(The following information applies to the questions displayed below]Toys "R" Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the followingamounts for the month of March 2021.Sales revenueAdvertising expenseRent expenseGain on sale of buildingInventory (Mar. 1, 2021)Cost of goods sold$75, see6,00e3,9007,1002,600Inventory (Mar. 31, 2021)Insurance expenseSales discountsSalaries expenseIncome tax expense$1,1002,1002,8009,0003,80035,600Required:1. Prepare a multiple-step income statement for the month ended March 31, 2021.TOYS "R" USMultiple step Income StatementFor the month of March 2021Net salesTotal sales revenueNet sales revenue

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 48E

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[The following information applies to the questions displayed below.] Toys "R" Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. $75,300 6,000 3,900 7,100 Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense $1,100 2,100 2,800 9,000 3,800 Income tax expense 2,600 35,600 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step lIncome Statement For the month of March 2021 Net sales: Total sales revenue Net sales revenue
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $74,800 Inventory (Mar. 31, 2021) $1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 Required:1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step Income Statement For the month of March 2021 Net sales: Total sales revenue Less: Sales discounts Net sales revenue Operating expenses: Total 0 Operating income Non-operating items: Total
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $ 74,800 Inventory (Mar. 31, 2021) $ 1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 2-a. Calculate the inventory turnover ratio for the month of March. Inventory Turnover Ratio = =
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $ 74,800 Inventory (Mar. 31, 2021) $ 1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 3. Calculate the gross profit ratio for the month of March. Gross Profit Ratio = = 0
Melisandre Merchandising sold merchandise on credit to Ellaria, terms 2/10, n/45, $26,000, on April 6th, 2021, with a cost of $16,000. On April 6th, the journal entry recorded, under the PERIODIC method, would be:
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021.Sales revenue $77,300 Inventory (Mar. 31, 2021) $1,000 Advertising expense 6,400 Insurance expense 2,300 Rent expense 4,300 Sales discounts 3,000 Gain on sale of building 7,500 Salaries expense 9,400 Inventory (Mar. 1, 2021) 2,800 Income tax expense 4,200 Cost of goods sold 35,800Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. 2. Calculate the inventory turnover ratio for the month of March. Would you expect this ratio to be higher or lower in December 2021? Explain. 3. Calculate the gross profit ratio for the month of March.
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $74,800 Inventory (Mar. 31, 2021) $1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 Required:1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step Income Statement For the month of March 2021 Net sales: Total sales revenue Net sales revenue Operating expenses: Total 0 Operating income Non-operating items: Total
5. Donovan Inc., a retail store chain, had the following information in its general ledger for the year 2021. Merchandise purchased for resale $909,400 Interest on notes payable to vendors 8,700 Purchase returns 16,500 Freight-in 22,000 Freight-out (delivery expense) 17,100 Cash discounts on purchases 6,800 What is Donovan's inventoriable cost for 2021?
On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.
Prepare the journal entries for Cagayan Groceries using journal sheets Cagayan Groceries entered in the following transactions during the month of July 2020: July 2: Purchased ₱30,000 merchandise; terms 1/10, n/45. July 4: Paid trucking firm, ₱400 to ship the merchandise purchased on July 2. July 5: Purchased merchandises worth ₱43,200 with terms 2/10, n/30. July 6: Paid the trucking firm, ₱500 in relation to July 5 purchases. July 8: Returned ₱2,800 from the July 2 purchases. July 11: Paid the accounts from July 2. July 13 : Sold ₱92,000 merchandises cash. July 22: Sold Merchandises for ₱63,000. Terms; 1/15, n/30. July 28: Acquired equipment for ₱120,000 July 30: Paid purchases from June 5.
6. Near the end of 2015, Wilson Co. made the following purchases. The months involved in all cases are December 2020 and January 2021. Date Date Date Date Goods Invoice Goods Invoice Amount FOB $1,575 Destination Shipped 12/29 Mailed 1/2 Rec'd 1/5 Rec'd 1/4 2,430 Shipping Point 1,890 Shipping Point 2,700 Destination 1/2 12/29 1/4 12/30 12/28 12/29 1/2 12/27 1/3 1/4 12/28 1/2 What amount of the above purchases should be included in inventory at December 31, 2020? a. $1,575 b. $1,890 c. $4,320 d. $4,575
B. Journalize the following transactions using the Perpetual method: Sta. Rosa Trading completed the following merchandising transactions in the month of October 2020: 11-Purchased merchandise on account from Vera Supply P4,000, 2/10, n/30. 12-Sold merchandise on account to Sanchez Variety P4,300, terms: 2/10, 1/20, n/30. The cost of merchandise sold was P3,600. 13 - Received credit from Vera Supply for merchandise returned P250. 14 - Paid P150 freight on October 12 sales. 15 - Purchased supplies for cash P850. 16 -Purchased merchandise for cash P2,700. 20 -Sold merchandise for cash P6,300. The merchandise sold had a cost of P4,800.

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