Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income | Brief Exercise 5-8 | | Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns and | | Allowances $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 5-9 | | Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns and | | Allowances $13,000; Purchase Discounts $9,000; and Freight-in $16,000. Tracy Company has beginning inventory of $60,000, ending | | inventory 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 5-10 | | Durbin 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 $32,000 | | 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 | | (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 5-2A | | McCoy Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the | | month 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 are | | automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the | problem. 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 Common | | Stock $ 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 is | | entered. 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 journal | | entries 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. | | | | | | | |
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