Junker's Stash started the Year 2 accounting period with the balances given in the financial statements...

  
 
 

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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

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