Accounting, accounting homework help

  

Accounting
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Brief Exercise 5-1
Your answer is partially correct.
Presented below are the components in Gates Company’s income statement.
Determine the missing amounts.
Sales Revenue
(a)
$78,100
(b)
$110,410
(c)
Cost of Goods
Sold
$
$
Operating
Expenses
Gross Profit
$76,390
$78,520
Net Income
$30,400 $
$12,170
$
$24,500
$
$89,450
$47,140
$
Brief Exercise 5-2
Your answer is partially correct. Try again.
Radomir Company buys merchandise on account from Lemke Company. The selling price
of the goods is $1,184, and the cost of the goods is $785. Both companies use perpetual
inventory systems.
Journalize the transaction on the books of both companies. (Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Radomir Company
Lemke Company
(To record credit sale)
(To record cost of merchandise sold)
Brief Exercise 5-7
Your answer is partially correct. Try again.
Credit
Arndt Company provides the following information for the month ended October 31, 2014: sales
on credit $283,840, cash sales $100,220, sales discounts $7,080, sales returns and allowances
$10,580.
Prepare the sales revenues section of the income statement based on this information.
Arndt COMPANY
Income Statement (Partial)
For the Month Ended October 31, 2014
$
:
$
$
Brief Exercise 5-9
Your answer is incorrect. Try again.
Assume Kader Company has the following reported amounts: Sales revenue $555,900, Sales
returns and allowances $16,350, Cost of goods sold $359,700, and Operating expenses
$119,900.
(a) Compute net sales.
Net sales $
(b) Compute gross profit.
Gross profit $
(c) Compute income from operations.
Income from operations $
(d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.)
Gross
profit
rate
Exercise 5-4 (Part level
%
Submission)
On June 10, Tuzun Company
purchased $8,900 of
merchandise from Epps
Company, FOB shipping point,
terms 2/10, n/30. Tuzun pays
the freight costs of $580 on June
11. Damaged goods totaling
$400 are returned to Epps for
credit on June 12. The fair value
of these goods is $210. On June
19, Tuzun pays Epps Company in
full, less the purchase discount.
Both companies use a perpetual
inventory system.
(a)
Your answer is partially correct. Try again.
Prepare separate entries for each transaction on the books of Tuzun
Company. (Record journal entries in the order presented in the problem. Credit
account titles are automatically indented when amount is entered. Do not
indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Exercise 5-6 (Part level Submission)
The adjusted trial balance of Tsai Company shows the following data pertaining to sales
at the end of its fiscal year October 31, 2014: Sales Revenue $837,760, Freight-out
$16,390, Sales Returns and Allowances $27,230, and Sales Discounts $18,300.
(a)
Prepare the sales revenues section of the income statement.
Tsai COMPANY
Income Statement (Partial)
For the Year Ended October 31, 2014
$
:
$
$
Exercise 5-14
Your answer is partially correct.
Financial information is presented below for three different companies.
Determine the missing amounts.
Allen Cosmetics
Sales revenue
Sales returns and
allowances
$96,970
(a)
Net sales
85,520
Cost of goods sold
55,820
Gross profit
Operating expenses
Income from operations
Other expenses and
losses
Net income
(b)
15,120
(c)
3,820
(d)
Bast Grocery
$
Corr Wholesalers
(e)
5,960
99,090
(f)
40,190
(g)
(h)
7,450
11,550
$133,150
13,160
(i)
(j)
25,800
18,160
(k)
(l)
4,150

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