Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 4 (20 marks) two different companies, goo

Question 4 (20 marks) Two different companies, Goodman Corporation and Bing Lee Limited, entered into...

50.1K

Verified Solution

Question

Accounting

image
Question 4 (20 marks) Two different companies, Goodman Corporation and Bing Lee Limited, entered into the following inventory transactions during December. Both companies use a perpetual inventory system. A. December 3- Goodman Corporation sold inventory on account to Bing Lee Limited for $480,000, terms 2/10, n/30. This inventory originally cost Goodman Corporation $320,000. B. December 8 -Bing Lee Limited returned inventory to Goodman Corporation for a credit of $30,000. Goodman Corporation returned this inventory to inventory account at its original cost of $20,000. C. December 12-Bing Lee Limited paid Goodman Corporation for the amount owed. Required: Part a. Prepare the jourmal entries to record these transactions on the books of Goodman Corporation. (11 marks) Part b. What is the amount of net sales to be reported on Goodman Corporation's income statement? Please write down the calculate process and formula clearly (4 marks) Part c. What is the Goodman Corporation's gross profit percentage? Please write down the calculate process and formula clearly

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

Biology
1.2K views

Explain the basic features of a phylogenetic tree and discuss the statement that evolutionary relationships inferred from...

Chemistry
1.2K views

In each of the following balanced oxidation-reduction equations, identify those elements that undergo changes in oxidation...

Basic Math
1.2K views

Carl and Ellie split a chocolate bar into 8 pieces of the same size Carl...

Basic Math
1.2K views

3 6 Ents eBook Hint Print references A company had the following assets and liabilities...

Algebra
1.2K views

For f x x 1 and g x 1 6x find the following a fog...

Algebra
1.2K views

eat least 90 minutes At the testing center is hours and all other

Algebra
1.2K views

Factor the following polynomial completely x 4x 4 2

Accounting
1.2K views

Eastman, Inc., manufactures and sells three products: R, S, and T. In January, Eastman, Inc.,...

Accounting
1.2K views

hw12 Source Documents captures data at the source when the transaction...

Finance
1.2K views

Estimate the cost of capital (WACC) of Mahindra and Mahindra Auto Ltd. While deriving the...

Accounting
1.2K views

Window company had sales of $800,000 into 2016 the company expects to incur warrantee expenses...

Finance
1.2K views

Ross Assignment Chapter 6 i 12 8.37 points eBook Hint Print References Saved Say you...