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BE Chap 5

1. Table showing beginning inventory, purchases, cost of goods available for sale, ending inventory, and cost of goods sold for three companies. 2. Table showing sales revenue, cost of goods sold, gross profit, operating expenses, and net income for three companies. 3. Journal entries showing inventory and accounts payable transactions for two companies. This document contains tables of financial data and journal entries from multiple companies, showing common accounting measurements like inventory balances, revenue, expenses, profits, and transactions between accounts.

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TIÊN NGUYỄN LÊ MỸ
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33 views3 pages

BE Chap 5

1. Table showing beginning inventory, purchases, cost of goods available for sale, ending inventory, and cost of goods sold for three companies. 2. Table showing sales revenue, cost of goods sold, gross profit, operating expenses, and net income for three companies. 3. Journal entries showing inventory and accounts payable transactions for two companies. This document contains tables of financial data and journal entries from multiple companies, showing common accounting measurements like inventory balances, revenue, expenses, profits, and transactions between accounts.

Uploaded by

TIÊN NGUYỄN LÊ MỸ
Copyright
© © All Rights Reserved
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1.

Beginning Purchases Cost of Ending Cost of


inventory goods inventory goods sold
availlable
for sale
a 80,000 100,000 180,000 60,000 120,000
b 50,000 65,000 115,000 35,000 80,000
c 50,000 110,000 160,000 29,000 131,000

2.

Sales Cost of Gross Operating Net


revenue goods sold profit expenses income
a 75,000 47,000 28,000 18,200 9,800
b 108,000 70,000 38,000 8,500 29,500
c 163,500 83,900 79,600 39,500 40,100

3.
*Cha company
Inventory 780
Accounts Payable 780

*Wirtz Company
Accounts Receivable 780
Sales Revenue 780
Cost of good sold 470
Inventory 470

4.
a)
Accounts Receivable 900,000
Sales Revenue 900,000
Cost of good sold 590,000
Inventory 590,000

b)
Sales Returns and Allowances 90,000
Accounts Receivable 90,000
Inventory 62,000
Cost of goods sold 62,000

c)
Cash (810,000 - 16,200) 793,800
Sales Discounts (810,000 x 2%) 16,200
Accounts Receivable 810,000
(900,000 - 90,000)

5.
a)
Inventory 900,000
Accounts Payable 900,000

b)
Accounts Payable 90,000
Inventory 90,000

c)
Accounts Payable 810,000
Inventory 16,200
Cash 793,800

6.
Cost of goods sold 1,900
Inventory 1,900 (98,000 - 96,100)

7.
Sales Revenue 195,000
Income Summary 195,000

Income Summary 119,000


Cost of goods sold 117,000
Sales Discounts 2,000

8.
NELSON COMPANY
Income Statement
For the Month Ended October 31, 2017
Sales
Sales Revenue (280,000 + 95,000) $375,000
Less: Sales returns and allowances $11,000
Sales discounts 5,000 16,000
Net sales $359,000

9.
(1) A multiple-step income statement
Item Section
A Gain on sale of equipment Other revenues and gains
B Interest expense Other expenses and losses
C Casualty loss from vandalism Other expenses and losses
D Cost of goods sold Cost of goods sold
(2) Single-Step Income Statement
Item Section
A Gain on sale of equipment Revenues
B Interest expense Expenses
C Casualty loss from vandalism Expenses
D Cost of goods sold Expenses

10.
Sales revenue = 510,000
Sales returns and allowances = 15,000
Cost and goods sold = 330,000
Operating expenses = 90,000

a) Net sales = 510,000 – 15,000 = 495,000


b) Gross profit = 495,000 – 330,000 = 165,000
c) Income from operations = 165,000 – 90,000 = 75,000
d) Gross profit rate = 165,000 / 495,000 = 33.3%

11.
Trial balance Adjusted trial Income Statement Balance Sheet
balance
Dr Cr Dr Cr Dr Cr Dr Cr
Cash x x x
Inventory x x x
Sales x x x
Revenue
COGS x x x

12.
Purchases $450,000
Less: Purchase returns and allowances $13,000
Purchase discounts 9,000 22,000
Net purchases 472,000
Add: Freight-in 18,000
Cost of goods purchased $490,000

13.
Net sales 730,000
Beginning Inventory 60,000
Add: COGP 490,000
COGAS 550,000
Ending Inventory 90,000
COGS 460,000
Gross Profit 270,000

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