Pregunta 16 Beck Company purchased 420000 in merchandie on a

Pregunta 16 Beck Company purchased $420,000 in merchandie on account during the month of Aplil, and merchandise costing $350,000 was sold on account for $425,000 Required 1. Prepare journal entries to record the purchases and sales assuming Bascomb uses a perpetual inventory system 2 Prepare journal entries to record the purchases and sales assuming Bascomb uses a periodic inventory system Para la barra de herramientas, presione ALT+F 10 (PC)ALT«FN.F 10 (Mac) ecs Ruta: p Pregunta 17 Selected financial statement data from Wheeden Colorado Stores is shown below Net Sales OGS 625,000 500,000 105,000 90,000 Invent Required Para la barra de herramientas, presione ALT+F 10 OPC)ALT.FN. F 10 (Mac). Compute the gross profit ratio for 2013

Solution

Solution 16:

1. Inventory ................. 420,000
Accounts Payable .................. 420,000

Accounts Receivable ............. 425,000
Sales Revenue ............................ 425,000

Cost of Goods Sold .............. 350,000
Inventory ......................................... 350,000

2. Purchases .................... 420,000
Accounts Payable .................... 420,000

Accounts Receivable ............. 425,000
Sales Revenue ............................ 425,000

Solution 17:

Gross Profit = Net Sales - Cost of goods sold

Gross profit = $625,000 - $500,000

Gross profit = $125,000

Gross profit ratio = Gross profit/Net Sales

Gross profit ratio = $125,000/$625,000

Gross profit ratio = 20%