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Assignment$-$Chapter$05-$WorkingPaper

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P$5-26$A

P$5-31$A

P$5-31$A $(20-30$ mi

Req. $1$

$\backslash$table$[[$Journal$],[$DATE$,$ACCOUNTS AND EXPLANATIONS, POST.

REF. $,$DEBIT,CREDIT$],[$Jun$,30,$Sales revenue,,,$],[,,$Sales returns,,,$],[,,$Incotme summary,,,$],[,,,,,],[,30,$Income summary,,,$],[,,$Cost of goods sold,,,$],[,,$Selling expense,,,$],[,,$General expense,,,$],[,,$Interest expense,,,$],[,,,,,],[,30,$Income summary,,,$],[,,($$$175,000,,,],[,,$Papi, capital,,,$],[,,,,,],[,30,$Papi, capital,,,$],[,,$Papi, drawing,,,$]]$

Req. $2$

$\backslash$table$[[\backslash$table$[[$Big Papi Music Company$],[$Income Statement$],[$Year Ended June $30,2012]],,],[$Revenues:$,,],[$Sales revenue,,$],[$Less: Sales returns,,$],[$Net sales revenue,,$],[$Expenses:$,,],[$Cost of goods sold,,$],[$Selling expenses,,$],[$General expenses,,$],[$Interest expense,,$],[$Total expenses,,$],[$Net income,,$]]$

Req. $3$

Gross profit percentage $=\frac{\text{G}\text{r}\text{o}\text{s}\text{s}\text{p}\text{r}\text{o}\text{f}\text{i}\text{t}}{\text{N}\text{e}\text{t}\text{s}\text{a}\text{l}\text{e}\text{s}\text{r}\text{e}\text{v}\text{e}\text{n}\text{u}\text{e}}=\frac{\text{\$}175,000-\text{\$}82,500}{\text{\$}175,000}=$

$\backslash$table$[[$Inventory turnover,$=,[$ Cost $of$ goods sold $],[$ Average inventory $],=,$$$82,500,=$