Cupcake Queen earned net sales revenue of $67,000,000 in 2016. Cost of goods sold was $40,870,000, and net income reached $8,000,000, the company’s highest ever. Compute the company’s gross profit percentage for 2016.
E5A-26 Journalizing purchase transactions—periodic inventory system
Landry Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required.
Sep. 4 Purchased inventory of $6,200 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point.
4 Paid freight charges, $410.
10 Returned $400 of inventory to Max.
17 Paid Max Appliance Wholesale, less return and discount.
20 Purchased inventory of $4,600 on account from MY Appliance, an appliance wholesaler. Terms were 3/10, n/45, FOB destination.
22 Received a $900 allowance from MY Appliance for damaged but usable goods.
29 Paid MY Appliance, less allowance and discount.