University Of California, San Diego Operations And Supply Chain Management Assignment Help - Company s ledger

Question - 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
s ...Read More till 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.)
1. ...Read Less

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