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lidiya [134]
3 years ago
12

Merchandise accounts and computations LO C2 Kleiner Merchandising Company Accumulated depreciation $ 700 11,000 6,600 2,050 13,5

00 21,500 Beginning inventory Ending Inventory Expenses Net Purchases Net Sales Krug Service Company Expenses Revenues Cash Prepaid rent Accounts pavable Equipment $ 9,700 26,000 900 880 200 2,500 Required a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser. Hint Not all information may be necessary b. Use the above information from a service company and from a merchandiser to compute net income Goods available for sale Cost of goods sold Gross profita.. Net income for Krug Service Company b. Net income for Kleiner Merchandising Company
Business
1 answer:
MA_775_DIABLO [31]3 years ago
3 0

Answer:

The computations are shown below:

Explanation:

a. Goods available for sale is

= beginning inventory + net purchase

= $11,000 + $13,500

= $24,500

The cost of goods sold is

= Goods available for sale - ending inventory

= $24,500 - $6,600

= $17,900

The gross profit is

= Net sales - cost of goods sold

= $21,500 - $17,900

= $3,600

b. For Krug service company, the net income is

= revenue - expenses

= $26,000 - $9,700

= $16,300

For Kleiner Merchandising Company, it is

= Gross profit - expenses

= $3,600 - $2,050

= $1,550

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The correct answer is:

Like Harding, Coolidge tried to keep government out of business.

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Crazy Mountain Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end
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Answer:

Required 1.

a.

Supplies Inventory $1,380 (debit)

Income Statement $1,380 (credit)

b.

Cash $3,900 (debit)

Un-earned Fees $3,900 (credit)

c.

Depreciation $3,000 (debit)

Accumulated Depreciation $3,000 (credit)

d.

Wages Expenses $2,475 (debit)

Wages Accrued $2,475 (credit)

e.

Unearned Fees $14,140 (debit)

Fees Earned $14,140 (credit)

Required 2.

Fees Earned                                305,800

Less Expenses :

Wages Expense                          (157,800)

Rent Expense                               (55,000 )

Utilities Expense                          (42,000 )

Miscellaneous Expense                (7,000)

Net Income / (loss)                        44,000

Required 3.

Fees Earned (305,800 + 14,140)       319,940

Less Expenses :

Wages Expense (157,800  + 2,475) (160,275)

Rent Expense                                    (55,000 )

Utilities Expense                               (42,000 )

Miscellaneous Expense                      (7,000)

Depreciation                                        (3,000)

Net Income / (loss)                              52,665

Required 4.

Effect = Increase by $8,665

Explanation:

Required 3.

Make the following Adjustments :

  1. Increase the Fees Earned
  2. Increase the Wages Expense
  3. Include the Depreciation Expense in Net Income calculation.

Required 4

Adjust the Retained Earnings with items affecting the Income Statement.

Retained Earnings                            $117,800

Less Depreciation Expense             ($3,000)

Less Wages Accrued                       ($2,475)

Add Fees Earned                              $14,140

Adjusted Retained Earnings           $126,465

Conclusion  :

Effect = Increase

Amount = $126,465 - $117,800 = $8,665

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