Wiley Plus Question

Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income

   Brief Exercise 5-8Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns andAllowances $13,000; Purchase Discounts $9,000; and Freight-in $16,000.Determine net purchases and cost of goods purchased.Net purchases $ Cost of goods purchased $   Brief Exercise 5-9Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns andAllowances $13,000; Purchase Discounts $9,000; and Freight-in $16,000. Tracy Company has beginning inventory of $60,000, endinginventory of $90,000, and net sales of $612,000.Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $Gross profit $   Brief Exercise 5-10Durbin 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%.)  Profit margin %Gross profit rate %   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 $32,000Freight-out 7,000 Sales discounts 8,000Insurance expense 12,000 Sales returns and allowances 20,000Salaries 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 5-2AMcCoy Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During themonth 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 areautomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in theproblem. 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 CommonStock $ 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 isentered. 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 journalentries 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.