Presented below is information related to Oriole Corporation for
the month of January 2020.
Cost of...
Presented below is information related to Oriole Corporation for
the month of January 2020.
Cost of goods sold
$223,110
Salaries and wages expense
$55,720
Delivery expense
6,320
Sales discounts
7,320
Insurance expense
12,760
Sales returns and allowances
11,820
Rent expense
18,640
Sales revenue
366,400
Prepare the necessary closing entries. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the...
Presented below is information related to Sunland Company, owned
by D. Flamont, for the month of...
Presented below is information related to Sunland Company, owned
by D. Flamont, for the month of January 2017.
Ending inventory per perpetual records
$22,800
Insurance expense
$11,500
Ending inventory actually on hand
17,800
Rent expense
20,200
Cost of goods sold
211,000
Salaries expense
55,800
Freight out
7,100
Sales discounts
9,100
Sales returns and allowances
13,900
Sales
369,000
1. Prepare the necessary adjusting entry for inventory.
2. Prepare the necessary closing entries. D. Flamont did not
withdraw any cash during the...
Presented below is information for Lieu Co. for the month of
January 2017. Cost of goods...
Presented below is information for Lieu Co. for the month of
January 2017. 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 Income tax expense 5,000 Other
comprehensive income (net of $400 tax) 2,000 Prepare an income
statement using the multi-step format. LIEU Co. Income Statement
Sales Revenue $ 370000 : Sales Returns and Allowances $ 20000 Sales
Discounts 8000...
Presented below is information related to Oriole Company for the
month of January 2019.
Ending inventory...
Presented below is information related to Oriole Company for the
month of January 2019.
Ending inventory per perpetual records
$24,070
Insurance expense
$12,770
Rent expense
24,210
Ending inventory actually on hand
23,170
Salaries and wages expense
55,850
Sales discounts
12,430
Cost of goods sold
223,370
Sales returns and allowances
14,630
Freight-out
7,030
Sales revenue
416,910
a. Prepare the necessary adjusting entry for inventory.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry...
Exercise 5-8
Presented below is information related to Pina Colada Corp. for
the month of January...
Exercise 5-8
Presented below is information related to Pina Colada Corp. for
the month of January 2019.
Ending inventory per
Insurance expense
$11,460
perpetual records
$22,890
Rent expense
20,190
Ending inventory actually
Salaries and wages expense
55,580
on hand
22,190
Sales discounts
12,350
Cost of goods sold
218,370
Sales returns and allowances
14,760
Freight-out
6,860
Sales revenue
419,300
a. Prepare the necessary adjusting entry for inventory.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually....
Presented below is information for Annie Company for the month
of March 2018. Cost of goods...
Presented below is information for Annie Company for the month
of March 2018. Cost of goods sold $245,000 Rent expense $36,000
Freight-out 7,000 Sales discounts 8,000 Insurance expense 5,000
Sales returns and allowances 11,000 Salaries and wages expense
63,000 Sales revenue 410,000 Prepare a multiple -step income
statement.
Exercise 5-07
Presented below is information for Lieu Co. for the month of
January 2022.
Cost...
Exercise 5-07
Presented below is information for Lieu Co. for the month of
January 2022.
Cost of goods sold
$212,040
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
Income tax expense
5,280
Other comprehensive income (net of $400 tax)
2,000
a. Prepare an income statement using the multiple-step
format.
b. Prepare a comprehensive income statement.
c. Calculate the profit margin and the gross profit...
The following information for ZHOU Co. is for the Month Ended
January 31, 2018.
Sales revenue,...
The following information for ZHOU Co. is for the Month Ended
January 31, 2018.
Sales revenue, $370,000, Sales returns and allowances,
$20,000, Sales discounts, 8,000, Cost of goods sold, 212,000,
Salaries and wages expense, 60,000, Rent expense, 32,000, Insurance
expense, 12,000, Freight-out, 7,000, interest expense, 500,
investment dividend income, 1500, Income taxes are 40%.
1. Prepare a multiple income statement in good GAAP form
The following information for
ZHOU Co. is for the Month Ended January 31, 2018.
Sales revenue,...
The following information for
ZHOU Co. is for the Month Ended January 31, 2018.
Sales revenue, $370,000, Sales returns and allowances, $20,000,
Sales discounts, 8,000, Cost of goods sold, 212,000, Salaries and
wages expense, 60,000, Rent expense, 32,000, Insurance expense,
12,000, Freight-out, 7,000, interest expense, 500, investment
dividend income, 1500, Income taxes are 40%.
1. Prepare a multiple income
statement in good GAAP form
Presented below is information from Coronado Computers
Incorporated.
July 1
Sold $16,000 of computers to Robertson...
Presented below is information from Coronado Computers
Incorporated.
July 1
Sold $16,000 of computers to Robertson Company with terms 3/15,
n/60. Coronado uses the gross method to record cash discounts.
Coronado estimates allowances of $1,040 will be honored on these
sales.
10
Coronado received payment from Robertson for the full amount
owed from the July transactions.
17
Sold $160,000 in computers and peripherals to The Clark Store
with terms of 2/10, n/30.
30
The Clark Store paid Coronado for its...