ACCT 1A Financial Accounting CH 4-6

CJUS 410 #3-4
July 12, 2019
True or False. Under U.S. law, any person who pays taxes can contribute to an IRA, and the contributions are tax-free.
July 12, 2019

ACCT 1A Financial Accounting CH 4-6

ACCT 1A: Financial Accounting…

Ch. 4-6

1.Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system).
             
  Merchandise inventory  $  34,800     Sales returns and allowances $   3,500  
  Retained earnings   115,300     Cost of goods sold   102,000  
  Dividends   7,000     Depreciation  expense   7,300  
  Sales   157,200     Salaries expense   29,500  
  Sales discounts   1,700     Miscellaneous expenses   2,000  
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $32,900.
Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage. (Omit the “$” sign in your response.)  2.  Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2009, follows. The company applies IFRS, as adopted by the European Union, and reports its results in millions of Euros.                    Net income € 245     Financial income   19     Financial expenses   169     Operating profit   508     Cost of sales   5,669     Income taxes   113     Income before taxes   358     Gross profit   4,712     Royalty and commission income   86     Other operating income   100     Other operating expenses   4,390     Net sales   10,381         1. Prepare the multiple-step income statement for the company for the year ended December 31, 2009.(Enter your answers in millions. Input all amounts as positive values. Omit the “€” sign in your response.) Prepare the single-step income statement for the company for the year ended December 31, 2009.(Enter your answers in millions. Input all amounts as positive values. Omit the “€” sign in your response.)  .  Apr. 2    Purchased merchandise from Blue Company under the following terms: $3,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point. 3    Paid $200 for shipping charges on the April 2 purchase. 4    Returned to Blue Company unacceptable merchandise that had an invoice price of $600. 17    Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise. 18    Purchased merchandise from Fox Corp. under the following terms: $7,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination. 21    After negotiations, received from Fox a $2,100 allowance on the April 18 purchase. 28    Sent check to Fox paying for the April 18 purchase, net of the discount and allowance.         Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system. (Omit the “$” sign in your response.)  

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