Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. may you help me, please? gross profit part i (10

May you help me, please? Gross Profit Part I (10 marks) Each of the...

90.2K

Verified Solution

Question

Accounting

image

May you help me, please?

Gross Profit Part I (10 marks) Each of the following five lines represents a separate set of information in a periodic inventory system and some elements of an income statement. Compute the missing amounts. Sales Sales Net Beginning Purchases Ending Cost of Return Sales Inventory Inventory Goods Sold 215,800 (1) 210,000 69,000 (2) 55,500 147,000 109,200 3,000 (3) 31,200 (4) 30,600 79,200 126,700 6,700 120,000 18,000 68,000 (5) 66,000 (7) 77,000 480,000 152,000 208,000 70,400 (8) 459,000 54,000 405,000 (9) 225,000 67,500 (10) a. b. 63,000 27,000 (6) 190,400 117,000 C. d. e. Part II (20 marks) Funny Company uses perpetual inventory method. Prepare the journal entries for the following transactions: Dec 1 Purchased goods from Sisi Company for $18,000 on account. 3 Returned $800 of the goods to Sisi Company. 17 Sold goods to Handy Company for $21,500 with gross profit rate of 20%. The payment will be made within 30 days. 31 Funny conducted physical count of inventory and revealed $750,000 inventory was on hand while the inventory account balance was $772,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students