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musickatia [10]
3 years ago
6

Question 2--/1 View Policies Current Attempt in Progress This information relates to Cullumber Co.. 1. On April 5, purchased mer

chandise from Oriole Company for $27,900 on account. 2. On April 7, purchased equipment on account for $31,600. 3. On April 8, returned $3,700 of April 5 merchandise to Oriole Company. 4. On April 15, paid the amount due to Oriole Company in full. Prepare a tabular summary to record the transactions listed above for Rice Co. using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Business
1 answer:
Alex17521 [72]3 years ago
7 0

Answer:

             Cash    Inventory Equipment Accounts Payable

April 5th           27,900.00                      27,900.00

April 7th                            31,600.00      31,600.00

April 8th            (3,700.00)                       (3,700.00)

April 15th  (24,200.00)                              (24,200.00)

Explanation:

Instead of using a journal we record horizontally:.

We write the accounts and post under each one the values for each transactions

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A) The current supply will shift to the left

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3 years ago
Shmenson Company uses the periodic inventory system. Sales for 2020 were $470,000 while operating expenses were $175,000. Beginn
jeka94

Answer:

The net income  for 2020 was $90,000

Explanation:

Shmenson Company

Income Statement for the year ended 2020

Sales                                                                             $470,000

Less Cost of Sales

Beginning Inventories                           $70,000

Add Net purchases                              $180,000

Add Freight In                                         $15,000

Less Ending Inventories                      ($60,000)     ($205,000)

Gross Profit                                                                  $265,000

Less Expenses

Operating expenses                                                   ($175,000)

Net Income                                                                    $90,000

Conclusion

Thus, the net income  for 2020 was $90,000.

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