29 Jun Question Brief Exercise 5-1 Presented here are the com
Question
Brief Exercise 5-1
Presented here are the components in Casilla Company’s income statement.
Determine the missing amounts.
Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income
sales COGS GP Operating exp NP
Year 1 $ 71,200 $ 30,000 $ 12,100
Year 2 $ 108,000 $ 70,000 $ 29,500
Year 3 $ 71,900 $ 109,600 $ 46,200
Brief Exercise 5-8
Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns and Allowances $13,000; Purchase Discounts $9,000; and Freight-in $16,000.
Determine net purchases and cost of goods purchased.
Brief Exercise 5-9
Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns and
Allowances $13,000; Purchase Discounts $9,000; and Freight-in $16,000. Tracy Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $612,000.
Determine the amounts to be reported for cost of goods sold and gross profit.
Brief Exercise 5-10
Durbin Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of $32,500,
beginning total assets of $520,000, and ending total assets of $600,000.
Calculate profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 10%.)
Exercise 5-6 (Part Level Submission)
Presented below is information for Zhou Co. for the month of January 2014.
Cost of goods sold $212,000 Rent expense $32,000
Freight-out 7,000 Sales discounts 8,000
Insurance expense 12,000 Sales returns and allowances 20,000
Salaries and wages expense 60,000 Sales revenue 370,000
(a) Prepare an income statement using the multi-step format. Assume a 25% tax rate.
(b) Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.)
Problem 5-2A
McCoy Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the
month of June, the following merchandising transactions occurred.
June 1 Purchased books on account for $1,040 (including freight) from Carlin Publishers, terms 2/10, n/30.
3 Sold books on account to the Goldschmidt bookstore for $1,200. The cost of the merchandise sold was $720.
6 Received $40 credit for books returned to Carlin Publishers.
9 Paid Carlin Publishers in full.
15 Received payment in full from the Goldschmidt bookstore.
17 Sold books on account to Town Crier for $1,200. The cost of the merchandise sold was $730.
20 Purchased books on account for $720 from Good Book Publishers, terms 1/15, n/30.
24 Received payment in full from Town Crier.
26 Paid Good Book Publishers in full.
28 Sold books on account to Emporia Bookstore for $1,300. The cost of the merchandise sold was $780.
30 Granted Emporia Bookstore $130 credit for books returned costing $80.
Journalize the transactions for the month of June for McCoy Warehouse, using a perpetual inventory system. (Credit account titles are
automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the
problem. Round answers to 0 decimal places e.g. 15,222.)
Problem 5-9A (Part Level Submission)
At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash $ 2,500 ; Inventory $ 3,500 ; and Common
Stock $ 6,000 . The following transactions occurred during April 2014.
Apr. 5 Purchased golf bags, clubs, and balls on account from Akers Co. $ 1,500 , terms 3 /10, n/60.
7 Paid freight on Akers Co. purchases $ 80 .
9 Received credit from Akers Co. for merchandise returned $ 200 .
10 Sold merchandise on account to members $ 1,340 , terms n/30.
12 Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear $ 830 , terms 1 /10, n/30.
14 Paid Akers Co. in full.
17 Received credit from Palmer Sportswear for merchandise returned $ 30 .
20 Made sales on account to members $ 810 , terms n/30.
21 Paid Palmer Sportswear in full.
27 Granted credit to members for clothing that did not fit properly $ 80 .
30 Received payments on account from members $ 1,220 .
(a)Journalize the April transactions using a periodic inventory system. (Credit account titles are automatically indented when amount is
entered. Do not indent manually. Record journal entries in the order presented in the problem.)
(b)Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal
entries posted in part a.)
(c)Prepare a trial balance on April 30, 2014.
(d)Prepare an income statement through gross profit, assuming inventory on hand at April 30 is $4,263.
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