accounting

Project Description:

ex 6-4
company for the year ended november 30, 2010:
merchandise inventory, december 1, 2009 $ 210,000
merchandise inventory, november 30, 2010 185,000
purchases 1,400,000
purchases returns and allowances 20,000
purchases discounts 18,500
sales 2,250,000
freight in 14,100
a. prepare the cost of merchandise sold section of the income statement for the year
ended november 30, 2010, using the periodic inventory system.
b. determine the gross profit to be reported on the income statement for the year ended
november 30, 2010.



pr 6-5a
the following were selected from among the transactions completed by sandusky
company during december of the current year:
dec. 3. purchased merchandise on account from hillsboro co., list price $38,000,
trade discount 25%, terms fob shipping point, 2/10, n/30, with prepaid
freight of $900 added to the invoice.
5. purchased merchandise on account from deepwater co., $18,750, terms fob
destination, 2/10, n/30.
dec. 6. sold merchandise on account to zion co., list price $27,000, trade
discount 35%, terms 2/10, n/30. the cost of the merchandise sold was
$14,000.
7. returned $3,000 of merchandise purchased on december 5 from
deepwater co.
13. paid hillsboro co. on account for purchase of december 3, less discount.
15. paid deepwater co. on account for purchase of december 5, less return of
december 7 and discount.
16. received cash on account from sale of december 6 to zion co., less
discount.
19. sold merchandise on mastercard, $58,000. the cost of the merchandise sold
was $34,800.
22. sold merchandise on account to smith river co., $15,400, terms 2/10, n/30.
the cost of the merchandise sold was $9,000.
23. sold merchandise for cash, $33,600. the cost of the merchandise sold was
$20,000.
28. received merchandise returned by smith river co. from sale on december
22, $2,400. the cost of the returned merchandise was $1,400.
31. paid mastercard service fee of $1,750.
instructions
journalize the transactions.
Skills Required:
Project Stats:

Price Type: Negotiable

Expired
Total Proposals: 5
1 Current viewersl
11 Total views
Project posted by:

Proposals

Proposals Reputation Price offered
  • 5.0
    5 Jobs 5 Reviews
    $0 in 0 Day
  • 4.9
    73 Jobs 54 Reviews
    $0 in 0 Day
  • 4.8
    546 Jobs 386 Reviews
    $0 in 0 Day