=_ Merchandising Operations | {CORI PROFESSOR: problem #20 ig the Missing Elements of the Income Statement she partial income statements of five different companies are as follows 2 3 4 aoe Net Sales a 4 250,000 290,000 400,000 Merchandise Inventory, 1/1/2021 b 50,000 70,000 | 320,000 net Cost of Purchases 80.000 e @ 160,000 330,000 Goods Availabe for Sale 110,000 160,000 oh k m Merch, Inventory, 1/32/2021 40,000 f 30,000 70,000 on Cost of Goods Sold © 149,000 230,000 | 380,000 Gross Profit 50,000 © 40,000 i —«*160,000 o Required: Replace the lettered blanks with the appropriate amounts. Problem #21 The table below contains portions of the income statements of four different companies: 1 2 3 4 Net Sales 100,000 q 200,000 240,000 Beginning Inventory 15,000 12,000 7 3000 Net Cost of Purchases 55,000 e 125,000 95,000 Goods Available for Sale a f 145,000 if Ending Inventory 10,000 25,000 h i Cost of Goods Sold b 40,000 i 1 Gross Profit © 90,000” 85,000 130,000 oie ale SS avrg gs ON, Required: Replace the lettered blanks with the appropriate amounts.Merchandising Operations | 7-47 ——————————— NAME: SCORE: SECTION: PROFESSOR: problem #1 Jrade and Cash Discount Calculations On June 1, 2021, Eleno Buray Jr. Forest Products sold merchandise with a P120,000 list price. Trade Discount Credit Terms Date Paid a. 30% 2/10, n/30 June 8 b. 40% 1/10,n/30 June 15 © 2/10, n/30 June 11 d. 20% 1/15,n/30 June 14 e. 40% 1/30 June 28 Required: For each of the sales terms, determine the following: 1. the amount recorded asa sale. 2. the amount of cash received. Problem #2 On May 15, 2021, the Guzon Book Distributors acquired for resale books on account with a list price of P108,000. Butuan Publishing, the supplier, allowed a 15% trade discount as well as credit terms of 2/10, n/30, Guzon paid the invoice in full on May 20, 2021. Required: Prepare the journal entries for Guzon Book Distributors.7-88 | Bosic Financial Accounting and Reporting 2022 Edition by Prof WIN Ballad NAME: ‘SCORE: SECTION: PROFESSOR: Problem #3 Cash Discount and Remittance Calculations For each of the following Mary Paz Abad Retailers purchases, assume that credit terms are 2/10, n/30 and that any credit memorandum was issued and known before Mary Paz Abad Retailers made the payments. Prepaid Freight Credit Purchases Shipping Terms (byseller) Memo at P 12,000 FOB shipping point 1,000 P-3,000 b, 24,000 FOB destination 2400 2,000 « 28,000 FOB shipping point 4,000 J. 40,000 FOB shipping point 3,000 Required B 1. Determine the cash discount available, 2. Determine the cash remitted if the payment is made within the discount period. Problem #4 Point of Recognition Edgel Abear Car Repairs Shop purchases a large amount of auto parts for its business ‘The following table summarizes selected transaction data: Order Date Shipped Date Received Amount A june 26 duly S| 30,000 8 july 10 18 75,000 c 16 22 40,000 D 23 30 60,000 e 7 ‘Aug. 175,000 F Aug. 3 7 50,000 Required: i Determine the July total purchases under each of the following assumptions 1. The entity recognizes purchases when orders are shipped. 2. The entity recognizes purchases when orders are received.WIN Bolloda 50 | Basic Financial Accounting ond Reporting 2022 dlton by Prof Problem #6 Sales Transactions ‘Some of the sales transactions of Jefferson Triguero Distributors whose credit terms are 2/20, n/30 follow: June 1 Cash sales, P180,000. 4 Sales on account, P650,000. 7 Received returned merchandise sold on account, P90,000. 10 Collected the amount due from credit sales. Required: Prepare the journal entries. Problem #7 On June 8, 2021, Beatriz Onate Curtains sold m Interiors; terms 2/10, n/30. On June 12, pa, returned. On June 18, Beatriz Onate Curtains Onate uses the periodic inventory system, ferchandise for P16,000 to Norther 000 worth of the merchandise was Feceived a check for the amount due. Required: Prepare the journal entries for Beatriz Onate Curtains,Merchandising Operations | 7-51 Ma SCORE: SECTION: PROFESSOR: problem #8 purchase Transactions Oct. § Purchased merchandise for cash, P200,000; FOB shipping point. 12. Purchased merchandise on account, P700,000 15 Returned merchandise purchased on account, P50,000, 17 Paid supplier the amount due 19 Paid freight charges of P7,000 on merchandise acquired last Oct: 6. Required: Prepare the journal entries, Problem #9 On Mar. 10, 2021, Rey Rabago Fruits purchased P18,000 worth of merchandise from Marcos Gener Castillo; terms 1/10, 1/30, F.0.8. shipping point. On Mar. 12, Rabago Paid P360 freight on the shipment. On Mar. 15, Rabago returned 2,000 of Tretchandise for credit. Final payment was made to Castillo on Mar. 1s Rey Rabago Fruits uses the periodic inventory system. Required: 1 2 Prepare the journal entries for Rey Rabago Fruits Prepare the journal entries assuming that the terms are F.0.8. destination,7-58 | Basic Financial Accounting and Reporting 2022 Edition by Prof WIN Ballade NAME: SECTION | score: PROFESSOR: Problem #16 Journalizing Sales and Purchase-Related Transa ns Agnes Ramos Distributors and Cammayo Retailers engaged in the following transactions during the month of May 2021: May 4 10 2 18 2a 23 Required: Ramos sold merchandise on account to Cammayo, P162,000. Terms: FOB destination; 2/10, n/30. Freight charges amounted to P2,000. Ramos sold merchandise on account to Cammayo, P710,000. Terms: FOB shipping point; 2/10, n/30. Freight charges amounted to P8,000. Cammayo paid freight charges on the purchase of May 5. Ramos received returned merchandise from Cammayo in the amount of P12,000 from the May 4 sale, Ramos received payment from Cammayo for the May 4 transaction less returns and discounts, Ramos paid the transportation charges on the May 4 shipment. Ramos received payment from Cammayo for the May 5 transaction Ramos sold merchandise on account to Cammayo, P250,000. Terms: 40% trade discount; FOB shipping point; 2/10, n/30. Cammayo paid freight charges on the May 18 transaction, P3,000. Ramos received payment from Cammayo for the amount due from the transaction of May 18. 1. Prepare the journal entries for Ramos Distributors. 2. Prepare the journal entries for Cammayo Retallers.