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eBook Calculator Print Item Sales transactions The following selected transactions were completed by Affordable Supplies Co.,...
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Sales transactions
The following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers.
| Jan. 6. | Sold merchandise on account, $14,000, terms FOB shipping point, n/eom. The cost of merchandise sold was $8,400. | ||
| 8. | Sold merchandise on account, $20,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $14,000. | ||
| 16. | Sold merchandise on account, $19,500, terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. | ||
| 18. | Received check for amount due for sale on January 8. | ||
| 19. | Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. | ||
| 26. | Received check for amount due for sale on January 16 less credit memorandum of January 19. | ||
| 31. | Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. | ||
| 31. | Received check for amount due for sale of January 6. |
Indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent. Enter amounts that decrease net income as negative values. Round percentage values to 1 decimal place. If no entry is required, select "No effect" from the dropdown and leave the corresponding number entry box blank.
| Metric Effects | ||||||||||
| Liquidity | Profitability | |||||||||
| Transaction | Working Capital | Ability to Achieve Gross Profit Percent of 30% | ||||||||
| Jan. 6 | $ | Increase (%) | ||||||||
| 8 | Decrease (%) | |||||||||
| 16 | Increase (%) | |||||||||
| 18 | No Effect (%) | |||||||||
| 19 | No Effect (%) | |||||||||
| 26 | No Effect (%) | |||||||||
| 31 | No Effect (%) | |||||||||
| 31 | No Effect (%) | |||||||||
| Total | $ | |||||||||
Solutions
jeff jeffy answered 2 years agoRelated Solutions
eBook Show Me How Calculator Print Item Sales-Related Transactions using Perpetual Inventory System The following selected...
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Sales-Related Transactions using Perpetual Inventory System
The following selected transactions were completed by Green Lawn
Supplies Co., which sells irrigation supplies primarily to
wholesalers and occasionally to retail customers:
July 1.
Sold merchandise on account to Landscapes Co., $33,450, terms
FOB shipping point, n/eom. The cost of merchandise sold was
$20,000.
2.
Sold merchandise for $86,000 plus 8% sales tax to retail cash
customers. The cost of merchandise sold was $51,600.
5.
Sold...
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily...
The following selected transactions were completed by Green Lawn
Supplies Co., which sells irrigation supplies primarily to
wholesalers and occasionally to retail customers. Also note that
the company uses a clearing house to take care of all bank as well
as non-bank credit cards used by its customers.
Record the following transactions on page 10 of the journal:
July
1
Sold merchandise on account to Landscapes Co., $33,450, terms
FOB shipping point, n/eom. The cost of merchandise sold was
$20,000....
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily...
The following selected transactions were completed by Green Lawn
Supplies Co., which sells irrigation supplies primarily to
wholesalers and occasionally to retail customers:
July 1.
Sold merchandise on account to Landscapes Co., $12,900, terms
FOB shipping point, n/eom. The cost of merchandise sold was
$7,700.
2.
Sold merchandise for $20,300 plus 5% sales tax to retail cash
customers. The cost of merchandise sold was $13,200.
5.
Sold merchandise on account to Peacock Company, $35,600, terms
FOB destination, 1/10, n/30. The...
The following selected transactions were completed by AmsterdamSupply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam
Supply Co., which sells office supplies primarily to wholesalers
and occasionally to retail customers. Also note that the company
uses a clearing house to take care of all bank as well as non-bank
credit cards used by its customers. Record on page 10 of the
journal Mar. 2 Sold merchandise on account to Equinox Co., $19,300,
terms FOB destination, 1/10, n/30. The cost of the merchandise sold
was $14,120. 3 Sold merchandise for $12,200 plus...
eBook Show Me How Calculator Print Item Determine the amount of sales (units) that would be...
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Determine the amount of sales (units) that would be necessary
under
Break-Even Sales Under Present and Proposed Conditions
Darby Company, operating at full capacity, sold 91,800 units at
a price of $129 per unit during the current year. Its income
statement for the current year is as follows:
Sales
$11,842,200
Cost of goods sold
5,848,000
Gross profit
$5,994,200
Expenses:
Selling expenses
$2,924,000
Administrative expenses
2,924,000
Total expenses
5,848,000
Income from operations
$146,200
The...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam
Supply Co., which sells office supplies primarily to wholesalers
and occasionally to retail customers. Also note that the company
uses a clearing house to take care of all bank as well as non-bank
credit cards used by its customers.
Record on page 10 of the journal
Mar. 2 Sold merchandise on account to Equinox Co., $18,900,
terms FOB destination, 1/10, n/30. The cost of the goods sold was
$13,300.
3 Sold merchandise...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam
Supply Co., which sells office supplies primarily to wholesalers
and occasionally to retail customers. Amsterdam Supply uses the net
method under a perpetual inventory system. Also note that the
company uses a clearing house to take care of all bank as well as
non-bank credit cards used by its customers.
Record on page 10 of the journal
Mar.
2
Sold merchandise on account to Equinox Co., $20,800, terms FOB
destination, 1/10, n/30....
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam
Supply Co., which sells office supplies primarily to wholesalers
and occasionally to retail customers. Amsterdam Supply uses the net
method under a perpetual inventory system. Also note that the
company uses a clearing house to take care of all bank as well as
non-bank credit cards used by its customers.
Record on page 10 of the journal
Mar.
2
Sold merchandise on account to Equinox Co., $19,100, terms FOB
destination, 1/10, n/30....
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam
Supply Co., which sells office supplies primarily to wholesalers
and occasionally to retail customers. Note that the company uses a
clearing house to take care of all bank as well as non-bank credit
cards used by its customers. Record on page 10 of the journal Mar.
2 Sold merchandise on account to Equinox Co., $18,900, terms FOB
destination, 1/10, n/30. The cost of the merchandise sold was
$13,300. 3 Sold merchandise for...
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to...
The following selected transactions were completed by Amsterdam
Supply Co., which sells office supplies primarily to wholesalers
and occasionally to retail customers:
Record on page 10 of the journal
Mar.
2
Sold merchandise on account to Equinox Co., $19,200, terms FOB
destination, 1/10, n/30. The cost of the merchandise sold was
$14,260.
3
Sold merchandise for $11,450 plus 6% sales tax to retail cash
customers. The cost of merchandise sold was $6,930.
4
Sold merchandise on account to Empire Co.,...
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