ACC290 Week4 BE5 1 BE5 3 DOIT 5 3 5 4
ACC 290 Week 4 Answers
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BE5-1 Presented here are the components in Pedersen Company's income statement Determine the missing amounts
Sales
COGS
Gross Profit
Operating Exp.
Net Income
71,200
41,200
30,000
19,200
10,800
108,000
70,000
38,000
8,500
29,500
181,500
71,900
109,600
46,200
63,400
BE 5-3 Prepare the journal entries to record the following transactions on Ramirez Company's books using a perpetual inventory system
A. On March 2 Ramirez Company sold 800,000 of merchandise to Ikerd Company terms 2/10 n/30 The cost of the merchandise sold was 540,000
Account
Debit
Credit
Accounts Receivable
800,000
Sales
800,000
Cost of Goods Sold
540,000
Inventory
540,000
B. On March 6 Ikerd Company retuned 110,000 of the merchandise purchased on March 2 the cost of the merchandise returned was 75,000
Account
Debit
Credit
Sales Return
110,000
Accounts Receivable
110,000
Inventory
75,000
Cost of Goods Sold
75,000
C. On March 12 Ramirez Company received the balance due from Ikerd Company
Account
Debit
Credit
Cash
676,200
Sales Discount
13,800
Accounts Receivable
690,000
DO IT! 5-3 The following information is available for Juneau Corp.
JUNEAU CORP.
Income Statement
For the Year Ended December 31, 2010
Net sales $552,000
Cost of goods sold 156,000
Operating expenses 186,000
Other revenues and gains $12,700
Other expenses and losses 2,300
Prepare a multiple step income statement for Juneau Corp.
Income Statement for Juneau Corp.
Net Sales
552,000
Cost of Goods Sold
156,000
Gross Profit
396,000
Operating Expenses
186,000
Income from Operations
210,000
Other Revenue and Gains
12,700
Other expenses and Losses
2,300
10,400
Income Before Income Taxes
220,400
Income Tax Expense
66,120
Net Income
154,280
DO IT! 5-4 Grand Lakes Corporation’s accounting record show the following:
Purchase Discounts ………………. $ 5,700
Freight-in …………………………. 8,400
Freight-out
Thank you for using ACCNerd.com
BE5-1 Presented here are the components in Pedersen Company's income statement Determine the missing amounts
Sales
COGS
Gross Profit
Operating Exp.
Net Income
71,200
41,200
30,000
19,200
10,800
108,000
70,000
38,000
8,500
29,500
181,500
71,900
109,600
46,200
63,400
BE 5-3 Prepare the journal entries to record the following transactions on Ramirez Company's books using a perpetual inventory system
A. On March 2 Ramirez Company sold 800,000 of merchandise to Ikerd Company terms 2/10 n/30 The cost of the merchandise sold was 540,000
Account
Debit
Credit
Accounts Receivable
800,000
Sales
800,000
Cost of Goods Sold
540,000
Inventory
540,000
B. On March 6 Ikerd Company retuned 110,000 of the merchandise purchased on March 2 the cost of the merchandise returned was 75,000
Account
Debit
Credit
Sales Return
110,000
Accounts Receivable
110,000
Inventory
75,000
Cost of Goods Sold
75,000
C. On March 12 Ramirez Company received the balance due from Ikerd Company
Account
Debit
Credit
Cash
676,200
Sales Discount
13,800
Accounts Receivable
690,000
DO IT! 5-3 The following information is available for Juneau Corp.
JUNEAU CORP.
Income Statement
For the Year Ended December 31, 2010
Net sales $552,000
Cost of goods sold 156,000
Operating expenses 186,000
Other revenues and gains $12,700
Other expenses and losses 2,300
Prepare a multiple step income statement for Juneau Corp.
Income Statement for Juneau Corp.
Net Sales
552,000
Cost of Goods Sold
156,000
Gross Profit
396,000
Operating Expenses
186,000
Income from Operations
210,000
Other Revenue and Gains
12,700
Other expenses and Losses
2,300
10,400
Income Before Income Taxes
220,400
Income Tax Expense
66,120
Net Income
154,280
DO IT! 5-4 Grand Lakes Corporation’s accounting record show the following:
Purchase Discounts ………………. $ 5,700
Freight-in …………………………. 8,400
Freight-out