Reference no: EM131144173
At the beginning of the current season on April 1, the ledger of Five Pines Pro Shop showed Cash $3,000; Merchandise Inventory $4,000; and Irene Tiger, Capital $7,000.These transactions occurred during April 2010.
Apr. 5 Purchased golf bags, clubs, and balls on account from Mickelson Co. $1,200,FOB shipping point, terms 2/10, n/60.
7 Paid freight on Mickelson Co. purchases $50.
9 Received credit from Mickelson Co. for merchandise returned $100.
10 Sold merchandise on account to members $600, terms n/30.
12 Purchased golf shoes, sweaters, and other accessories on account from Dagger Sportswear $340, terms 1/10, n/30.
14 Paid Mickelson Co. in full.
17 Received credit from Dagger Sportswear for merchandise returned $40.
20 Made sales on account to members $600, terms n/30.
21 Paid Dagger Sportswear in full.
27 Granted credit to members for clothing that had flaws $35.
30 Received payments on account from members $650.
The chart of accounts for the pro shop includes Cash; Accounts Receivable, Merchandise Inventory; Accounts Payable; Irene Tiger, Capital; Sales; Sales Returns and Allowances; Purchases; Purchase Returns and Allowances; Purchase Discounts, and Freight-in.
Instructions
(a) Journalize the April transactions using a periodic inventory system.
(b) Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions.
(c) Prepare a trial balance on April 30, 2010.
(d) Prepare an income statement through gross profit, assuming merchandise inventory on hand at April 30 is $4,726.
|
Compute logan services first year depreciation on the plane
: Compute Logan Services' first-year depreciation on the plane using the following methods: - a. Straight-line,- b. Units-of-production,
|
|
What is the effect on u.s. national saving
: Why are points on the aggregate expenditures schedule below the 45-degree line not sustainable?
|
|
What was the companys gross profit rate
: What was the company's percentage of net income to net sales in 2005, 2006, and 2007? Comment on any trend in this percentage.
|
|
Contrast impairment of goodwill on the financial statements
: Contrast the impairment of goodwill on the financial statements of the entity reporting under international financial reporting standards (IFRS) that you researched with the impairment of goodwill on the financial statements.
|
|
At the beginning of the current season on april 1
: At the beginning of the current season on April 1, the ledger of Five Pines Pro Shop showed Cash $3,000; Merchandise Inventory $4,000; and Irene Tiger, Capital $7,000.
|
|
How much must the spring stiffness be changed
: Suppose that the mass of a system is 4 kg and the stiffness is 100 N/m. How much must the spring stiffness be changed in order to increase the natural frequency by 10%?
|
|
Explain what you believe are three most important concerns
: Explain what you believe are the three most important concerns when it comes to mobile devices in the workplace. Justify your response.
|
|
Get unique department from employee table
: clues 1: Get unique DEPARTMENT from employee table clues 2: Select first 3 characters of FIRST_NAME from EMPLOYEE
|
|
The company purchases all merchandise inventory
: Sales declined over the 3-year fiscal period, 2008-2010. Does that mean that profitability necessarily also declined? E
|