investment of her own funds into the buines The loan carries an interest fate of SIx...

  

  
 

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investment of her own funds into the buines The loan carries an interest fate of SIx percent wih following account balances: $11,900 16,800 16,000 3,600 38,900 Accumulated depreciation Accounts payable Other current liabilities Long-term note payable Common stock Retained earnings $ 1,600 13,800 900 15,000 25,000 30,900 Cash... Accounts receivable Inventory. Other current assets. Computer equipment The company had the following transactions during December 2018: 1 Paid $1,200 rent for the month. 7 Paid $1,800 to employees: Of this amount, $900 was for an amount owed from November. Wages due to employees at the end of each month are recorded as Other Current Liabilities 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14. Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19 31 Depreciation for the month totaled $900. 31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively. were on hand at year-end. Assume that Other Current ASsets consists only of the cost of supplies. Dec Required . Prepare journal entries for the December transactions. b. Prepare a classified income statement for the month of December 2018. C. Calculate Kate's gross profit percentage and return on sales ratio for December 20 Posting reference Description 1-Dec Debit Credit 7-Dec 9 Dec 12-Dec 14 Dec 15-Dec 19-Dec 21-Dec 25 Dec 28 Dec 31 Dec 71 Kate's Cards 72 Income Statement 73 For the Month Ended December 31, 2019 74 75 Revenue 76 77 78 79 80 81 82 83 84 85 86 87 88 89 an Gross profit percentage Formula Return on sales Formula investment of her own funds into the buines The loan carries an interest fate of SIx percent wih following account balances: $11,900 16,800 16,000 3,600 38,900 Accumulated depreciation Accounts payable Other current liabilities Long-term note payable Common stock Retained earnings $ 1,600 13,800 900 15,000 25,000 30,900 Cash... Accounts receivable Inventory. Other current assets. Computer equipment The company had the following transactions during December 2018: 1 Paid $1,200 rent for the month. 7 Paid $1,800 to employees: Of this amount, $900 was for an amount owed from November. Wages due to employees at the end of each month are recorded as Other Current Liabilities 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14. Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19 31 Depreciation for the month totaled $900. 31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively. were on hand at year-end. Assume that Other Current ASsets consists only of the cost of supplies. Dec Required . Prepare journal entries for the December transactions. b. Prepare a classified income statement for the month of December 2018. C. Calculate Kate's gross profit percentage and return on sales ratio for December 20 Posting reference Description 1-Dec Debit Credit 7-Dec 9 Dec 12-Dec 14 Dec 15-Dec 19-Dec 21-Dec 25 Dec 28 Dec 31 Dec 71 Kate's Cards 72 Income Statement 73 For the Month Ended December 31, 2019 74 75 Revenue 76 77 78 79 80 81 82 83 84 85 86 87 88 89 an Gross profit percentage Formula Return on sales Formula investment of her own funds into the buines The loan carries an interest fate of SIx percent wih following account balances: $11,900 16,800 16,000 3,600 38,900 Accumulated depreciation Accounts payable Other current liabilities Long-term note payable Common stock Retained earnings $ 1,600 13,800 900 15,000 25,000 30,900 Cash... Accounts receivable Inventory. Other current assets. Computer equipment The company had the following transactions during December 2018: 1 Paid $1,200 rent for the month. 7 Paid $1,800 to employees: Of this amount, $900 was for an amount owed from November. Wages due to employees at the end of each month are recorded as Other Current Liabilities 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14. Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19 31 Depreciation for the month totaled $900. 31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively. were on hand at year-end. Assume that Other Current ASsets consists only of the cost of supplies. Dec Required . Prepare journal entries for the December transactions. b. Prepare a classified income statement for the month of December 2018. C. Calculate Kate's gross profit percentage and return on sales ratio for December 20 Posting reference Description 1-Dec Debit Credit 7-Dec 9 Dec 12-Dec 14 Dec 15-Dec 19-Dec 21-Dec 25 Dec 28 Dec 31 Dec 71 Kate's Cards 72 Income Statement 73 For the Month Ended December 31, 2019 74 75 Revenue 76 77 78 79 80 81 82 83 84 85 86 87 88 89 an Gross profit percentage Formula Return on sales Formula investment of her own funds into the buines The loan carries an interest fate of SIx percent wih following account balances: $11,900 16,800 16,000 3,600 38,900 Accumulated depreciation Accounts payable Other current liabilities Long-term note payable Common stock Retained earnings $ 1,600 13,800 900 15,000 25,000 30,900 Cash... Accounts receivable Inventory. Other current assets. Computer equipment The company had the following transactions during December 2018: 1 Paid $1,200 rent for the month. 7 Paid $1,800 to employees: Of this amount, $900 was for an amount owed from November. Wages due to employees at the end of each month are recorded as Other Current Liabilities 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14. Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19 31 Depreciation for the month totaled $900. 31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively. were on hand at year-end. Assume that Other Current ASsets consists only of the cost of supplies. Dec Required . Prepare journal entries for the December transactions. b. Prepare a classified income statement for the month of December 2018. C. Calculate Kate's gross profit percentage and return on sales ratio for December 20 Posting reference Description 1-Dec Debit Credit 7-Dec 9 Dec 12-Dec 14 Dec 15-Dec 19-Dec 21-Dec 25 Dec 28 Dec 31 Dec 71 Kate's Cards 72 Income Statement 73 For the Month Ended December 31, 2019 74 75 Revenue 76 77 78 79 80 81 82 83 84 85 86 87 88 89 an Gross profit percentage Formula Return on sales Formula investment of her own funds into the buines The loan carries an interest fate of SIx percent wih following account balances: $11,900 16,800 16,000 3,600 38,900 Accumulated depreciation Accounts payable Other current liabilities Long-term note payable Common stock Retained earnings $ 1,600 13,800 900 15,000 25,000 30,900 Cash... Accounts receivable Inventory. Other current assets. Computer equipment The company had the following transactions during December 2018: 1 Paid $1,200 rent for the month. 7 Paid $1,800 to employees: Of this amount, $900 was for an amount owed from November. Wages due to employees at the end of each month are recorded as Other Current Liabilities 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14. Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19 31 Depreciation for the month totaled $900. 31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively. were on hand at year-end. Assume that Other Current ASsets consists only of the cost of supplies. Dec Required . Prepare journal entries for the December transactions. b. Prepare a classified income statement for the month of December 2018. C. Calculate Kate's gross profit percentage and return on sales ratio for December 20 Posting reference Description 1-Dec Debit Credit 7-Dec 9 Dec 12-Dec 14 Dec 15-Dec 19-Dec 21-Dec 25 Dec 28 Dec 31 Dec 71 Kate's Cards 72 Income Statement 73 For the Month Ended December 31, 2019 74 75 Revenue 76 77 78 79 80 81 82 83 84 85 86 87 88 89 an Gross profit percentage Formula Return on sales Formula investment of her own funds into the buines The loan carries an interest fate of SIx percent wih following account balances: $11,900 16,800 16,000 3,600 38,900 Accumulated depreciation Accounts payable Other current liabilities Long-term note payable Common stock Retained earnings $ 1,600 13,800 900 15,000 25,000 30,900 Cash... Accounts receivable Inventory. Other current assets. Computer equipment The company had the following transactions during December 2018: 1 Paid $1,200 rent for the month. 7 Paid $1,800 to employees: Of this amount, $900 was for an amount owed from November. Wages due to employees at the end of each month are recorded as Other Current Liabilities 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14. Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19 31 Depreciation for the month totaled $900. 31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively. were on hand at year-end. Assume that Other Current ASsets consists only of the cost of supplies. Dec Required . Prepare journal entries for the December transactions. b. Prepare a classified income statement for the month of December 2018. C. Calculate Kate's gross profit percentage and return on sales ratio for December 20 Posting reference Description 1-Dec Debit Credit 7-Dec 9 Dec 12-Dec 14 Dec 15-Dec 19-Dec 21-Dec 25 Dec 28 Dec 31 Dec 71 Kate's Cards 72 Income Statement 73 For the Month Ended December 31, 2019 74 75 Revenue 76 77 78 79 80 81 82 83 84 85 86 87 88 89 an Gross profit percentage Formula Return on sales Formula

Answer rating: 100% (QA)

a Date General Journal Debit Credit Dec 1 Rent Expense 1200 Cash 1200 Dec 7 Other Current Liabilitie... View the full answer