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ACC 201 Chapter 5 HomeworkProblem 5-1A

Ready-Set-Go Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Ready-Set-Go’s inventory consisted of suitcases costing $1,200. During the month of July, the following merchandising transactions occurred.

July 1		Purchased suitcases on account for $1,500 from Trunk Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date.
3		Sold suitcases on account to Satchel World for $2,200. The cost of suitcases sold is $1,400.
9		Paid Trunk Manufacturers in full.
12		Received payment in full from Satchel World.
17		Sold suitcases on account to Lady GoGo for $1,400. The cost of the suitcases sold was $1,010.
18		Purchased suitcases on account for $1,900 from Holiday Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125 for freight on this date.
20		Received $300 credit (including freight) for suitcases returned to Holiday Manufacturers.
21		Received payment in full from Lady GoGo.
22		Sold suitcases on account to Vagabond for $2,250. The cost of suitcases sold was $1,350.
30		Paid Holiday Manufacturers in full.
31		Granted Vagabond $200 credit for suitcases returned costing $120.

Ready-Set-Go’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

Journalize the transactions for the month of July for Ready-Set-Go using a perpetual inventory system. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

ACC 201 Chapter 5 HomeworkProblem 5-2A

Shmi Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Shmi showed Cash of $8,000 and Common Stock of $8,000.

Apr. 2		Purchased merchandise on account from Walker Supply Co. $6,200, terms 1/10, n/30.
4		Sold merchandise on account $5,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was $3,400.
5		Paid $240 freight on April 4 sale.
6		Received credit from Walker Supply Co. for merchandise returned $500.
11		Paid Walker Supply Co. in full, less discount.
13		Received collections in full, less discounts, from customers billed on April 4.
14		Purchased merchandise for cash $3,800.
16		Received refund from supplier for returned goods on cash purchase of April 14, $500.
18		Purchased merchandise from Benjamin Distributors $4,500, FOB shipping point, terms 2/10, n/30.
20		Paid freight on April 18 purchase $160.
23		Sold merchandise for cash $7,400. The merchandise sold had a cost of $4,120.
26		Purchased merchandise for cash $2,300.
27		Paid Benjamin Distributors in full, less discount.
29		Made refunds to cash customers for defective merchandise $90. The returned merchandise had a fair value of $30.
30		Sold merchandise on account $3,400, terms n/30. The cost of the merchandise sold was $1,900.

Shmi Distributing Company’s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold, and No. 644 Freight-Out.

B)Enter the beginning cash and capital balances, and post the transactions. (Post entries in the order of journal entries presented in the previous question.)

c)Prepare the income statement through gross profit for the month of April 2014.

ACC 201 Chapter 5 HomeworkProblem 5-4A

J. Ackbar, a former professional tennis star, operates Ackbar’s Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Ackbar’s Tennis Shop showed Cash $2,200, Inventory $1,800, and Common Stock $4,000. The following transactions were completed during April.

Apr. 4		Purchased racquets and balls from Jay-Mac Co. $760, FOB shipping point, terms 2/10, n/30.
6		Paid freight on purchase from Jay-Mac Co. $40.
8		Sold merchandise to members $1,150, terms n/30. The merchandise sold had a cost of $790.
10		Received credit of $60 from Jay-Mac Co. for a racquet that was returned.
11		Purchased tennis shoes from Venus Sports for cash, $420.
13		Paid Jay-Mac Co. in full.
14		Purchased tennis shirts and shorts from Everett Sportswear $800, FOB shipping point, terms 3/10, n/60.
15		Received cash refund of $50 from Venus Sports for damaged merchandise that was returned.
17		Paid freight on Everett Sportswear purchase $30.
18		Sold merchandise to members $980, terms n/30. The cost of the merchandise sold was $520.
20		Received $600 in cash from members in settlement of their accounts.
21		Paid Everett Sportswear in full.
27		Granted an allowance of $40 to members for tennis clothing that did not fit properly.
30		Received cash payments on account from members, $820.

The chart of accounts for the tennis shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold.

b)Enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journal entries presented in the previous question. Round answers to 0 decimal places, e.g. 125.)

c)Prepare a trial balance on April 30, 2014. (Round answers to 0 decimal places, e.g. 125.)

ACC 201 Chapter 5 HomeworkProblem 5-6A

Valerie Fons operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2011–2014.

	2011	2012	2013	2014
Inventory (ending)	$13,000	$ 11,300	$ 14,700	$ 12,200
Accounts payable (ending)	20,000
Sales revenue		225,700	240,300	235,000
Purchases of merchandise inventory on account		141,000	150,000	132,000
Cash payments to suppliers		135,000	161,000	127,000

b)Calculate the gross profit for each of the 2012, 2013, and 2014 fiscal years.

c) Calculate the ending balance of accounts payable for each of the 2012, 2013, and 2014 fiscal years.

d) Calculate gross profit rate for each fiscal year. (Round answer to 1 decimal place, e.g. 25.2%.)

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Status NEW Posted 19 Apr 2017 08:04 AM My Price 12.00

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file 1492589834-ACC 201 Chapter 5 Homework Answers.docx preview (2294 words )

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