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Hendry's Boutique Income Statment For the year ended 31/12/ Sales 271200 Less: Sales return and allowances 3000 Net Sales 268200 Less: COGS 120690 Gross Profit 147510 Less: Operating expenses Purchase disconts lost 300 Utilities Expense 4944 Office Supply Expense 624 Depreciation Expense: office equipment 3300 Rent Expense 7320 Insurance Expense 1080 Salaries Expense 105714 Total 123282 EBIT (or operating income) 24228 Less: Income Taxes Expense 9828 Net Income 14400 B) Gross Profit/Net Sales = 147510/268200 = 55% (How much of my sales are GP) C) Sales Return/Sales = 3000/271200 = 1,11% - They are very satisfied because the return for the clien D) E) There is no sales tax expense, because the company does not pay the sales tax. This tax is paid by th F) Operating cycle: Purchase Inventory from supplier Sell Inventory to clients Collect A/R from clients Pay A/P to suppliers Accounts Comprising Operation: COGS Sales A/R A/P Returns and Allowances Purchase Discont Lost A) Income Statement The company records the purchase net of discount because there is na account named Puchase Dis
- Purchase discounts lost - Is a money the company lost because coudn't pay for the supplier on the time they have
- (2/10, n/30) 2% de desconto se pagar em 10 dias e nada se pagar em 30 he return for the client was little, only 1% ax. This tax is paid by the final consumer. nt named Puchase Discount Lost
Perpetual system:
C) Periodic System: In periodic system, we only have one entry (take off the COGS, does
ntry (take off the COGS, doesnt have the stock control) and also changes the inventory for PURCHASES (in bold) ysical inventory ate the end of period
State College Technology Store General Journal Date Account Titles and Explanation Debit Credit Nov 1st Inventory 16000 A/P 16000 Nov 6th A/R 4800 Sales 4800 COGS 3200 (a quanto pagou pelo Inventory 3200 Dec 1st A/P 16000 Cash 16000 Dec 6th Cash 4800 A/R 4800 Accrual Accouting Cash Basis Sales 4800 There is no difference because the tra Less: COGS 3200 Gross Profit 1600 Otherwise, if it was in different years Less: Expenses 1000 Net Income 600
Doesn't say if it is perpetual or periodic, than we are assuming it is perpetual anto pagou pelos 4 que vendeu, vendeu 4x800 que comprou) e because the transactions take place withing the same year n different years it would be different and also the net income
COGS 6100
F) Perpetural because they have na accoutnt and a computarized accouting system G) Gross Profit = Sales - COGS = 10000-6100 = 3900
00*0,97) --> -,97 porque diz 3% de desconto
B) Yes, the LIFO would be the best option to income tax purpose
LIPO
Unit Cost Total Cost Purchase Units Unit Cost Total Cost 4950 $ 9,900.00 July 22 3 5000 $ 15,000. 5000 $ 10,000.00 July 1 1 4950 $ 4,950. $ 19,900.00 Total 4 $ 19,950. July 28th $ 4,975.00 Average Cost por unit $ 4,987. $ 19,900.00 COGS $ 19,950. $ 20,300.00 4 units Ending Inventory - Sep 30th $ 20,250.00 4 units Unit Cost Total Cost Purchase Units Unit Cost Total Cost $ 5,000.00 $ 5,000.00 July 1 2 $ 4,950.00 $ 9,900. $ 5,100.00 $ 15,300.00 July 22 2 $ 5,000.00 $ 10,000. $ 20,300.00 Total 4 $ 19,900. Sep 30th $ 5,075.00 Average Cost por unit $ 4,975. $ 20,300.00 Good Available for sale $ 19,900. $ 20,300.00 4 units Ending Inventory - Sep 30th $ 19,900.00 4 units $ 19,900.00 COGS $ 20,300.
LIPO
- Beginning Inventory
- Jan 02nd Cash A) Date Account Titles and Explanation Debit Credit - Sales
- Jan 05th Inventory - A/P
- B) Beginning Balance
- Add: Purchases
- Less: COGS
- Ending Balancen Jan
- Jan 02nd Cash Date Account Titles and Explanation Debit Credit - Sales
- Jan 05th Purchases - A/P
- D) Beginning Balance
- Add: Purchaases
- COGS 210000 Taken from the physical inventory ate the end
- Less: Ending Balancen Jan E) Periodic because there is only one purchase and one sale during the month.
- $ 4.00 $ 40.00 January 1 90 $ 3.00 $ 270. Unit Cost Total Cost Purchase Units Unit Cost Total Cost
- $ 5.00 $ 950.00 February 23 110 $ 3.50 $ 385.
- $ 4.95 Average Cost por unit $ 3.
- $ 4,380.00 Good Available for sale $ 4,380.
- $ 990.00 Ending Inventory - July 28th $ 655.
- $ 3,390.00 COGS $ 3,725.
Data Purchase Units Unit Cost Total Cost January 1 15 $ 100.00 $ 1,500. First Purchase 32 $ 101.00 $ 3,232. Second Purchase 40 $ 103.00 $ 4,120. Third Purchase 5 $ 106.00 $ 530. Fourth Purchase 16 $ 108.00 $ 1,728. Good Available for sale 108 $ 11,110. Units sold during the year 82 Inventory Dec 31 26 Average FIFO Purchase Units Unit Cost Total Cost Purchase January 1 15 $ 100.00 $ 1,500.00 Second Purchase First Purchase 32 $ 101.00 $ 3,232.00 Third Purchase Second Purchase 40 $ 103.00 $ 4,120.00 Fourth Purchase Third Purchase 5 $ 106.00 $ 530. Fourth Purchase 16 $ 108.00 $ 1,728. 108 $ 11,110. Average Cost por unit $ 102.87 Average Cost por unit COGS $ 8,435.37 COGS Ending Inventory - July 31st $ 2,674.63 Ending Inventory - July 31st B) The FIFO is the most realisty balance sheet, thats the methody mosy used for the com
Total Cost $ 1,500. $ 1,111. $ 2,611.
