Presented below are selected account balances for Blossom Co. as
of December 31, 2020.
Inventory 12/31/20...
Presented below are selected account balances for Blossom Co. as
of December 31, 2020.
Inventory 12/31/20
$59,590
Cost of Goods Sold
$229,667
Common Stock
74,470
Selling Expenses
16,223
Retained Earnings
44,230
Administrative Expenses
37,519
Dividends
18,226
Income Tax Expense
30,500
Sales Returns and Allowances
11,922
Sales Discounts
14,790
Sales Revenue
408,340
Prepare closing entries for Blossom Co. on December 31, 2020.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required,...
1) Blossom Corporation had 656,400 common shares outstanding on
January 1, 2020. On March 1, 2020,...
1) Blossom Corporation had 656,400 common shares outstanding on
January 1, 2020. On March 1, 2020, Blossom issued 159,000 shares.
On September 1, Blossom repurchased and cancelled 64,200
shares.
Calculate Blossom’s weighted average number of shares
outstanding for the year ended December 31, 2020. (Round answer to
0 decimal places, e.g. 5,275.)
Weighted average number of shares outstanding.
2) Carla Vista Limited had 42,600 common shares outstanding on
January 1, 2020. On March 1, 2020, Carla Vista issued 20,400 shares...
Blossom Company uses the gross profit method to estimate
inventory for monthly reporting purposes. Presented below...
Blossom Company uses the gross profit method to estimate
inventory for monthly reporting purposes. Presented below is
information for the month of May.
Inventory, May 1 $ 160,700
Purchases (gross) 595,100
Freight-in 28,600
Sales revenue 1,028,100
Sales returns 74,200
Purchase discounts 11,600
Compute the estimated inventory at May 31, assuming that the gross
profit is 25% of net sales.
The estimated inventory at May 31
$
LINK TO TEXT
Compute the...
Jackson Company reported the following information relating to its
inventory for 2020:
sales revenue ............................. $427,000...
Jackson Company reported the following information relating to its
inventory for 2020:
sales revenue ............................. $427,000
freight-out ............................... 10,980
purchase returns .......................... 16,590
beginning inventory ....................... 55,000
purchases ................................. 392,800
gross profit .............................. 96,250
freight-in ................................ 11,730
sales returns & allowances ................ 15,000
purchase discounts ........................ ?
Jackson Company reported an inventory turnover ratio of 4.21 for 2020.
Calculate the amount of purchase discounts reported by Jackson Company
during 2020.
Blossom Distribution Co. has determined its December 31, 2020
inventory on a LIFO basis at $962000....
Blossom Distribution Co. has determined its December 31, 2020
inventory on a LIFO basis at $962000. Information pertaining to
that inventory follows:
Estimated selling price
$1000000
Estimated cost of
disposal
38000
Normal profit margin
118000
Current replacement cost
882000
Blossom records losses that result from applying the
lower-of-cost-or-market rule. At December 31, 2020, the loss that
Blossom should recognize is
$0.
$80000.
$118000.
$38000.
The current sections of Blossom Rentals balance sheets at
December 31, 2021, and 2020, are presented...
The current sections of Blossom Rentals balance sheets at
December 31, 2021, and 2020, are presented here. Blossom’ profit
for 2021 was $146,880. Depreciation expense was $23,040. 2021 2020
Current assets Cash $100,800 $95,040 Accounts receivable 105,600
85,440 Inventory 151,680 165,120 Prepaid expenses 25,920 21,120
Total current assets $384,000 $366,720 Current liabilities Accrued
expenses payable $14,400 $4,800 Accounts payable 81,600 88,320
Total current liabilities $96,000 $93,120 Prepare the net cash
provided by operating activities section of the company’s statement
of...
) Presented below is information
related to Chesterton Corp for the year ended
December 31,...
) Presented below is information
related to Chesterton Corp for the year ended
December 31,
2019.
Purchases
$200,000
Purchase discounts
3,000
Purchase returns & allowances
6,000
Sales revenue
312,000
Sales discounts
8,000
Sales returns & allowances
13,000
Freight-in
10,000
Freight-out
5,000
Inventory, January 1, 2019
42,000
Inventory, Dec. 31, 2019
63,000
Instructions:
Prepare a partial income statement through gross profit,
including a detailed cost of goods sold section assuming that
Chesterton uses a periodic inventory system.
Record the entry...
On May 1, 2020, Blossom factored accounts receivable of $400,000
to AB Financial. The transfer was...
On May 1, 2020, Blossom factored accounts receivable of $400,000
to AB Financial. The transfer was made with recourse. Records are
transferred to AB Financial who will receive all collections.
AB Financial remits to Blossom 85% of the factored receivables.
AB Financial retains 15% to cover it’s factoring fee (8%), which is
paid at the beginning of the contract, and to provide a cushion
against potential sales returns, allowances and discounts. Blossom
estimates that 4% of the factored accounts receivable...
Problem 9-6
Blossom Company lost most of its inventory in a fire in December
just before...
Problem 9-6
Blossom Company lost most of its inventory in a fire in December
just before the year-end physical inventory was taken. Corporate
records disclose the following.
Inventory (beginning)
$ 81,000
Sales revenue
$407,900
Purchases
295,600
Sales returns
20,700
Purchase returns
27,900
Gross profit % based on net selling price
32
%
Merchandise with a selling price of $29,400 remained undamaged
after the fire, and damaged merchandise has a net realizable value
of $8,000. The company does not carry fire...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available...
Raleigh Department Store uses the conventional retail method for
the year ended December 31, 2019. Available information
follows:
The inventory at January 1, 2019, had a retail value of $31,000
and a cost of $11,000 based on the conventional retail method.
Transactions during 2019 were as follows:
Cost
Retail
Gross purchases
$
570,000
$
953,000
Purchase returns
6,000
4,000
Purchase discounts
5,000
Gross sales
958,000
Sales returns
5,000
Employee discounts
3,000
Freight-in
20,000
Net markups
20,000
Net markdowns
4,000
Sales...