The following merchandise transactions occurred during

Assignment Help Accounting Basics

Reference no: EM13572698

The following merchandise transactions occurred during December for two different companies: Rippen and Burnen. Both companies use a perpetual inventory system.

On December 3, Rippen Corporation sold merchandise on account to Burnen Corp. for $493,000, terms 1/10, n/30. This merchandise originally cost Rippen $310,000.

On December 8, Burnen Corp. returned merchandise to Rippen Corporation for a credit of $3,900. Rippen returned this merchandise to inventory at its original cost of $2,452.
December 12, Burnen Corp. paid Rippen Corporation for the amount owed.

Required:

(a)

Prepare the journal entries to record these transactions on the books of Rippen Corporation.

What is the amount of net sales to be reported on Rippen Corporation's income statement?

What is the Rippen Corporation's gross profit percentage?

Reference no: EM13572698

Questions Cloud

Shown below is the sales forecast for cooper inc for the : shown below is the sales forecast for cooper inc. for the first four months of the coming year. jan feb mar apr cash

Beaker inc currently reports a profit of 36 million : beaker inc. currently reports a profit of 3.6 million. divisional invested capital totals 9.5 million the imputed

What were bertins total long-term debt and total : at year-end 2010 bertin inc.s total assets were 1.2 million and its accounts payable were 375000. sales which in 2010

As a condition of employment fashion industries applicants : as a condition of employment fashion industries applicants must pass a drug test. of the last 250 applicants 20 failed

The following merchandise transactions occurred during : the following merchandise transactions occurred during december for two different companies rippen and burnen. both

Toyota first cost 26000 annual operating cost of 1200 : a sales group is considering two cars for lease option 1 buick first cost 22000 annual operating cost of 2000 salvage

Cane company manufactures two products called alpha and : cane company manufactures two products called alpha and beta that sell for 165 and 130 respectively. each product uses

At december 31 2010 the records of seacrest enterprises : at december 31 2010 the records of seacrest enterprises provided the following selected and incomplete

What is your reaction to hamlets soliloquy do you : what is your reaction to hamlets soliloquy? do you sympathize with his situation? do you see him as self-absorbed or

User Account

All Pages