Exercise $4-1($Static$)$ Computing revenues, expenses, and income LO C$1$

Fill in the blanks in the following saparate income statements a through e$.$

$\backslash$table$[[,3,b,$c$,$d$,$e$],[$Sales$,3,62,000,5,43,500,$$$,65,000,8,],[$Cost of goods sold,,,,,,,,,$3,],[$Mactuandise imambery, begining,,$8\mathrm{.}000,,17,000,,,,,,],[$Total ersit of merchiendise purchaseis,,$38,000,,17,000,,7,500,,80000,,4\mathrm{.}560],[$Merchandse inventory, encing,,$36000,,,,,,32,000,,6,600],[$Cost of goods sold,,,,$\frac{3,000}{16,000},,9\mathrm{.}000,,6\mathrm{.}600,,],[$Croes proft,,,,$16,000,,,,,,7000],[$Expersess$,,,,,,12\mathrm{.}750,,45,600{?}^2,,],[$Net incrome $($loses$),,10,000,,\frac{10,650}{16,850},,12\mathrm{.}150,,3,600,,6,000],[,,,$$$,16,850,$$$,600,,42,000,,]]$

Use the following information for the Exercises below.

$($The fortoming information applies to the questions display ad bolow$]$

Alled Merchend sers was organized an May $1.$ Macy Company is a mejor customer $($buyer$)$ af Alied $($sellerf producas.

Nay $3$ allied made its Nmst one only parchme of imertory for the period on fay $3$ for $2,000$ units ar a price of $$10$ canh par unit $$for a total coat of $$29,00e,$ under credit term $\frac{2}{10},$ n$/6$es$.$ The goods sast Allied $$15,664,$

Ney $7$ Masy returnh $125$ units secause they die not fit the statoner's neels $($anvasce anounti $11,730).$ A$12$iad reatores the anits, wileh cost $51,250,$ to ite $1-$vemtory. gives a prite redartion $($allswance$)$ and creadita Nacy's acoounta recsivabie fie ssee to compansate for the damage allwafkes, und ary cash discourt.

Exercise $4-6($Statie$)$ Recording sales, sales returns, and sales allowances LO P$2$

Prepare joumal entrien to record the following transactions for Alled absumng it uses a pou pethal inventory system and the gross mephod

Required intormation

Use the following information for the Exercises below.

$[$The following informetion apples to the questians ctsplayed beiaw$]$

Mar $1$ Alliad made ati farat and anly purchase af imentory for the peried on Mary $3$ far $2,$ oos unita at a grice af $$19$ canh per unit $($for a total cast of $$20,260.$ aroke credit ferms $2$i$2$B$,$ nits. The goods codt $1111$ed $$15,6$ed$.$ shamary.

Pay $15$ allifed receives paymart fran Masy for the amourt owalan the May $5$ purchast; payment is net of returnt, allowances, and ary tash discourk.

Exercise $4-8($Static$)$ Recording purchases, purchases returns, and purchases allowances LO P$1$

Prepore the appropriane journal entriks for Macy Compary to recond esch of the May transactiona. Macy ta a fetaier thas usees the gross method and a perpeoual inverfary synferc, if purchases these uniks for resale.

Problem $4-2$A $(5$tatic$)$ Preparing journal entries for merchandising activities LO P$1,$ P$2$

Prppane journal erries to recard thw folowing merchancising traftacto ons of Lowe's, whikh uses the perpetual invertbory sysiem and the gross method Aupult $1.$ dates hupuat &$.$

Aupot $9$ Fuid $1125$ cach for ahapping charget relared to the Aupast $5$ sale te baire corporatian. eectared to imwintory. Trriniet ate$-$tres.

Wpurt is keceived bulance due tron Eaire terporation for the kuguat $5$ aale lens bie retart of mgurt $19.$ merchancase ted cost $$2,090.$ hafart $30$ Paic Arse Compery the amourt the from the Aagast $3$ parktase.

Required information

Use the following information for the Problems below.

$[$The following information appoles to the questlons displeyed below.$]$

Valey Company's adustee account balances fremits general ledger on August $31,$ its fiscal year$-$end, follows. It categorizes the following accounts as selling expenses. sales salaries expense, rent expense$-$selling space, store supplies expertie, and advertising expense. It categerizes the remaining expenses as general and administrative

$\backslash$table$[[$Asjurted Ascourt salaicts,Desit,creait$],[$Me$-$chandise imuentory $($ondi$-$g$),$$ $41,690,],[$Other $($fon$-$Efruentory$)$ apseta,$130,406,],[$Total $1$iabiditias,,$ $25,600],[$Comen stock,,$39,000],[$Retained earnings,,$34,550],[$Clyidends$,3,e,],[$Sales$,,225,6\%$e$],[$Sales diacounts,$2,259,],[$Sales returna and allowences,$12,$e$6$t$,],[$Cost of poods seld,$74,538,],[$Sales salaries experse,$32,008,],[$aent expense$-5$alling space,$8,6$et$,],[$Store supplies espanse,$1,500,]]$