Junker's Stash started the Year 2 accounting period with the balances given in the financial statements...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party. 3a. Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash. JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 Net sales Cost of goods sold Gross margin 0.0 % Operating expenses Total operating expenses 0.0 % Operating income Non-operating items 0.0 % Interest expense Net income 0.0 % %24 The expenses for Junker's Stash increase or decrease in Year 2 < Required C Required D JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Revenuel Gain Expensel Loss Statement of Cash Flow Assets Stockholders' Equity Net Income Event No. Accounts Receivabile Common Stock Retained Earnings 36,000 Cash Inventory Land Beg bal 80.000+ (70,000) 15,000. 70,000 11,000 70,000+ NA (70,000) OA +] 2. 72.000 72,000 72.000 (41,900) 41,900 (41,900) (2,100) (1.250) 1,650 .650) da R100 (2,100 1250+ 1,250 6. (1,060 OA da 7. (6850) 1.00 30 850 (6,850) (6,850) (1,900) 100 OA 9.100 (11,000) OA End ba 10.000 44.350- 70.000+ 36,000 16,350 (69 400) NC Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party. 3a. Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash. JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 Net sales Cost of goods sold Gross margin 0.0 % Operating expenses Total operating expenses 0.0 % Operating income Non-operating items 0.0 % Interest expense Net income 0.0 % %24 The expenses for Junker's Stash increase or decrease in Year 2 < Required C Required D JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Revenuel Gain Expensel Loss Statement of Cash Flow Assets Stockholders' Equity Net Income Event No. Accounts Receivabile Common Stock Retained Earnings 36,000 Cash Inventory Land Beg bal 80.000+ (70,000) 15,000. 70,000 11,000 70,000+ NA (70,000) OA +] 2. 72.000 72,000 72.000 (41,900) 41,900 (41,900) (2,100) (1.250) 1,650 .650) da R100 (2,100 1250+ 1,250 6. (1,060 OA da 7. (6850) 1.00 30 850 (6,850) (6,850) (1,900) 100 OA 9.100 (11,000) OA End ba 10.000 44.350- 70.000+ 36,000 16,350 (69 400) NC Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party. 3a. Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash. JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 Net sales Cost of goods sold Gross margin 0.0 % Operating expenses Total operating expenses 0.0 % Operating income Non-operating items 0.0 % Interest expense Net income 0.0 % %24 The expenses for Junker's Stash increase or decrease in Year 2 < Required C Required D JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Revenuel Gain Expensel Loss Statement of Cash Flow Assets Stockholders' Equity Net Income Event No. Accounts Receivabile Common Stock Retained Earnings 36,000 Cash Inventory Land Beg bal 80.000+ (70,000) 15,000. 70,000 11,000 70,000+ NA (70,000) OA +] 2. 72.000 72,000 72.000 (41,900) 41,900 (41,900) (2,100) (1.250) 1,650 .650) da R100 (2,100 1250+ 1,250 6. (1,060 OA da 7. (6850) 1.00 30 850 (6,850) (6,850) (1,900) 100 OA 9.100 (11,000) OA End ba 10.000 44.350- 70.000+ 36,000 16,350 (69 400) NC Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party. 3a. Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash. JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 Net sales Cost of goods sold Gross margin 0.0 % Operating expenses Total operating expenses 0.0 % Operating income Non-operating items 0.0 % Interest expense Net income 0.0 % %24 The expenses for Junker's Stash increase or decrease in Year 2 < Required C Required D JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Revenuel Gain Expensel Loss Statement of Cash Flow Assets Stockholders' Equity Net Income Event No. Accounts Receivabile Common Stock Retained Earnings 36,000 Cash Inventory Land Beg bal 80.000+ (70,000) 15,000. 70,000 11,000 70,000+ NA (70,000) OA +] 2. 72.000 72,000 72.000 (41,900) 41,900 (41,900) (2,100) (1.250) 1,650 .650) da R100 (2,100 1250+ 1,250 6. (1,060 OA da 7. (6850) 1.00 30 850 (6,850) (6,850) (1,900) 100 OA 9.100 (11,000) OA End ba 10.000 44.350- 70.000+ 36,000 16,350 (69 400) NC Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party. 3a. Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash. JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 Net sales Cost of goods sold Gross margin 0.0 % Operating expenses Total operating expenses 0.0 % Operating income Non-operating items 0.0 % Interest expense Net income 0.0 % %24 The expenses for Junker's Stash increase or decrease in Year 2 < Required C Required D JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Revenuel Gain Expensel Loss Statement of Cash Flow Assets Stockholders' Equity Net Income Event No. Accounts Receivabile Common Stock Retained Earnings 36,000 Cash Inventory Land Beg bal 80.000+ (70,000) 15,000. 70,000 11,000 70,000+ NA (70,000) OA +] 2. 72.000 72,000 72.000 (41,900) 41,900 (41,900) (2,100) (1.250) 1,650 .650) da R100 (2,100 1250+ 1,250 6. (1,060 OA da 7. (6850) 1.00 30 850 (6,850) (6,850) (1,900) 100 OA 9.100 (11,000) OA End ba 10.000 44.350- 70.000+ 36,000 16,350 (69 400) NC Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party. 3a. Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash. JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 Net sales Cost of goods sold Gross margin 0.0 % Operating expenses Total operating expenses 0.0 % Operating income Non-operating items 0.0 % Interest expense Net income 0.0 % %24 The expenses for Junker's Stash increase or decrease in Year 2 < Required C Required D JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Revenuel Gain Expensel Loss Statement of Cash Flow Assets Stockholders' Equity Net Income Event No. Accounts Receivabile Common Stock Retained Earnings 36,000 Cash Inventory Land Beg bal 80.000+ (70,000) 15,000. 70,000 11,000 70,000+ NA (70,000) OA +] 2. 72.000 72,000 72.000 (41,900) 41,900 (41,900) (2,100) (1.250) 1,650 .650) da R100 (2,100 1250+ 1,250 6. (1,060 OA da 7. (6850) 1.00 30 850 (6,850) (6,850) (1,900) 100 OA 9.100 (11,000) OA End ba 10.000 44.350- 70.000+ 36,000 16,350 (69 400) NC Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party. 3a. Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash. JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 Net sales Cost of goods sold Gross margin 0.0 % Operating expenses Total operating expenses 0.0 % Operating income Non-operating items 0.0 % Interest expense Net income 0.0 % %24 The expenses for Junker's Stash increase or decrease in Year 2 < Required C Required D JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Revenuel Gain Expensel Loss Statement of Cash Flow Assets Stockholders' Equity Net Income Event No. Accounts Receivabile Common Stock Retained Earnings 36,000 Cash Inventory Land Beg bal 80.000+ (70,000) 15,000. 70,000 11,000 70,000+ NA (70,000) OA +] 2. 72.000 72,000 72.000 (41,900) 41,900 (41,900) (2,100) (1.250) 1,650 .650) da R100 (2,100 1250+ 1,250 6. (1,060 OA da 7. (6850) 1.00 30 850 (6,850) (6,850) (1,900) 100 OA 9.100 (11,000) OA End ba 10.000 44.350- 70.000+ 36,000 16,350 (69 400) NC Junker's Stash started the Year 2 accounting period with the balances given in the financial statements model shown below. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $70,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Freight costs of $1,400 were paid in cash by the responsible party. 3a. Sold merchandise for $72,000 under terms 1/10, n/30. 3b. Recognized $41,900 of cost of goods sold. 4a. Junker's Stash customers returned merchandise that was sold for $2,100. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,250. 5. The merchandise in Event 3a was sold to customers FOB destination. Freight costs of $1,650 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $6,850 for selling and administrative expenses. 8. Sold the land for $9,100 cash. JUNKER'S STASH Income Statement For the Year Ended December 31, Year 2 Net sales Cost of goods sold Gross margin 0.0 % Operating expenses Total operating expenses 0.0 % Operating income Non-operating items 0.0 % Interest expense Net income 0.0 % %24 The expenses for Junker's Stash increase or decrease in Year 2 < Required C Required D JUNKER'S STASH Financial Statements Model Balance Sheet Income Statement Revenuel Gain Expensel Loss Statement of Cash Flow Assets Stockholders' Equity Net Income Event No. Accounts Receivabile Common Stock Retained Earnings 36,000 Cash Inventory Land Beg bal 80.000+ (70,000) 15,000. 70,000 11,000 70,000+ NA (70,000) OA +] 2. 72.000 72,000 72.000 (41,900) 41,900 (41,900) (2,100) (1.250) 1,650 .650) da R100 (2,100 1250+ 1,250 6. (1,060 OA da 7. (6850) 1.00 30 850 (6,850) (6,850) (1,900) 100 OA 9.100 (11,000) OA End ba 10.000 44.350- 70.000+ 36,000 16,350 (69 400) NC
Expert Answer:
Answer rating: 100% (QA)
Abbreviation NA Does not affect OA Operating activities IA Investing activities NC Net change in cash Required B Determine the amount of net sales Par... View the full answer
Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
Posted Date:
Students also viewed these accounting questions
-
The following transactions occurred during the year ended December 31, 2016, for the Microchip Company. 1. On October 1, 2016, Microchip lent $91,000 to another company. A note was signed with the...
-
Walmart has made several changes in its data communication systems to improve its suppliers access to sales and inventory data. For example, the company added a customized Web site for its suppliers,...
-
Write a one-page essay on "one of the boiler types" presented in the lecture and the chapters indicated in our textbook. Boiler type is usually the fuel source and the shell/tube arrangement, the...
-
Division S of ABC Company makes a part that it sells to other companies. Data on that part appear below: Selling price on the intermediate market $30 per unit Variable costs per unit $22 per unit...
-
Duane borrowed $3000 from his grandmother five years ago. The interest on the loan was to be 5% compounded semiannually for the first three years, and 6% compounded monthly thereafter. If he made a...
-
Ruiz Restaurant provides French cuisine dining at a popular tourist destination on the north coast of New South Wales. The business has been doing well lately and the number of tourists dining in...
-
A flat plate of width \(1 \mathrm{~m}\) and length \(0.2 \mathrm{~m}\) is maintained at a temperature of \(32^{\circ} \mathrm{C}\). Ambient fluid at \(22^{\circ} \mathrm{C}\) flows across the top of...
-
The Maggie King Hospital, a not- for- profit hospital, had the following transactions regarding its patient service billings. 1. The total services provided by the hospital to all patients during the...
-
How does Process Analytical Technology (PAT) support real-time monitoring and control in bioprocessing, and what impact does it have on process optimization and product consistency ?
-
Categorize each of the following characteristics as being more representative of either traditional manufacturing or lean production. 1. Quality tends to be inspected-in rather than built-in. 2....
-
solve for ID, VGS, VS, VD, VDS, and RON MOSFET as VOLTAGE CONTROLLED RESISTOR + Ron 1 US = R + R-ALIKE VGG W + DS VO 1 K(Vas-VT-Vos) TN - VDS 0 1 W K. - (VGS - VIN) L
-
When was ASC 606-10 first effective for a private company with a calendar year-end? b. How must the standard be initially applied (prospectively, retrospectively)? Explain. c. Were private companies...
-
What is Sweet Wave's opportunity cost if it chooses to buy the cherry pie filling and start manufacturing the gluten free pie crust? Do not use commas in your responses. For negative answers, please...
-
What are the credit card score ranges and how are they used? Why is it important for you to establish a good credit history? Why do banks use your credit score when determining eligibility for...
-
3. For f(x)=x-7x2+8x + 16, a. Find f(10) using synthetic division. b. Is 10 a zero of the function? Explain in a complete sentence with proper grammar and correct spelling. c. Use synthetic division...
-
In addition to knowing that the visa became current on May 1, 2023, you find out the following information: The petition was filed on August 2, 2010. It was approved on March 15, 2012. Liam was born...
-
A, B, and C form X Corporation by transferring the following assets, each of which has been held long-term: Transferor Asset Adj. Basis F.M.V. A Equipment...
-
The roof of a refrigerated truck compartment is of composite construction, consisting of a layer of foamed urethane insulation (t2 = 50 mm, ki = 0.026 W/m K sandwiched between aluminum alloy panels...
-
Refer to the worksheet in E3-54B. Assume all beginning balances are zero. Prepare the four financial statements using the data provided in the worksheet. In E3-54B, analyze the transactions for...
-
Given the following information, calculate the change in cash for the year: Cash received from sale of company equipment.....$ 20,000 Cash paid for salaries................ 8,500 Cash paid for other...
-
Northeast Termite Specialists, Inc., was started when its owners invested $32,685 in the business in exchange for common stock on July 1, 2010. Part of the cash received to start the company was...
-
Let \(A\) and \(B\) be disjoint events with \(P(A)=0.3\) and \(P(B)=0.45\). Determine the probabilities \(P(A \cup B), P(\overline{A \cup B}), P(\bar{A} \cup \bar{B})\), and \(P(\bar{A} \cap B)\).
-
Let \(P(A \cap \bar{B})=0.3\) and \(P(\bar{B})=0.6\). Determine \(P(A \cup B)\).
-
Check whether for 3 arbitrary random events \(A, B\), and \(C\) the following constellations of probabilities can be true: (1) \(P(A)=0.6, P(A \cap B)=0.2\), and \(P(A \cap \bar{B})=0.5\), (2)...
Study smarter with the SolutionInn App