Operations Debit Credit 7,500 2,500 Page 4 of 4 \f1) A wholesaler is a merchandiser who buys merchandise from a manufacturer and sells the same to a retailer. a. True b. False 2) On the income statement, a merchandising company reports the cost of merchandise inventory that has been sold to customers. a. True b. False 3) Even in a perpetual inventory system that updates the inventory account as and when transactions occur, the business must count its inventory at least once in a year. a. True b. False. 4) The Merchandise Inventory account is an expense account that is used for goods purchased that the business owns and intends to resell to customers, as well as for purchase of office supplies and equipment. a. True b. False 5) A purchase discount is the amount offered to the purchaser for delaying the payment to the seller. a. True b. False 6) Credit terms of a merchandising company are 1/15, net 40. This means that the buyer can receive a discount of 1% if the invoice is paid within 40 days of the invoice date. a. True b. False 7) When preparing the worksheet for a merchandising business using the perpetual inventory system, the Merchandise Inventory account must be adjusted based on a physical count due to inventory shrinkage. a. True b. False 8) Cost of Goods Sold appears on a multi-step income statement but not on a single-step income statement. a. True b. False 9) Operating income is gross profit minus operating expenses. a. True b. False 10) A small increase in the gross profit percentage may indicate an important rise in income. a. True b. False 11) The consistency principle states that a business should use the same accounting methods and procedures from period to period. a. True b. False 12) A company should not change the inventory costing method each period in order to maximize net income. This is an example of the disclosure principle. a. True b. False 13) A company is uncertain whether a complex transaction should result in an asset being recorded at $100,000 or at $150,000. Under the conservatism principle, it should choose to show it at $100,000. a. True b. False 14) Ending inventory is calculated by multiplying the number of units on hand by the unit cost. a. True b. False 15) Under the last-in, first-out (LIFO) method, the cost of goods sold is based on the oldest purchases. a. True b. False 16) When a company uses the last-in, first-out (LIFO) method, the cost of goods sold correlates to the most recently purchased goods, and the ending inventory correlates to the oldest goods in stock. a. True b. False 17) When using the weighted-average inventory costing method in a perpetual inventory system, a new weighted average cost per unit is computed at the end of each quarter. a. True b. False 18) In a period of rising costs, the first-in, first-out (FIFO) method results in lower cost of goods sold and higher gross profit than the last-in, first-out (LIFO) method. a. True b. False 19) If the historical cost of inventory is less than its current replacement cost, the business must write down the inventory cost. a. True b. False 20) An overstatement of ending merchandise inventory in the current period results in an understatement of net income in the current period. a. True b. False Multiple choice questions, worth 2pts each: 60 21) Which of the following line items will appear on the income statement of a merchandiser but not of a service company? A) Salaries Expense B) Depreciation Expense C) Cost of Goods Sold D) Supplies Inventory 22) Best Value, Inc. started its operations on January 1, 2017. It engages in buying and selling different types of electronic gadgets. The first step in its operating cycle would be to ________. A) collect cash from customers B) sell goods to customers C) purchase inventory from vendors D) record the sales in accounts 23) ________ are the expenses that occur in an entity's major line of business. A) Interest expense B) Interest revenue C) Operating expenses D) Loss on sale of plant asset 24) Merchandise inventory accounting systems can be broadly categorized into two types. They are ________. A) FIFO and LIFO B) perpetual and periodic C) wholesale and retail D) manufacturer and producer 25) Which of the following entries would be made to record the purchase of inventory on account, if a company uses the perpetual inventory system? A) a debit to Purchases and a credit to Accounts Payable B) a debit to Accounts Payable and a credit to Purchases C) a debit to Merchandise Inventory and a credit to Accounts Payable D) a debit to Accounts Payable and a credit to Merchandise Inventory 26) What does "2/10" mean, with respect to "credit terms of 2/10, n/30"? A) A discount of 2 percent will be allowed if the invoice is paid within 10 days of the invoice date. B) Interest of 2 percent will be charged if the invoice is paid after 10 days from the date on the invoice. C) A discount of 10 percent will be allowed if the invoice is paid within two days of the invoice date. D) Interest of 10 percent will be charged if invoice is paid after two days. 27) A company that uses the perpetual inventory system purchases inventory for $63,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? A) a debit to Accounts Payable for $63,000, a credit to Cash for $61,740, and a debit to Merchandise Inventory for $1,260 B) a debit to Accounts Payable for $63,000, a credit to Merchandise Inventory for $1,260, and a credit to Cash for $61,740 C) a debit to Merchandise Inventory for $1,260, a debit to Accounts Payable for $63,000, and a credit to Cash for $64,260 D) a debit to Accounts Payable for $61,740, a debit to Merchandise Inventory for $1,260, and a credit to Cash for $63,000 28) On January 21, 2016, Bessant, Inc. received merchandise from Mullies, Inc. On that date, it found a few of these goods to be damaged. On January 22, it returned the damaged goods to the seller. Such returns will be treated as ________ by Bessant. A) purchase returns B) sales returns C) purchase allowances D) sales allowances 29) A company sold merchandise for $23,000 on account with terms of 3/15, n/30. The company uses a perpetual inventory system. After two days, it received defective merchandise worth $2,000. The journal entry to record the cash receipt for the sale if the payment is received within 10 days of the invoice date would include ________. A) a debit to Cash for $20,370, a credit to Merchandise Inventory for $630, and a credit to Sales Revenue for $21,000 B) a debit to Cash for $20,370, a debit to Sales Discount for $630, and a credit to Accounts Receivable for $21,000 C) a debit to Cash for $21,000, a debit to Merchandise Inventory for $2,000, and a credit to Accounts Receivable for $23,000 D) a debit to Sales Revenue for $23,000, a credit to Accounts Receivable for $21,000, and a credit to Sales Discounts for $2,000 30) Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $6,000 for $9,000 to a customer on account with terms of 2/15, n/30. On April 4, the customer reported damaged goods, and Michelin granted a $1,000 sales allowance. On April 10, Weston received payment from the customer. Calculate the amount of net sales revenue. A) $8,840 B) $9,000 C) $8,000 D) $7,840 31) When preparing the worksheet for a merchandising business using the perpetual inventory system, which of the following is not a new merchandising account that is shown on the worksheet? A) Accumulated Depreciation Building B) Sales Returns and Allowances C) Cost of Goods Sold D) Merchandise Inventory 32) Which of the following is subtracted from net sales revenue to arrive at gross profit on a multi-step income statement? A) cost of goods available for sale B) cost of goods sold C) sales discounts and sales returns and allowances D) operating expenses 33) Expenses that fall outside the regular operations of a business are ________. A) not shown in the income statement of a merchandiser B) treated as current assets and are shown as merchandise inventory C) included under the other revenues and expenses section of the income statement D) not considered for the calculation of net income 34) On a balance sheet for a merchandiser, Merchandise Inventory is listed as a(n) ________. A) current asset B) current liability C) expense D) revenue 35) A merchandiser returned inventory worth $2,000 that was purchased on account. Under the periodic inventory system, the journal entry to record the return would include ________. A) a debit to Purchase Returns and Allowances for $2,000 and a credit to Accounts Payable for $2,000 B) a debit to Accounts Payable for $2,000 and a $2,000 credit to Purchase Returns and Allowances C) a debit to Purchases for $2,000 and a credit to Accounts Payable for $2,000 D) a debit to Accounts Payable for $2,000 and a credit to Purchases for $2,000 36) A company decides to ignore a very small error in its inventory balance. This is an example of the application of the ________. A) conservatism B) materiality concept C) disclosure principle D) consistency principle 37) Changing from the LIFO (Last-In, First-Out) to the specific identification method of valuing inventory ignores the principle of ________. A) conservatism B) consistency C) disclosure D) materiality 38) The tracking of inventory shrinkage due to theft, damage, or errors is done with the help of a (n) ________ of inventory. A) authorization B) sale C) physical count D) delivery 39) Which of the following inventory costing methods is based on the actual cost of each particular unit of inventory? A) specific identification B) weighted-average C) last-in, first-out D) first-in, first-out 40) Which of the following inventory costing methods uses the costs of the oldest purchases to calculate the value of the ending inventory? A) specific identification B) weighted-average C) last-in, first-out D) first-in, first-out 41) A company purchased 400 units for $20 each on January 31. It purchased 200 units for $30 each on February 28. It sold a total of 270 units for $90 each from March 1 through December 31. If the company uses the last-in, first-out inventory costing method, calculate the amount of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) A) $9,900 B) $23,100 C) $6,600 D) $330 42) A company purchased 400 units for $20 each on January 31. It purchased 200 units for $30 each on February 28. It sold a total of 270 units for $90 each from March 1 through December 31. If the company uses the last-in, first-out inventory costing method, calculate the amount of ending inventory on December 31. (Assume that the company uses a perpetual inventory system.) A) $9,900 B) $23,100 C) $6,600 D) $330 43) Which of the following is the correct formula to calculate weighted-average unit cost for merchandise inventory? A) Weighted-average unit cost = Cost of goods available for sale + Number of units available B) Weighted-average unit cost = Cost of goods available for sale Number of units available C) Weighted-average unit cost = Cost of goods available for sale - Number of units available D) Weighted-average unit cost = Cost of goods available for sale / Number of units available 44) Which of the following inventory valuation methods minimizes income tax expense during a period of rising inventory costs? A) first-in, first-out B) last-in, first-out C) weighted-average D) specific identification 45) Which of the following remains the same regardless of the inventory costing method used by a company? Assume the cost of inventory is rising. A) purchases B) cost of goods sold C) ending merchandise inventory D) net income 46) Which of the following values is considered the market value when valuing inventory at lower-of-cost-or-market? A) sales price less the company's normal mark-up percentage B) current replacement cost C) cost plus the company's normal mark-up percentage D) historic cost 47) Murphy, Inc. had the following balances and transactions during 2017. Beginning Inventory June 10 December 30 December 31 10 units at $73 Purchased 20 units at $82 Sold 20 units Replacement cost $63 The company maintains its records of inventory on a perpetual basis using the last-in, first-out inventory costing method. Calculate the amount of ending Merchandise Inventory at December 31, 2017 using the lower-of-cost-or-market rule. A) $820 B) $1,260 C) $630 D) $1,890 Hint: ending merchandise inv units = beg inventory + purchases - sales 48) First Street, Inc. has 6 units in ending merchandise inventory on December 31. The units were purchased in November for $190 each. The price lists from suppliers indicate the current replacement cost of the item to be $182 each. Which of the following statements is true of the effects of the adjustments to ending merchandise inventory on the cost of goods sold? A) The cost of goods sold would increase by $8. B) The cost of goods sold would not be affected. C) The cost of goods sold would decrease by $48. D) The cost of goods sold would increase by $48. Hint: Merchandise inventory to be written down to market value 49) Which of the following is affected as a result of an error in performing the physical count of inventory at the end of the accounting period? A) sales revenue B) operating expenses C) net income D) net cost of purchases 50) Which of the following is the correct formula to calculate inventory turnover? A) Inventory turnover = Cost of goods sold / Average merchandise inventory B) Inventory turnover = Cost of goods sold Average merchandise inventory C) Inventory turnover = Cost of goods sold + Average merchandise inventory D) Inventory turnover = Cost of goods sold - Average merchandise inventory Solve it: Worth 5pts each: (please complete all problems to maximize your points and show all work) 50 51) A company purchased inventory for $73,000 from a vendor on account, FOB shipping point, with terms of 4/10, n/30. The company paid the shipper $1,500 cash for freight in. The company paid the vendor nine days after the sale. If there was no beginning inventory, the cost of inventory would be ________. (Assume a perpetual inventory system.) A) $71,580 B) $74,500 C) $68,580 D) $71,500 Hint: LO: 5-2 52) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2017: Date Aug. 5 Aug. 9 Aug. 10 Aug. 15 Transaction Purchased inventory on account Paid for transportation of goods purchased Returned defective merchandise to the seller Paid for goods purchased on August 5 Amount $ 300,000 25,000 20,000 ? Credit terms of invoice are 2/15, n/45. Give journal entries for the above transactions. Date Aug. 5 Accounts and Explanation Debit Credit Aug. 9 Aug. 10 Aug. 15 53) Journalize the following transactions for a merchandiser that uses the perpetual inventory system. On January 8, inventory was sold for $6,000 on account. Credit terms were 3/15, n/30 (cost $4,500). On January 17, cash was received in full settlement of the January 8 sale. Jan. 8 Jan. 17 Sales Discounts ($6,000 .03) 54) 180 From the following details, calculate net sales revenue. Sales Revenue Cost of Goods Sold Operating Expenses Sales Discounts Sales Returns and Allowances Interest Revenue $440,000 250,000 75,000 20,000 6,000 7,000 A) $392,000 B) $398,000 C) $414,000 D) $434,000 55) The following information relates to Newman and Foster, Inc. Sales Revenue Cost of Goods Sold Interest Revenue Operating Expenses Sales Discounts Sales Returns and Allowances $240,000 150,000 12,000 42,500 18,000 7,000 Calculate the net income of Newman and Foster. A) $22,500 B) $34,500 C) $77,500 D) $240,000 HINT: Sales Revenue $xx Sales Discounts -xx Sales Returns and Allowances -xx Net Sales $xx Cost of Goods Sold -xx Gross Profit Operating Expenses Operating Income Interest Revenue Net Income $xx -xx $xx xx $xx 56) A company purchased 300 units for $30 each on January 31. It purchased 360 units for $36 each on February 28. It sold a total of 460 units for $40 each from March 1 through December 31. What is the amount of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system.) A) $7,200 B) $5,360 C) $6,000 D) $640 Hint: LO: 6-2 57) A company purchased 100 units for $30 each on January 31. It purchased 170 units for $25 each on February 28. It sold 170 units for $70 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) A) $3,000 B) $4,250 C) $4,750 D) $7,250 58) Jones Retail. had the following balances and transactions during 2017: Beginning Inventory June 10 December 30 December 31 20 units at $74 Purchased 35 units at $84 Sold 30 units Replacement cost $64 The company maintains its records of inventory on a perpetual basis using the first-in, first-out inventory costing method. Calculate the amount of ending Merchandise Inventory on December 31, 2017 using the lower-ofcost-or-market rule. A) $2,240 B) $1,600 C) $1,850 D) $1,480 Hint: ending merchandise inv units = beg inv + purchases - sales 59) Blanchard, Inc. provided the following for 2017: Cost of Goods Sold (Cost of $1,300,0 sales) Beginning Merchandise Inventory Ending Merchandise Inventory 00 330,000 350,000 Calculate the company's inventory turnover ratio for the year. (Round your answer to two decimal places.) A) 3.94 times per year B) 3.82 times per year C) 3.71 times per year D) 1.91 times per year Hint: inventory turnover = cogs/ average merchandise inventory 60) Samson, Inc. had the following balances and transactions during 2017: Beginning Merchandise Inventory March 10 June 10 October 30 15 units at $92 Sold 12 units Purchased 45 units at $98 Sold 39 units What is the amount of the company's Merchandise Inventory, as disclosed in the December 31, 2017 balance sheet as per the periodic FIFO inventory costing method? A) $552 B) $588 C) $9,016 D) $882 Hint: Essay Problems: Worth 10 pts each. (Please complete all problems to maximize your points and show all work) I have provided multiple hints for you to help with the process. 50 61) Journalize the following sales transactions for Outdoor Equipment using the periodic inventory system. Explanations are not required. July 1 Sold $4,200 of equipment on account, credit terms are 3/10, n/30, FOB destination. July 5 Paid $90 on freight out. Negotiated a $240 allowance on the goods sold on July 8 July 1 July Received payment from the customer for the full 11 amount due on the July 1 sale. Date Accounts and Explanation Debit Credit 0 Sales Discounts ($3,960 0.03) 118.80 62) Journalize the following purchase transactions for ABC Swimming Pool Supply Company using the periodic inventory system. Explanations are not required. May 2 Purchased $5,280 of merchandise inventory on account under terms 3/10, n/30 and FOB shipping point. Returned $675 of defective merchandise May 6 purchased on May 2. May 8 Paid freight bill of $120 on May 2 purchase. May 12 Paid amount owed on credit purchase on May 2. Date Accounts and Explanation Debit Credit Purchase Discount ($4,605 .03) 138.15 63) Journalize the following purchase transactions for Schaeffer Office Supplies using the periodic inventory system. Explanations are not required. Schaeffer buys $167,500 worth of merchandise inventory on account with May 12 credit terms of 2/10, n/30. Schaeffer returns $18,600 of the merchandise to the vendor due to damage May 16 during shipment. May 21 Schaeffer pays the amount due. Date Accounts and Explanation Debit Credit Purchase Discount 2,978 64) A company uses the weighted-average method of inventory valuation under a periodic inventory system. The company began the year with a zero inventory balance. They had the following transactions during the year. 1. 2. 3. 4. 5. Purchased 64 units at $5 per unit Purchased 110 units at $5 per unit Sold 90 units at $10 per unit Purchased 55 units at $6 per unit Sold 90 units at $13.50 per unit At the end of the year, the company counted the inventory and found 49 units remaining. Calculate the cost of goods sold for the year. (Round the unit costs to two decimal places and total costs to the nearest dollar.) A) $5 B) $257 C) $1,200 D) $943 Hint: LO: 6-7 65) The periodic inventory records of Witte Veterinary Supply indicate the following for the month of April: Apr. 1Beginning merchandise 15 units @ $32 inventory 7Purchase 18Purchase 26Purchase each 7 units @ $32 each 12 units @ $32 each 10 units @ $32 each As of April 30, Witte counts 8 units of merchandise inventory on hand. Compute ending merchandise inventory and cost of goods sold for Witte using the weighted-average inventory method. (Round the per unit cost to two decimal places.) 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O$}#####PK##########!#Ls### ######word/fontTable.xml #+#0 9/#ZXtQ+U{R8#Cd;}'N#PiB8c?~|zY###7hC#1#k>{? 6HIAFhizHa##r* QL#5cA0Im}'"a#MdgYv#TXH#_^_x89-"~S###(m#T#g`#`C#oW#E#l(a /d"#`##nJH#% #' 6=# `rU>######PK##-#########! #2oWf########################[Content_Types].xmlPK##-#########! ######N####################_rels/.relsPK##-#########! ##########################word/_rels/document.xml.relsPK##-#########! ##A###8################# ##word/document.xmlPK##-#########!#R %#####################v###word/theme/theme1.xmlPK##-#########!#[Y### ################$##word/settings.xmlPK##-#########! #U####"#################(##word/webSettings.xmlPK##-#########!#a#P ##w################*##word/styles.xmlPK##-#########!##D r####################c7##docProps/core.xmlPK##-#########!#u 5###\\################ :##wordumbering.xmlPK##-#########!#Ls### ################q? ##word/fontTable.xmlPK##-#########! #$&y#####################B##docProps/app.xmlPK###### # #####D#### E5-19 Journalizing sales transactions Learning Objective 3 Journalize the following sales transactions for Austin Mall. Explanations are not required. Jan. Sold $10,000 of antiques on account, credit terms are 1/15, n/30. Cost 4 of goods is $5,000. 8 Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150. 13 Austin Mall received payment from the customer on the amount due from Jan. 4, less the return and discount. 20 Sold $5,200 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,600. 20 Austin Mall paid $120 on freight out. 25 Austin Mall negotiated a $500 allowance on the goods sold on Jan. 20. 29 Received payment from the customer on the amount due from Jan. 20, less the allowance and discount. Feb. 23 Cash $4,653<>