Accounting Homework Help

Accounting Homework Help Question

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Financial & Managerial Accounting, 12th Edition Chaptr 5

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Assignment: Chapter 5 Homework
1.
 
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Determining Gross Profit

During the current year, merchandise is sold for $2,450,000. The cost of the merchandise sold is $1,519,000.

a.  What is the amount of the gross profit?
$   _________________  

b.  Compute the gross profit percentage (gross profit divided by sales).
  _________________   %

c.  When will the income statement report net income?
  _________________  


2.
 
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Determining Cost of Merchandise Sold

For a recent year, Best Buy reported revenue of $50,272 million. Its gross profit was $12,637 million. What was the amount of Best Buy's cost of merchandise sold? (Enter answer in millions.)
$   _________________   million


3.
 
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Purchase-Related Transactions

Locust Company purchased merchandise on account from a supplier for $34,900, terms 1/10, n/30. Locust Company returned $6,400 of the merchandise and received full credit.

a.  If Locust Company pays the invoice within the discount period, what is the amount of cash required for the payment?
$   _________________  

b.  Under a perpetual inventory system, what account is credited by Locust Company to record the return?
  _________________  


4.
 
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Purchase-Related Transactions

A retailer is considering the purchase of 250 units of a specific item from either of two suppliers. Their offers are as follows:

Supplier One: $400 a unit, total of $100,000, 1/10, n/30, no charge for freight.
Supplier Two: $399 a unit, total of $99,750, 2/10, n/30, plus freight of $975.

Price of Supplier One:
$   _________________  

Price of Supplier Two:
$   _________________  

Which of the two offers, Supplier One or Supplier Two, yields the lower price?
  _________________  


5.
 
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Purchase-Related Transactions

The debits and credits from four related transactions are presented in the following T accounts.

Describe each transaction.

1.     _________________  
2.     _________________  
3.     _________________  
4.     _________________  

6.
 

eBook

Purchase-Related Transactions

Paramount Co., a women's clothing store, purchased $60,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Paramount Co. returned $12,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period.


 

a.  Journalize Paramount Co.'s entry to record the purchase.



 
 
       
 
 
     
 
 
 
 
     
       

 



 

b.  Journalize Paramount Co.'s entry to record the merchandise return.



 
 
       
 
 
     
 
 
 
 
     
       

 



 

c.  Journalize Paramount Co.'s entry to record the payment.

For a compound transaction, if an amount box does not require an entry, leave it blank.



 
 
       
 
 
     
     
 
 
     
     
 
 
     
     
       

 


7.
 

eBook

Purchase-Related Transactions

Journalize entries for the following related transactions of Platypus Company:


 

a.  Purchased $71,500 of merchandise from Sitwell Co. on account, terms 1/10, n/30.



 
 
       
 
 
     
 
 
 
 
     
       

 



 

b.  Paid the amount owed on the invoice within the discount period.

For a compound transaction, if an amount box does not require an entry, leave it blank.



 
 
       
 
 
     
     
 
 
     
     
 
 
     
     
       

 



 

c.  Discovered that $13,500 (before purchases discount of 1%) of the merchandise was defective and returned items, receiving credit.



 
 
       
 
 
     
 
 
 
 
     
       

 



 

d.  Purchased $9,000 of merchandise from Sitwell Co. on account, terms n/30.



 
 
       
 
 
     
 
 
 
 
     
       

 



 

e.  Received a check for the balance owed from the return in (c), after deducting for the purchase in (d).



 
 
       
 
 
     
 
 
 
 
     
       

 


8.
 

eBook

Sales-Related Transactions, Including the Use of Credit Cards

Journalize the entries for the following transactions:


 

a.  Sold merchandise for cash, $45,000. The cost of the merchandise sold was $27,000. (Record the sale first.)



 
 
       
 
 
     
 
 
 
 
     
       
 
 
     
 
 
 
 
     
       

 



 

b.  Sold merchandise on account, $115,000. The cost of the merchandise sold was $69,000. (Record the sale first.)



 
 
       
 
 
     
 
 
 
 
     
       
 
 
     
 
 
 
 
     
       

 



 

c.  Sold merchandise to customers who used MasterCard and VISA, $130,000. The cost of the merchandise sold was $78,000. (Record the sale first.)



 
 
       
 
 
     
 
 
 
 
     
       
 
 
     
 
 
 
 
     
       

 



 

d.  Sold merchandise to customers who used American Express, $100,000. The cost of the merchandise sold was $60,000. (Record the sale first.)



 
 
       
 
 
     
 
 
 
 
     
       
 
 
     
 
 
 
 
     
       

 



 

e.  Received an invoice from Foley Credit Co. for $9,200, representing a service fee paid for processing MasterCard, VISA, and American Express sales.



 
 
       
 
 
     
 
 
 
 
     
       

 


9.
 

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Purchase-Related Transactions

The following selected transactions were completed by Capers Company during October of the current year:

Required:


 

Journalize the entries to record the transactions of Capers Company for October.

For a compound transaction, if an amount box does not require an entry, leave it blank.



 
 
       
Oct. 1
 
     
 
 
 
 
     
       
Oct. 3
 
     
 
 
 
 
     
       
Oct. 4
 
     
 
 
 
 
     
       
Oct. 6
 
     
 
 
 
 
     
       
Oct. 13
 
     
     
 
 
     
     
 
 
     
     
       
Oct. 14
 
     
     
 
 
     
     
 
 
     
     
       
Oct. 19-Purchase
 
     
 
 
 
 
     
       
Oct. 19-Freight
 
     
 
 
 
 
     
       
Oct. 20
 
     
 
 
 
 
     
       
Oct. 30
 
     
     
 
 
     
     
 
 
     
     
       
Oct. 31-UK Imports
 
     
 
 
 
 
     
       
Oct. 31-Veggie
 
     
 
 
 
 
     
       

 


10.
 
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Sales-Related Transactions

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:

Required:

Journalize the entries to record the transactions of Amsterdam Supply Co. For a compound transaction, if an amount box does not require an entry, leave it blank.

Date Account Debit Credit
Mar. 2-sale   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 2-cost   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 3-sale   _________________     _________________     _________________  
    _________________     _________________     _________________  
    _________________     _________________     _________________  

Date Account Debit Credit
Mar. 3-cost   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 4-sale   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 4-cost   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 5-sale   _________________     _________________     _________________  
    _________________     _________________     _________________  
    _________________     _________________     _________________  

Date Account Debit Credit
Mar. 5-cost   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 12   _________________     _________________     _________________  
    _________________     _________________     _________________  
    _________________     _________________     _________________  

Date Account Debit Credit
Mar. 14-sale   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 14-cost   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 16-sale   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 16-cost   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 18-return   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 18-cost   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 19-sale   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 19-freight   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 19-cost   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 26   _________________     _________________     _________________  
    _________________     _________________     _________________  
    _________________     _________________     _________________  

Date Account Debit Credit
Mar. 28   _________________     _________________     _________________  
    _________________     _________________     _________________  
    _________________     _________________     _________________  

Date Account Debit Credit
Mar. 31-collection   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Mar. 31-freight   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Apr. 3   _________________     _________________    
    _________________       _________________  

Date Account Debit Credit
Apr. 15   _________________     _________________    
    _________________       _________________  

 


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    Accounting Homework Help

    Submitted by PROFSTAN on May 17th, 2016 11:16

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