4.5 - Homework_ MyAccountingLab\u2122 Homework 4.pdf - Course MGMT 210 Financial Accounting Online Assignment 4.5 Homework MyAccountingLab\u2122 Homework 4 1

4.5 - Homework_ MyAccountingLabu2122 Homework 4.pdf -...

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1. 2. 3. 4. C ourse: MGMT 210 Financial Accounting - Online Assignment: 4.5 - Homework: MyAccountingLab™ Homework 4 Which account does a merchandiser use that a service company does not use? A. Sales Revenue B. Cost of Goods Sold C. Merchandise Inventory D. All of the above purchased inventory for and also paid a freight bill. returned % of the goods to the seller and later took a % purchase discount. Assume uses a perpetual inventory system. What is 's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) Downtown Market $4,800 $280 Downtown Market 25 3 Downtown Market Downtown Market A. $3,492 B. $1,164 C. $3,772 D. $3,696 sold inventory for , terms /10, n/30. Cost of goods sold was . How much sales revenue will report from the sale? (Assume the company records sales at the net amount.) Fabulous Fern $290,000 1 $170,000 Fabulous Fern A. $120,000 B. $170,000 C. $287,100 D. $290,000 's Furniture's unadjusted Merchandise Inventory account at year-end is . The physical count of inventory came up with a total of . Journalize the adjusting entry needed to account for inventory shrinkage. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Pati $61,000 $59,600 Date Accounts and Explanation Debit Credit Cost of Goods Sold 1,400 Merchandise Inventory 1,400 Adjustment for inventory shrinkage.
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5. Company uses a perpetual inventory system. The adjusted trial balance of Company at , follows: Big Papi Music Big Papi Music June 30, 2018 (Click the icon to view the adjusted trial balance.) 1 Read the requirements . 2 Requirement 1. Prepare multi-step income statement for the year ended . (Use a minus sign or parentheses to show other expenses.) Big Papi's June 30, 2018 Big Papi Music Company Income Statement Year Ended June 30, 2018 Net Sales Revenue 187,000 $ Cost of Goods Sold 84,150 Gross Profit 102,850 Operating Expenses: Selling Expenses 19,000 $ Administrative Expenses 17,500 Total Operating Expenses 36,500 Operating Income 66,350 Other Income and (Expenses): Interest Expense (1,200) Total Other Income and (Expenses) (1,200) Net Income (Loss) 65,150 $ Requirement 2. Journalize closing entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Big Papi's Start by closing revenues. Do not close the expenses; this will be done in the next step. Date Accounts and Explanation Debit Credit Jun. 30 Sales Revenue 187,000 Clos. (1) Income Summary 187,000 To close revenues. Close expenses for the period.
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Date Accounts and Explanation Debit Credit Jun. 30 Income Summary 121,850 Clos. (2) Cost of Goods Sold 84,150 Selling Expenses 19,000 Administrative Expenses 17,500 Interest Expense 1,200 To close expenses. Close Income Summary. Date Accounts and Explanation Debit Credit Jun. 30 Income Summary 65,150 Clos. (3) Retained Earnings 65,150 To close Income Summary. Close Dividends. Date Accounts and Explanation Debit Credit Jun. 30 Retained Earnings 41,500 Clos. (4) Dividends 41,500 To close Dividends.
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