The Marchetti Soup company entered into the following transactions during the month of June: (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system): (2) paid $40,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $120,000 to credit customers for $200,000 (4) collected $180,000 in cash from credit customers, and (5) paid suppliers of inventory $ 145,000, pass journals.
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- Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
- Nonnas Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40% in the month after the sale. Given the following sales, how much cash will be collected in February?The Marchetti Soup company entered into the following transactions during the month of June:(1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system): (2) paid $40,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $120,000 to credit customers for $200,000 (4) collected $180,000 in cash from credit customers; and (5) paid suppliers of inventory $ 145,000, prepare the journals.The Marchetti Soup company entered into the following transactions during the month of June:(1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system): (2) paid $40,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $120,000 to credit customers for $200,000 (4) collected $180,000 in cash from credit customers; and (5) paid suppliers of inventory $ 145,000, pass journals.
- The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $235,000 (assume Marchetti uses a perpetual inventory system); (2) paid $58,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $156,000 to credit customers for $290,000; (4) collected $270,000 in cash from credit customers; and (5) paid suppliers of inventory $215,000. Post the above transactions to the below T-accounts. Assume that the opening balances in each of the accounts is zero except for cash, accounts receivable, and accounts payable that had opening balances of $74,000, $61,000, and $40,000, respectively. T ACCOUNTS CASH ACCOUNT RECIVABLE BEGIN BAL: INVENTORY ACCOUNT PAYBLE SALE REVENUE COGS SALAIRE EXPENSERoyal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $58,500. The following information for the month of November was available from company records: Purchases $110,000Freight-in 3,000Sales 180,000Sales returns 5,000Purchases returns 4,000 In addition, the controller is aware of $8,000 of inventory that was stolen during November from one of the company’s warehouses. Required:1. Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%.2. Calculate the…The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $240,000 (assume Marchetti uses a perpetual inventory system); (2) paid $59,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $158,000 to credit customers for $295,000; (4) collected $275,000 in cash from credit customers; and (5) paid suppliers of inventory $220,000.Prepare journal entries for each of the above transactions.
- The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $195,000 (assume Marchetti uses a perpetual inventory system); (2) paid $50,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $140,000 to credit customers for $250,000; (4) collected $230,000 in cash from credit customers; and (5) paid suppliers of inventory $175,000.Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.)The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $205,000 (assume Marchetti uses a perpetual inventory system); (2) paid $52,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $144,000 to credit customers for $260.000; (4) collected $240,000 in cash from credit customers; and (5) paid suppliers of inventory $185,000. Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.) (2) (3) (4) (5) Assets Liabilities Paid-in capital Retained EarningsMead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date Transaction May 1 Made cash sales of $6,300; the cost of the inventory was $3,700. 5 Purchased $2,000 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $1,900. 13 Paid sales salaries of $900 and office salaries of $600. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $8,000; made a down payment of $2,000 and agreed to pay the balance in 60 days. 21 Purchased $600 of inventory for cash. 27 Sold land that had originally cost $1,900 for $2,600.