Selected financial data, as of year end, December 31, for Fancy Fashion, a children's retail store,follows. Credit sales Women's clothing $ 590,000 Men's clothing $ 190,000 Total sales Women'sclothing $ 741,000 Men's clothing $ 249,000 Sales returns and allowances Women's clothing Creditsales $ 5,900 Cash sales $ 490 Men's clothing Credit sales $ 1,900 Cash sales $ 490 Book value ofinventory and equipment Women's clothing $ 243,000 Men's clothing $ 57,000 Required: FancyFashion insurance expense for the year totaled $19,000 and is to be allocated on the basis of the bookvalue of the inventory and equipment

The insurance expenses is a common expense that is to be allocated between two departments.The basis…

Answered: sales women's Clothing vien s ,000…

Business

Accounting

sales women's Clothing vien s ,000 Men's clothing $ 249,000 Sales return Cash sales $ 490 Men's clothing Credit sale

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13RE: Kaseys Cake Shop made 20,000 in sales of wedding cakes in July. All of these sales were on bank...

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Kaseys Cake Shop made 20,000 in sales of wedding cakes in July. All of these sales were on bank credit cards. The credit card company charges a 3.5% collection fee. Prepare Kaseys journal entry to record the credit card sales.
The following information pertains to Christine Sousa Bags for the year ended December 31, 2019. Cash 45,000.00 Sales Returns and Allowances 187,000.00 Accounts Receivable 95,000.00 Sales Discounts 161,000.00 Merchandise Inventory, end 723,000.00 Purchases 3,000,500.00 Prepaid Advertising Office Supplies 50,000.00 Purchases Returns and Allowances 233,000.00 25,000.00 Purchases Discounts 142,000.00 Office Equipment Accumulated Depreciation-Off Equipt Office Building Accumulated Depreciation-Off Bldg 570,000.00 Transportation In 72,000.00 170,000.00 Salaries Expense 883,000.00 1,600,000.00 Travel Expense 188,000.00 115,000.00 Insurance Expense 25,000.00 Land 400,000.00 Interest Expense 208,000.00 Accounts Payable 74,000.00 Office Supplies Expense 17,000.00 Mortgage Payable 1,100,000.00 Advertising Expense 25,000.00 Notes Payable Sousa, Capital 200,000.00 Salaries Payable 21,000.00 Depreciation Expense - Bldg Depreciation Expense - Office Eqt 1,729,500.00 15,000.00 Sousa, Withdrawals…
Quasar, Inc. sells clothing, accessories, and personal care products for men and women through its retail stores. Quasar reported the following data for two recent years: Year 2 Year 1 Sales $1,904,205 $1,877,925 Accounts receivable 175,200 $167,900 Assume that accounts receivable were $189,800 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round to one decimal place. Year 2: fill in the blank 1 Year 1: fill in the blank 2 b. Compute the days' sales in receivables for Year 2 and Year 1. Round interim calculations and final answers to one decimal place. Use 365 days per year in your calculations. Year 2: fill in the blank 3 days Year 1: fill in the blank 4 days c. The change in accounts receivable turnover from year 1 to year 2 indicates a(n) ______ in the efficiency of collecting accounts receivable and is a(n) ______ change. The change in the days' sales in receivables indicates a(n) ______…
Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
The following information is from Tejas WindowTint's financial records. Month April May June July Sales $ 72,000 71,000 66,000 88,000 Purchases $ 61,000 60,000 48,000 66,000 Collections from customers are normally 69 percent in the month of sale, 19 percent in the month following the sale, and 10 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 1 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $67,000, and sales for August are forecasted at $73,000. Cash disbursements for expenses are expected to be $16,000 for the month of August. The company's cash balance on August 1 was $29,000. Required: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements during August. 3. Calculate the expected cash balance on August 31. Complete this question by entering your answers…
Below are the accounts of Llamado Poultry Supply Store for the year ended June 30, 2020. Sales 100,000 Sales Returns and Allowances 1,000 Sales Discount 1,500 Merchandise Inventory, Beginning 38,000 Purchases 30,000 Purchase Returns and Allowances 2,000 Purchase Discount 1,000 Freight-in Merchandise Inventory, Ending 700 20,000 Interest Income 7,000 Rent Income 3,000 Sales Salaries 12,000 De preciation Expense - Store Equipment Utilities Expense - Store 9,000 2,000 Office Salaries 12,000 Office Supplies 1,000 Bad Debts 1,300 Finance Cost 2,100. Required: 1. Create SCI using a multi-step approach. 2. Please make the proper indention of accounts as you write them in the SCI. The indention will serve as your guide in computing and will make your document look formal.
Purchase-Related Transactions Warwick's Co., a women's clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned $9,000 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period.
Blossom’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Blossom’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred. June 3 Sold books on account to Reading Rainbow for $2,600. The cost of the books sold was $1,700. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020. 24 Received payment in full from Rapp Books. 28 Sold books on account to Baeten Bookstore for $1,100. The cost of the books sold was $970. 30 Granted Baeten Bookstore $110 credit for books returned costing $66. Journalize the transactions for the month of June for Blossom’s Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the…
Collins Book Distributors distributes books to retail stores and extends credit terms of 2/10, n/30 to all its customers. During the month of June, the following merchandising transactions occurred: June Purchased 170 books on account for $6 each from Alpha Publishers, terms 3/10, n/30. 6 Received $60 credit for 10 books returned to Alpha Publishers. 6. Paid Alpha Publishers for balance due. 17 Sold 140 books on account to Cozy Bookstore for $11 each. 24 Received payment in full from Cozy Bookstore. 28 Sold 10 books on account to Ivy Bookstore for $11 each. 30 Granted Ivy Bookstore $22 credit for 2 books returned total cost was $12. Journalize the transactions for the month of June for Collins Book Distributors, using a perpetual inventory system. Assume the purchase cost of each book sold was $6.
The records of Now United Department Store report the following data for the month of January 2020: Sales P7,100,000 Sales allowance 100,000 Sales returns 500,000 Employee discounts 200,000 Theft and other losses 100,000 Initial markup on purchases 2,900,000 Additional mark up 250,000 Mark up cancellations 100,000 Mark down 600,000 Mark down cancellations 100,000 Freight on purchases 100,000 Purchases at cost 4,500,000 Purchase returns at cost 240,000 Purchase returns at sales price 350,000 Beginning inventory at cost 440,000 Beginning inventory at sales price 800,000 Using the conservative retail inventory method, Now United’s ending inventory is?
The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $600 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Customer C at an invoice price of $3,600 (total); terms 2/10, n/30. 28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,800 (total); terms 2/10, n/30. 30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 06 Customer D paid the account balance in full. 30 Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. I just need help with the journal entry on Dec. 06 and also computing the net sales.
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