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3 years ago

The following transactions of Houston Pharmacies occurred during 2017 and 2018:

Business

1 answer:

Likurg_2 [28]3 years ago

4 0

Answer:

Please see below for all the journal entries required for Houston.

Explanation:

2017

Jan. 9

Debit: Computer Equipment $9,000

Debit: Interest Expense $630

Credit: Interest Payable ($9,000 x 7%) $630

Credit: Notes Payable $9,000

Jan. 29

Debit: Accounts Receivables ($69,000 x 3/4) $51,750

Debit: Cash ($69,000 x 1/4) $17,250

Credit: Sales Tax Payable ($69,000 x 6%) $4,140

Credit: Sales $69,000

Feb. 5

Debit: Sales Tax Payable $4,140

Credit: Cash $4,140

Jul. 9

Debit: Interest Payable ($9,000 x 7%) $630

Debit: Notes Payable $9,000

Credit: Cash $9,630

Aug. 31

Debit: Inventory $3,000

Debit: Interest Expense $330

Credit: Interest Payable ($3,000 x 11%) $330

Credit: Notes Payable $3,000

Dec. 31

Debit: Warranty Expense ($601,000 x 3%) $18,030

Credit: Accrued Warranty $18,030

Dec. 31

Debit: Interest Payable $330

Credit: Accrued Interest $330

2018

Feb. 28

Debit: Accrued Interest $330

Debit: Notes Payable $3,000

Credit: Cash $3,330

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3 years ago

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3 years ago

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Option 5

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3 years ago

Jaime draws up a promissory note that uses permanent paint, payable to nadia, on the side of a large immovable boulder. under th

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Answer:

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4 years ago

The following information is available for the Memphis and Billings companies:

igomit [66]

Answer:

(a) An income statement was prepared for Memphis and Billing Companies (b) The ROA for Memphis is = 5.6% while for Billing is 6.9%.

The ROE for Memphis is 13.9% for Billings it is 17.4%

(d) The Memphis company is the discounter

Explanation:

Solution

Given that:

(A) The Income statement for Memphis and Billing companies

Common size Income statement

Memphis % Billings %

Sales 15,00,000 100 15,00,000 100

The cost of Goods 10,50,000 70 11,25,000 75.00

The Gross profit 4,50,000 30 3,75,000 25.0

Operating expenses 3,50,000 23.3 2,50,00 16.7

Net income 1,00.000 6.7 1,25,000 8.3

(B) We compute the return assets which is given below:

The return on assets is = The net income/Total assets * 100

For Memphis,

The return on assets is = 5.6% ($100,000/18,00,000) * 100

Fro Billings,

The return on assets = 6.9% ($ 125,000/18,00,000) * 100

For the return on equity we have the following given below:

Return on equity is =Net income/Stockholder's equity * 100

For Memphis,

The return on equity =13.9% ($100,000/720,000) * 100

Fr Billings,

The return on equity = 17.4% ($125,000/720,000) * 100

(C) The Billing company is more profitable because it has a higher return on rate on equity than that of the Memphis company.

(D) The Memphis has a lower Net profit margin of 6.7% therefore it is the discounter.

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3 years ago