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Exercise 6-1:
a b c d
Sales $ 240,000 $ 140,000 $ 75,000
Cost of Goods Sold $ 42,000 $ 268,000
Gross Profit from Sales $ 114,000
Operating Expenses $ 95,000 $ 82,000 $ 149,000Net Income (loss) $ (28,000) $ (8,000) $ 48,000
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e
$ 46,000
$ 39,000
$ 14,000
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Exercise 6-3:
DATE PARTICULARS P.R.
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DEBIT CREDIT
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Exercise 6-6:
DATE PARTICULARS
Analysis Component:
Amount borrowed to pay the balance owingAnnual rate of interestInterest per year
Interest per day
Discount takenInterest paid on the 50-day* loanNet savings from borrowing to pay within
the discount period*60 days in credit period 10 days in discount period = 50 days.
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P.R. DEBIT CREDIT
10,670$
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Exercise 6-15:a) b)
c) Post-Closing Balance in the capital account at November 30th, 2011:
Analysis Component:
Company Name
Income Statement
For ...month/year ended...
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GENERAL JOURNAL PAGE
DATE PARTICULARS P.R. DEBIT
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____
CREDIT
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Exercise 6-9
The Effects of merchandising activities on the accounts - perpetual
Merchandise Inventory (Purchases) Accounts Payable
Accounts Payable Purchase R
to record purchase on terms to record allowance
Accounts Payable
Merchandise Inventory (Purchase Discounts)
Cash
to record payment within discount period
Analysis Component:
Merchandise Inventory Cost of G
Cash Accounts
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eturns and Allowances
ods Sold
Payable
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Exercise 6-8:1
2
3
4
5
6
78
9
10
Exercise 6-10:
a
b
c
d
Analysis Component:
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Exercise 6-11:
2011 2010 2011 2010
Sales 256,000 160,000 50,000
Sales Discounts 2,560 1,100 500
Sales Returns and Allowances 16,000 5,500Net Sales 142,400 47,000
Cost of Goods Sold 153,600 55,000
Gross Profit from Sales 48,640 48,400 22,000
Selling Expenses 17,920 16,000 24,200
Administrative Expenses 25,600 29,700 11,000
Total Operating Expenses 40,000
Net Income (Loss) 14,400 2,000
Gross Profit ratio
Analysis Component:
Company A Company B
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Exercise 6-12:
a b c
Purchases $90,000 $160,000 $122,000Purchases discounts 4,000 2,600
Purchases returns andallowances 3,000 6,000 4,400
Transportation-in 14,000 16,000Cost of goods purchased
Beginning inventory 7,000 36,000Cost of goods purchased 89,400 158,000Ending inventory 4,400 30,000Cost of goods sold 166,400 136,520
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Exercise 6-5:
GENERAL JOURNAL PAGE
DATE PARTICULARS P.R. DEBIT
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CREDIT
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Exercise 6-13:
2011 2010 2011
Sales 120,000$ 180,000$ 90,000$
Cost of goods sold:Merchandise inventory 18,700 22,300 9,875
(beginning) 72,000
Net cost of merchandise -18,700 -8,920purchases 74,300 108,000
Merchandise inventory (ending) 39,545
Cost of goods sold 36,000 54,000 27,000
Gross profit from sales 9,700 18,000
Operating expenses
Net income (loss)
Gross profit ratio
Analysis Component:
Exercise 6-14 :
(a) (b)
$45,000 $20,000
(2,000 )(1,500 ) (750
1,750
$44,700 $19,750
$3,500
44,700 19,750(2,200 ) (3,750
$20,800
Cost of transportation-in
Company A Comp
Invoice cost of merchandise purchases
Purchase discounts receivedPurch. returns and allow. received
Total cost of merchandise purchases
Merchandise inventory (beginning)
Total cost of merchandise purchasesMerchandise inventory (ending)
Cost of goods sold
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2010
9,000
26,100
-9,875
19,775
6,275
(c)
$15,250
(325) (550
2,000
$16,375
$4,500
)
$17,065
any B
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