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Course: Financial Accounting

Gross Profit During the current year, merchandise is sold for $164,600 cash and $576,200 on account. The cost of the goods sold is $570,400. What is the amount of the gross profit? 170,400 Purchases Transactions Rolfes Company purchased merchandise on account from Springhill Company for $9,900, terms 2/10, n/30. Rolfes returned merchandise with an invoice amount of $1,500 and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. 8,232 b. What account is debited by Rolfes Company to record the return? Accounts Payable-Springhill Company Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $15,000 with terms 2/10, n/30. The cost of the goods sold was $9,000. If an amount box does not require an entry, leave it blank. Accounts Receivable 14.700 0 Sales 0 14,700 Cost of Goods Sold 9,000 0 Inventory 9,000 Feedback b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash 14,700 0 Accounts Receivable 0 14,700 Feedback C. Refunded $240 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank. Customer Refunds Payable 240 0 Cash 240 Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Returns and Allowances (Invoice Amount) Merchandise (Invoice Amount) Freight Paid by Seller Freight Terms a. $ 6,100 $600 FOB destination, 1/10, n/30 $1,800 b. 3,800 700 FOB shipping point, 2/10, n/30 1,200 a. $ 4,257 b. $ 3,248 Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,300, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,180. Shore paid freight of $1,900. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. Sales Cost of Goods Sold Inventory Accounts Receivable-Blue Star Co. Cash Cash Accounts Receivable-Blue Star Co. Feedback Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable-Shore Co. Il ll II II Accounts Payable-Shore Co. Cash Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. The inventory account has a balance of $1,331,500, while physical inventory indicates that $1,300,900 of merchandise is on hand. Assume any shrinkage is a normal amount. If an amount box does not require an entry, leave it blank. Dec. 31 Cost of Goods Sold Inventory Feedback b. Sales returns of $201,510 and merchandise returns of $60,470 are estimated for the current year's sales. If an amount box does not require an entry, leave it blank. Dec. 31 Sales Customer Refunds Payable II II II II Estimated Returns Inventory Cost of Goods Sold Asset turnover ratio Financial statement data for years ended December 31, 20Y3 and 2042, for Edison Company follow: 2013 2012 $1,840,000 $1,470,000 Sales Total assets: Beginning of year End of year 760,000 640,000 840,000 760,000 a. Determine the asset turnover ratio for 20Y3 and 20Y2. Round answers to one decimal place. 2013 2012 Asset turnover b. Is the change in the asset turnover ratio from 20Y2 to 20Y3 favorable or unfavorable? Favorable