ADM 1340 Study Guide - Income Tax, Income Statement, Accounts Receivable

39 views46 pages

lavendercicada601

11 Jul 2014

School

Department

Course

Professor

For unlimited access to Study Guides, a Grade+ subscription is required.

ceruleanclam927 and 54 others unlocked

ADM 1340 Full Course Notes

Verified Note

42 documents

Document Summary

Number of calculators at september 30: 10 + 75 2 26 + 1 30 = 28. Cost of calculators at september 30: 28 = . The blue door corporation is classifying its expenses by nature which is a method of classifying expenses that reflects their natural classification with no allocation of expenses required between functions. Its suppliers are publishers and its customers are book stores. (b) Books on hand at june 30 = 140 + 160 120 10 125 + 110 100 + 15. Merchandise inventory (,750 ,000 = ,750 ,800 = ,950 shortage) The company"s current ratio remained the same from 2008 to 2009 but declined significantly in 2010. In spite of the decline, the ratio itself is still very strong, covering current liabilities 3. 1 times. Danier leather"s gross profit margin declined in 2009, then recovered significantly in 2010.

Related Questions

Under the perpetual inventory? system, the adjusting journal entries to record estimated sales returns? (the original sales were on? account) would? be: A. Accounts Receivable XX ???????Sales Revenue XX Sales Revenue XX ???????Cost of Goods Sold XX B. Sales Returns and Allowances XX ???????Cost of Goods Sold XX Merchandise Inventory XX ???????Accounts Receivable XX C. Sales Revenue XX ???????Refunds Payable XX Estimated Returns Inventory XX ???????Cost of Goods Sold XX D. Sales Revenue XX ???????Merchandise Inventory XX Estimated Returns Inventory XX ???????Refunds Payable XX

mauvealligator398

Below is the adjusted account balances of the ACCT Store atyear-end on December 31, 2016.

Accounts Receivable $ 18,000

Cost of Goods Sold 100,000,000

Selling Expenses (includes depreciation) 35,000

Interest Expense 2,000

Accumulated DepreciationâBuilding 10,000

Sales Discounts 32,000

Merchandise Inventory 44,000

Administrative Expenses (includes depreciation) 27,000

Sales Revenue 109,15,1283

Accounts Payable 15,000

Interest Revenue 700

Instructions: Using the data above to prepare an incomestatement for the ACCT Store for the year ended December 31,2016.

ACCT STORE

Income Statement

For Year Ended December 31, 2016

amethystplatypus955

Given the following information, prepare in good form the costof goods sold section of an income statement for 20x5.

Freight-In	$ 4,000
Merchandise Inventory, December 31, 20x4	15,000
Merchandise Inventory, December 31, 20x5	16,000
Purchases	38,000
Purchases Returns and Allowances	1,800

ANS:

Merchandise Inventory, December 31, 20x4		$
Purchases	$
Less Purchases Returns and Allowances
Net purchases	$
Freight-in
Net cost of purchases
Cost of goods available for sale		$
Less Merchandise Inventory, December 31, 20x5
Cost of Goods Sold			$

rubywhale243

ADM 1340 Study Guide - Income Tax, Income Statement, Accounts Receivable

ADM 1340 Full Course Notes

Document Summary

Get access

Related Documents

ADM 1340 Lecture Notes - Lecture 8: Income Statement, Operating Expense, Promissory Note

ADM 1340 Lecture Notes - Lecture 5: Three Steps, Gross Margin, Profit Margin

ADM 1340 Chapter Notes - Chapter 5: Debits And Credits, Uptodate, Perpetual Inventory

Related Questions