{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-01T04:10:54-04:00", "answer_date": "2024-06-01 04:10:54", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2038506", "url": "\/study-help\/questions\/question-3-31-marks-alpines-company-alpines-purchases-and-sells-2038506", "question_creation_date_js": "2024-06-01T04:10:54-04:00", "question_creation_date": "Jun 01, 2024 04:10 AM", "meta_title": "[Solved] Question 3 (31 marks) Alpines Company (Al | SolutionInn", "meta_description": "Answer of - Question 3 (31 marks) Alpines Company (Alpines) purchases and sells hiking boots. It adopts a perpetual inventory syst | SolutionInn", "meta_keywords": "question,3,31,marks,alpines,company,purchases,sells,hiking,boots,adopts,perpetual", "question_title_h1": " Question 3 (31 marks) Alpines Company (Alpines) purchases and sells hiking boots. It adopts a perpetual inventory system and conducts inventory count once yearly", "question_title": " Question 3 (31 marks) Alpines Company (Alpines) purchases and sells hiking", "question_title_for_js_snippet": "Question 3 (31 marks) Alpines Company (Alpines) purchases and sells hiking boots It adopts a perpetual inventory system and conducts inventory count once yearly on 31 December The following accounts balances were extracted from its trial balance dated 30 November 2021 Inventory Sales Sales returns and allowances Cost of goods sold Debit S Credit S 94,000 600,000 6,000 348,000 Dec 1 Dec 6 Dec 9 Dec 11 Dec 14 The following transactions happened in December 2021 Alpines purchased $50,000 worth of hiking boots on credit from a supplier X Company Alpines sold goods to Uny Department Store on credit at $20,000 with a gross profit rate of 55 Alpines returned $6,000 worth of hiking boots bought from X Company on 1 December due to incorrect size of the boots Alpines sold hiking boots to Wing On Department Store on account at $36,000 with a gross profit rate of 60 Alpines paid X Company for December purchase Dec 15 Wing On returned to Alpines $5,000 of goods purchased on 11 Dec Dec 18 Wing On paid Alpines for December purchase Dec 31 Year end physical inventory count of Alpines showed inventory on hand was $104,600 Required (a) Prepare journal entries for Alpines on the above transactions (b) Calculate the following figures for the year ended 31 December 2021 (i) Sales $ (ii) Sales Returns Allowance $ (iii) Cost of goods sold $ (iv) Gross profit $ The End (24 marks) (1 mark) (2 mark) (2 mark) (2 marks)", "question_description": "\"image", "transcribed_text": "Question 3 (31 marks) Alpines Company (Alpines) purchases and sells hiking boots. It adopts a perpetual inventory system and conducts inventory count once yearly on 31 December. The following accounts balances were extracted from its trial balance dated 30 November 2021: Inventory Sales Sales returns and allowances Cost of goods sold Debit S Credit S 94,000 600,000 6,000 348,000 Dec 1 Dec 6 Dec 9 Dec 11 Dec 14 The following transactions happened in December 2021. Alpines purchased $50,000 worth of hiking boots on credit from a supplier X Company. Alpines sold goods to Uny Department Store on credit at $20,000 with a gross profit rate of 55%. Alpines returned $6,000 worth of hiking boots bought from X Company on 1 December due to incorrect size of the boots. Alpines sold hiking boots to Wing On Department Store on account at $36,000 with a gross profit rate of 60%. Alpines paid X Company for December purchase. Dec 15 Wing On returned to Alpines $5,000 of goods purchased on 11 Dec. Dec 18 Wing On paid Alpines for December purchase. Dec 31 Year end physical inventory count of Alpines showed inventory on hand was $104,600. Required: (a) Prepare journal entries for Alpines on the above transactions. (b) Calculate the following figures for the year ended 31 December 2021: (i) Sales $ (ii) Sales Returns & Allowance $ (iii) Cost of goods sold $ (iv) Gross profit $ The End (24 marks) (1 mark) (2 mark) (2 mark) (2 marks)", "related_book": { "title": "Financial Accounting", "isbn": "978-0132771801, 9780132771580, 132771802, 132771586, 978-0133052152", "edition": "2nd edition", "authors": "Robert Kemp, Jeffrey Waybright", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/292.jpg", "uri": "\/textbooks\/financial-accounting-2nd-edition-292", "see_more_uri": "" }, "free_related_book": { "isbn": "1265578028", "uri": "\/textbooks\/ise-financial-accounting-international-6th-edition-9781265578022", "name": "ISE Financial Accounting", "edition": "International 6th Edition" }, "question_posted": "2024-06-01 04:10:54", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/financial-accounting-theory\/the-following-information-has-been-extracted-from-the-trial-balance-1282349", "description": "The following information has been extracted from the trial balance of M\/s Randhir Transport Corporation. 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