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Periodic System— Using Knowledge of Financial Statement Relations to Compute Missing Accounts The following information relates...
Periodic System— Using Knowledge of Financial Statement Relations to Compute Missing Accounts
The following information relates to Payleast Shoes Company. Assuming the company uses the periodic inventory system, solve for the missing amounts a through m for years 2020 through 2022.
- Do not use negative signs in your answers.
- Round gross profit percentage to the nearest whole percentage point.
| 2020 | 2021 | 2022 | ||||
|---|---|---|---|---|---|---|
| Net sales | $90,000 | $110,000 | $130,000 | |||
| Beginning inventory | 12,000 | e. | j. | |||
| Purchases (gross) | 70,000 | 82,500 | 99,000 | |||
| Purchase returns and allowances | 6,000 | 5,000 | 8,800 | |||
| Purchase discounts | 4,000 | 2,500 | 1,900 | |||
| Freight-in | 3,000 | f. | 10,000 | |||
| Cost of goods available for sale | a. | 93,500 | k. | |||
| Ending inventory | 15,000 | g. | 26,000 | |||
| Cost of sales | b. | 75,500 | l. | |||
| Gross profit | c. | h. | 39,700 | |||
| Gross profit percentage | d. | i. | m. |
Solutions
Expert Solution
| 2020 | 2021 | 2022 | |
| Net Sales | $ 90,000 | $ 1,10,000 | $ 1,30,000 |
| Beginning Inventory | $ 12,000 | $ 15,000 | $ 18,000 |
| Purchases gross | $ 70,000 | $ 82,500 | $ 99,000 |
| Purchase returns and allowances | $ 6,000 | $ 5,000 | $ 8,800 |
| Purchase discounts | $ 4,000 | $ 2,500 | $ 1,900 |
| Freight - In | $ 3,000 | $ 3,500 | $ 10,000 |
| Cost of goods available for sale | $ 75,000 | $ 93,500 | $ 1,16,300 |
| Ending Inventory | $ 15,000 | $ 18,000 | $ 26,000 |
| Cost of sales | $ 60,000 | $ 75,500 | $ 90,300 |
| Gross profit | $ 30,000 | $ 34,500 | $ 39,700 |
| Gross Profit percentage | 33% | 31% | 31% |
ekkarill92 answered 2 years agoRelated Solutions
QUESTION ONE [25] The following financial information relates to Cams Limited. Statement of Financial Position as...
QUESTION ONE [25]
The following financial information relates to Cams Limited.
Statement of Financial Position as at 31 December 2017
and 2018
2018
2017
Ordinary share capital
Retained earnings
Property, plant and equipment
Investments
Debentures 12.5%
Inventory
Trade debtors
Prepaid expenses
Trade creditors
Bank overdraft
SARS (income tax)
Shareholders for dividends
400 000
55 000
230 000
165 000
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124 000
37 000
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25 000
21...
QUESTION ONE [25] The following financial information relates to Cams Limited. Statement of Financial Position as...
QUESTION ONE [25]
The following financial information relates to Cams Limited.
Statement of Financial Position as at 31 December 2017
and 2018
2018
2017
Ordinary share capital
Retained earnings
Property, plant and equipment
Investments
Debentures 12.5%
Inventory
Trade debtors
Prepaid expenses
Trade creditors
Bank overdraft
SARS (income tax)
Shareholders for dividends
400 000
55 000
230 000
165 000
20 000
124 000
37 000
-
25 000
21...
PLEASE ANSWER ASAP****** Using the following information for a periodic inventory system, what is the amount...
PLEASE ANSWER ASAP******
Using the following information for a periodic inventory system,
what is the amount of net income?
Purchases
$34,621
Selling expense
$673
Inventory, September 1
5,249
Inventory, September 30
10,383
Administrative expense
504
Sales
46,945
Rent revenue
1,153
Interest expense
940
a.$29,487
b.$16,494
c.$940
d.$33,735
Compute the Missing Inventory Values. The following information was disclosed in the 2012 annual report of...
Compute the Missing Inventory Values.
The following information was disclosed in the 2012 annual report
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Fill in the missing values.
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2011
2010
Beginning inventory
$Answer
$Answer
$12,760
Purchase of inventory
46,850
Answer
42,940
Inventory available for sale
Answer
Answer
55,700
Ending inventory
Answer
11,855
Answer
Cost of goods sold
13,600
42,480
43,715
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The following information relates to a company’s accounts
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beginning of the year, $30,000 (credit balance); credit sales
during the year, $1,500,000; accounts receivable written off during
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Assuming the company estimates that future bad debts will equal 8%
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Assessing Financial Statement Effects of Transactions and
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The following information relates to December 31 accounting
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1. Weekly salaries for a five-day week total $3,600, payable on
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2. Fulton Fast Print has $20,000 of notes payable outstanding at
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accrued on these notes by December 31 but will not be paid...
The following T-accounts represent September activity. Required: Compute the missing amounts indicated by the letters (a)...
The following T-accounts represent September activity.
Required:
Compute the missing amounts indicated by the letters
(a) through (i).
Materials Inventory
BB (9/1)
7,500
(a)
4,300
(b)
EB (9/30)
10,500
Work-In-Process
Inventory
BB (9/1)
20,600
180,500
(e)
121,000
87,700
EB (9/30)
18,000
Finished Goods
Inventory
BB (9/1)
13,800
(e)
(f)
EB (9/30)
(g)
Cost of Goods Sold
397,300
Applied Overhead
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(d)
Manufacturing Overhead
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121,000
4,300
36,200
30,600
2,200
Wages Payable
124,300
162,000
(c)
36,200
119,500
EB (9/30)
Accumulated
Depreciation—Plant...
The following T-accounts represent September activity. Required: Compute the missing amounts indicated by the letters (a)...
The following T-accounts represent September activity.
Required:
Compute the missing amounts indicated by the letters
(a) through (i).
Materials Inventory
BB (9/1)
7,500
(a)
4,000
(b)
EB (9/30)
9,300
Work-In-Process Inventory
BB (9/1)
22,600
181,500
(e)
121,000
84,200
EB (9/30)
19,000
Finished Goods Inventory
BB (9/1)
13,300
(e)
(f)
EB (9/30)
(g)
Cost of Goods Sold
397,700
Applied Overhead Control
(d)
Manufacturing Overhead Control
121,000
4,000
36,200
30,700
4,900
Wages Payable
124,300
162,000
(c)
36,200
119,500
EB (9/30)
Accumulated Depreciation—Plant...
The following T-accounts represent September activity: Required: Compute the missing amounts indicated by the letters (a)...
The following T-accounts represent September activity:
Required:
Compute the missing amounts indicated by the letters
(a) through (i).
Materials Inventory
BB (9/1)
8,000
(a)
5,100
(b)
EB (9/30)
9,600
Work-In-Process Inventory
BB (9/1)
20,800
179,200
121,000
98,300
EB (9/30)
17,000
Finished Goods Inventory
BB (9/1)
14,900
(e)
(f)
EB (9/30)
(g)
Cost of Goods Sold
396,900
Applied Overhead Control
(d)
Manufacturing Overhead Control
121,000
5,100
36,200
34,000
2,500
Wages Payable
124,300
162,000
(c)
36,200
119,500
EB (9/30)
Accumulated Depreciation—Plant &...
The following T-accounts represent September activity: Required: Compute the missing amounts indicated by the letters (a)...
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Required:
Compute the missing amounts indicated by the letters (a) through
(i).
Materials Inventory
BB (9/1) 8,000
(a) 5,200
(b)
EB (9/30) 8,800
Work-In-Process Inventory
BB (9/1) 21,800
179,100
121,000
94,000
EB (9/30) 15,900
Finished Goods Inventory
BB (9/1) 13,500
(e) (f)
EB (9/30) (g)
Cost of Goods Sold
397,000
Applied Overhead Control
(d)
Manufacturing Overhead Control
121,000
5,200
36,200
34,300
3,500
Wages Payable
124,300
162,000 (c)
36,200
119,500 EB (9/30)
Accumulated Depreciation—Plant &...
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