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Please record the adjustments in the first two preformatted worksheets to the appropriate columns. 1 Purchased inventories of $460,000, on account, terms 2/15, n45. 2
Please record the adjustments in the first two preformatted worksheets to the appropriate columns.
1 Purchased inventories of $460,000, on account, terms 2/15, n45.
2 Had sales of merchandise of $1,478,000, cost of sales were $640,000. Terms of the sale were 3/10, n30.
3 Paid the purchases made in #1, 11 days after purchase.
4 Merchandise was returned to Bed Bath & Beyond. It was sold for $93,000 and its cost was $62,000. The items were returned to merchandise and cash was refunded.
5 Purchased various insurance policies, October 1, 2017, $58,800, paying cash. These policies covered Bed Bath & Beyond for 12 months from date of purchase. (Topic 2)
6 Bed Bath & Beyond was paid for the merchandise sold in #2, 8 days after sale.
7 Gift certificates for Bed Bath & Beyond merchandise were sold to customers, sales prices $48,000, cash. (Topic 2)
8 Buildings were purchased, $8,520. $520 cash was paid and a long-term note was issued for the remainder.
9 Bed Bath & Beyond returned inventories that were defective. The cost was $178,000, payment had not been made so accounts payable was reduced.
10 Paid wages, $493,000.
11 Other comprehensive loss in the statement of retained earnings needed to be adjusted. This was increased to $720 and assume the other account in this transaction is Accumulated other comprehensive loss in the shareholders' equity section of the balance sheet.
12 It is March 3, 2018. Record the insurance expired from #5. (Topic 2)
13 An analysis of accounts receivable indicates that 5% is estimated to be uncollectible. Assume the approach used by this company is to multiply accounts receivable by the percentage, with that amount being bad debt expense.
14 Assume Bed Bath & Beyond uses the first-in, first-out (FIFO) cost flow assumption for valuing inventories. The beginning inventory and a sample of purchases were used to value inventories. These amounts were: beginning inventory (3/15/17) 58,042 units @ $47.05 each; purchase 3/19/17, 6,000 units @ $48 each; purchase 5/6/17, 11,500 units @ $49 each; purchase 6/9/17, 8,000 units @ $52 each; purchase 8/21/17, 11,000 units @ $54 each; purchase 9/12/17, 6,000 units @ $55 each; purchase 1/5/18, 19,000 units @ $57 each. Forty three thousand (43,000) units were on hand at March 3, 2018. Value the ending inventory (not cost of goods sold) and adjust the total to the ending inventory value accordingly. (transactions concluded on next page)
15 Declared and paid a $36,000 cash dividend on common stock.
16 After the adjustment of inventories was made in #14, a comparison to market value (lower of cost or market)was made. "Market" value is $2,250,000
17 Assume the end of the fiscal year, January 31, 2015, falls mid-week, on a Wednesday. The year-end adjustment for accrued wages is made. Accrued wages is $155,000. (Topic 2)
18 The corporate tax returns were filed and provision for income taxes is increased $6,000. A liability is also recorded.
19 Depreciation is recorded on Property and Equipment, $83,000. Accumulated depreciation is netted withProperty and equipment on the balance sheet, so decrease net property and equipment. (Topic 2)
20 "Prepaid expenses and other current assets" includes supplies which have an unadjusted balance of $160,000. A physical count of supplies reveals that the actual balance at year end is $170,000. Accounts are adjusted accordingly. (Topic 2)
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 $ 346,140 70,000 308,039 2,730,874 516,025 3,971,078 19,517 1,909,289 716,283 424,639 $ 7,040,805 Updated $ 346,140 $ 70,000 $ 308,039 $ 2,730,874 $ 516,025 3,971,078 19,517 1,909,289 716,283 424.639 $ 7,040,806 1 Bed Bath & Beyond INC. and Subsidiaries 2 Balance Sheet 3 March 3, 2018 $ in thousands 5 ASSETS 5 Current Assets Cash and cash equivalents 3 Accounts Receivable Short term investment securities 0 Merchandise inventories 1 Prepaid expense and other current assets 2 Total Current Assets 3 Long term investment securities 4 Property and equipment, net 5 Goodwill 6 Other assets 7 Total Assets 8 LIABILITIES AND SHAREHOLDERS' EQUITY 9 Current Liabilties Accrued expenses and other liabilitie 1 Merchaandise credit and gift card liabilities 2 Current income taxes payable 3 Total Current Liabilities 4 Deferred rent and other liabilities 5 Income taxes payable 6 Long term debt -7 Total Liabilities 3 Shareholders' Equity 9 Preferred stock 0 Common stock Additional Paid.in capital 2 Retained earnings 3 Treasury stock, at cost 4 Accumulated other comprehensive loss 5 Total Shareholders' Equity 6 Total Liabilities and Shareholders' Equity -7 8 $ 1,197,504 633,100 335,081 2,165,685 431,592 62,823 1.492,078 4,152,178 $ 1,197,504 $ 633,100 $ 335,081 2,165,685 431,592 62,823 1.492.078 4,152,178 3,418 2,057,975 11,343,503 (10,467,972) (48,296) 2,888,628 $ 7,040,806 3,418 2,057,975 11,343,503 (10,467,972) (48,296) 2,888,628 $ 7,040,805 1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Bed Bath & Beyond INC. and Subsidiaries Statement of Earnings Year ended March 3, 2018 Sin thousands Net sales Cost of sales Gross Profit Selline peneral and administrative expenses Operating profit Interest expense, net Earnings Before Income Tax Provision Provisions for income taxes Net Earnings Net earnings per share - Basic Net earnings per share - Diluted Weighted average shares outstanding - Basic Weighted average shares outstanding. Diluted Dividends declared per share $12,349,301 7.906,286 4.443,015 3,681,694 761,321 65,661 695,660 270,802 S 424,858 3.05 3 139,238 139,739 1 Updated 12,349,301 7.905,286 4.443,015 3,581,694 761,321 65,661 695,660 270,802 424,858 3 3 139,238 139,739 1 424,858 424,858 Bed Bath & Beyond INC. and Subsidiaries Statement of Retained Earnings Year ended March 3, 2018 $ in thousands Net earnings Other comprehensive (loss) income Change in temporaty impairment of auction rate securities, net of taxes Pension adjustment, net of taxes Currency translation adjustment Reclassification due to the adoption of ASU 2018-02 Other comprehensive (loss) income Comprehnsive income 95 2,021 (2,548 (614) (1,083) 423,812 95 2,021 12,548 614) (1,083 423812 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 $ 346,140 70,000 308,039 2,730,874 516,025 3,971,078 19,517 1,909,289 716,283 424,639 $ 7,040,805 Updated $ 346,140 $ 70,000 $ 308,039 $ 2,730,874 $ 516,025 3,971,078 19,517 1,909,289 716,283 424.639 $ 7,040,806 1 Bed Bath & Beyond INC. and Subsidiaries 2 Balance Sheet 3 March 3, 2018 $ in thousands 5 ASSETS 5 Current Assets Cash and cash equivalents 3 Accounts Receivable Short term investment securities 0 Merchandise inventories 1 Prepaid expense and other current assets 2 Total Current Assets 3 Long term investment securities 4 Property and equipment, net 5 Goodwill 6 Other assets 7 Total Assets 8 LIABILITIES AND SHAREHOLDERS' EQUITY 9 Current Liabilties Accrued expenses and other liabilitie 1 Merchaandise credit and gift card liabilities 2 Current income taxes payable 3 Total Current Liabilities 4 Deferred rent and other liabilities 5 Income taxes payable 6 Long term debt -7 Total Liabilities 3 Shareholders' Equity 9 Preferred stock 0 Common stock Additional Paid.in capital 2 Retained earnings 3 Treasury stock, at cost 4 Accumulated other comprehensive loss 5 Total Shareholders' Equity 6 Total Liabilities and Shareholders' Equity -7 8 $ 1,197,504 633,100 335,081 2,165,685 431,592 62,823 1.492,078 4,152,178 $ 1,197,504 $ 633,100 $ 335,081 2,165,685 431,592 62,823 1.492.078 4,152,178 3,418 2,057,975 11,343,503 (10,467,972) (48,296) 2,888,628 $ 7,040,806 3,418 2,057,975 11,343,503 (10,467,972) (48,296) 2,888,628 $ 7,040,805 1 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Bed Bath & Beyond INC. and Subsidiaries Statement of Earnings Year ended March 3, 2018 Sin thousands Net sales Cost of sales Gross Profit Selline peneral and administrative expenses Operating profit Interest expense, net Earnings Before Income Tax Provision Provisions for income taxes Net Earnings Net earnings per share - Basic Net earnings per share - Diluted Weighted average shares outstanding - Basic Weighted average shares outstanding. Diluted Dividends declared per share $12,349,301 7.906,286 4.443,015 3,681,694 761,321 65,661 695,660 270,802 S 424,858 3.05 3 139,238 139,739 1 Updated 12,349,301 7.905,286 4.443,015 3,581,694 761,321 65,661 695,660 270,802 424,858 3 3 139,238 139,739 1 424,858 424,858 Bed Bath & Beyond INC. and Subsidiaries Statement of Retained Earnings Year ended March 3, 2018 $ in thousands Net earnings Other comprehensive (loss) income Change in temporaty impairment of auction rate securities, net of taxes Pension adjustment, net of taxes Currency translation adjustment Reclassification due to the adoption of ASU 2018-02 Other comprehensive (loss) income Comprehnsive income 95 2,021 (2,548 (614) (1,083) 423,812 95 2,021 12,548 614) (1,083 423812 Step by Step Solution
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