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(solution) Question 1 Alpha Company used the periodic inventory system for


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Question 1

 

Alpha Company used the periodic inventory system for purchase & sales of

 

merchandise. Discount terms for both purchase & sales are, FOB Destination,

 

2/10, n30 and the gross method is used.

 

> Alpha Company purchased on account $2,600 of merchandise from Bravo

 

Company on May 2, 2016.

 

> Alpha Company returned, to Bravo Company, $300 of this merchandise on May

 

3, 2016.

 

> Freight charges related to this transaction of $150 were paid by Bravo

 

Company.

 

Use this information to prepare the compound General Journal entry (without

 

explanation) for the payment for merchandise on May 12. If no entry is required

 

then write "No Entry Required."

 

Question 1 options: Question 2

 

Alpha Company used the periodic inventory system for purchase & sales of

 

merchandise. Discount terms for both purchase & sales are, FOB Destination,

 

2/10, n30 and the gross method is used.

 

> Alpha Company purchased on account $2,500 of merchandise from Bravo

 

Company on May 2, 2016.

 

> Alpha Company returned, to Bravo Company, $250 of this merchandise on May

 

3, 2016.

 

> Freight charges related to this transaction of $150 were paid by Bravo

 

Company.

 

Use this information to prepare the General Journal entries (without explanation)

 

for May 2 & May 3 entries. If no entry is required then write "No Entry Required."

 

Question 2 options: Question 3 Alpha Company used the periodic inventory system for purchase & sales of

 

merchandise. Discount terms for both purchase & sales are, FOB Destination,

 

2/10, n30 and the gross method is used.

 

> Alpha Company sold on account $2,500 of merchandise to Bravo Company on

 

May 2, 2016. Selling price was $4,000

 

> Bravo Company returned, to Alpha Company, $250 of this merchandise on May

 

3, 2016. Merchandise was sold for $400

 

> Freight charges related to this transaction of $150 were paid by Alpha

 

Company.

 

Use this information to prepare the compound General Journal entry (without

 

explanation) for the payment for merchandise on May 12. If no entry is required

 

then write "No Entry Required."

 

Question 3 options: Question 4

 

Alpha Company used the periodic inventory system for purchase & sales of

 

merchandise. Discount terms for both purchase & sales are, FOB Destination,

 

2/10, n30 and the gross method is used.

 

> Alpha Company sold on account $3,000 of merchandise to Bravo Company on

 

May 2, 2016. Selling price was $4,500

 

> Bravo Company returned, to Alpha Company, $300 of this merchandise on May

 

3, 2016. Merchandise was sold for $450

 

> Freight charges related to this transaction of $150 were paid by Alpha

 

Company.

 

Use this information to prepare the General Journal entry (without explanation)

 

for the payment for merchandise on May 15. If no entry is required then write "No

 

Entry Required."

 

Question 4 options: Question 5 Alpha Company used the periodic inventory system for purchase & sales of

 

merchandise. Discount terms for both purchase & sales are, FOB Destination,

 

2/10, n30 and the net method is used.

 

> Alpha Company purchased on account $2,600 of merchandise from Bravo

 

Company on May 2, 2016.

 

> Alpha Company returned, to Bravo Company, $250 of this merchandise on May

 

3, 2016.

 

> Freight charges related to this transaction of $150 were paid by Bravo

 

Company.

 

Use this information to prepare the General Journal entries (without explanation)

 

for May 2 & May 3 entries. If no entry is required then write "No Entry Required."

 

Question 5 options: Question 6

 

Alpha Company used the periodic inventory system for purchase & sales of

 

merchandise. Discount terms for both purchase & sales are, FOB Destination,

 

2/10, n30 and the net method is used.

 

> Alpha Company purchased on account $2,500 of merchandise from Bravo

 

Company on May 2, 2016.

 

> Alpha Company returned, to Bravo Company, $250 of this merchandise on May

 

3, 2016.

 

> Freight charges related to this transaction of $150 were paid by Bravo

 

Company.

 

Use this information to prepare the compound General Journal entry (without

 

explanation) for the payment for merchandise on May 15. If no entry is required

 

then write "No Entry Required."

 

Question 6 options: Question 7

 

Alpha Company uses the periodic inventory system and had the following inventory &

 

sales activity for the month of May 2016: Date Activity Quantity Unit Price May 1 Beginning Inventory 100 $10 May 5 Purchase 200 $11 May 15 Purchase 300 $13 May 25 Purchase 150 $15 Sales were 500 units at $20. Using the LIFO method, determine the dollar values following

 

for the month of May:

 

1. Ending Inventory

 

2. Cost of Goods Available for Sale

 

3. Cost of Goods Sold Question 7 options: 1.

 

2. 3. Question 8

 

Alpha Company uses the periodic inventory system and had the following inventory &

 

sales activity for the month of May 2016:

 

Date Activity Quantity Unit Price 5/1 Beginning Inventory 100 $10 5/5 Purchase 200 $11 5/15 Purchase 300 $13 5/25 Purchase 150 $15 Sales were 500 units at $20. Using the FIFO method, determine the dollar values following

 

for the month of May:

 

1. Ending Inventory

 

2. Cost of Goods Available for Sale

 

3. Cost of Goods Sold Question 8 options: 1.

 

2.

 

3. Question 9

 

Alpha Company uses the periodic inventory system and had the following inventory &

 

sales activity for the month of May 2016: (Round all per unit calculations to the nearest

 

penny.)

 

Date Activity Quantity Unit Price 5/1 Beginning Inventory 100 $10.10 5/5 Purchase 200 $11.15 5/15 Purchase 300 $13.00 5/25 Purchase 150 $15.00 Sales were 525 units at $22.00. Using weighted-average method, determine the dollar

 

values following for the month of May: (Enter only whole dollar values.)

 

1. Ending Inventory

 

2. Cost of Goods Available for Sale

 

3. Cost of Goods Sold Question 9 options:

 

1.

 

2.

 

3. Question 10

 

The following is a partial Adjusted Trial Balance for Alpha Company for the month: Alpha Company Adjusted Trial Balance (partial) January 31, 2016

 

Accounts Debit Credit Inventory $2,750 Sales

 

Sales Discounts $11,500

 

200 Sales Returns & Allowances 1,200 Purchases 4,000 Purchases Discounts 150 Purchase Returns & Allowances 450 Freight In 50 Advertising Expense 150 Depreciation Expense 130 Freight Out 70 Income Tax Expense 500 Salaries Expense 550 Utilities Expense 100 Additionally, Inventory for December 31, 2015 was $2,600. Prepare a multiple-step income

 

statement. What amount should Alpha Company report on a Multi-Step Income Statement for the

 

following items:

 

1. Net Sales

 

2. Cost of Goods Available for Sales

 

3. Gross Profit

 

4. General & Administrative Expenses

 

5. Income before Taxes Question 10 options:

 

1.

 

2.

 

3. 4.

 

5. Question 11

 

On March 15, 2016 the Smoky Bear Company inventory storage facility was completely

 

destroyed in a fire. Offsite accounting records reflect the normal gross profit rate is 40% of

 

sales. Sales to the date of the fire were $1,500,000. The April 30, 2016 inventory value was

 

$500,000. Two purchases were made during March, before the fire, for the values of

 

$500,000 and $700,000. Using the Gross Profit Method determine the estimated inventory

 

loss due to the fire.

 

Question 11 options:

 

1. Question 12

 

The following are selected account balances for Charlie Company's operations for the FY

 

ended December 31, 2016. (All balances are normal):

 

Accounts Amount Net Sales $225,500 Administrative Expenses 22,000 Selling Expenses 12,000 Cost of Goods Sold 175,250 Interest Expense 2,000 Income Tax Expense 1,000 Prepaid Expenses $5,000 Interest Receivable $1,000 What is the Net Profit on Sales ratio for the year 2016? (Enter the value as a percentage

 

rounded to one decimal place. Example, 0.105134 would be entered as 10.5%) Question 12 options:

 

1. Question 13

 

The following are selected account balances for Charlie Company's operations for the FY

 

ended December 31, 2016. (All balances are normal):

 

Accounts Amount Net Sales $225,500 Administrative Expenses 22,000 Selling Expenses 12,000 Cost of Goods Sold 175,250 Interest Expense 2,000 Income Tax Expense 1,000 Prepaid Expenses $5,000 Interest Receivable $1,000 What is the Gross Profit Margin ratio for the year 2016? (Enter the value as a percentage

 

rounded to one decimal place. Example, 0.105134 would be entered as 10.5%) Question 13 options:

 

1. Question 14

 

Alpha Company has the following account balances information for fiscal year 2015 &

 

2016 (all balances are normal): Alpha Company December 31

 

Accounts Merchandise Inventory 2016 2015 $1,200,000 $800,000 25,000 20,000 Sales 3,000,000 2,500,000 Cost of Goods Sold 2,000,000 1,600,000 15,000 10,000 Office Supplies Freight Out What is the FY 2016 inventory turnover ratio? Enter the answer as a number rounded to

 

one decimal place followed by a space and the word times. (Example 1.123 would be

 

entered 1.1 times) Question 14 options:

 

1.

 


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