204.Which of the following accounts would be included in the chart of accounts of a merchandising company using the(a) periodic inventory system, (b) perpetual inventory system, or (c) both systems?
(1) Purchases
(2) Merchandise Inventory
(3) Sales
(4) Purchases Discounts
(5) Cost of Merchandise Sold
(6) Freight-In
(7) Delivery Expense
205.Using the letter preceding each account, arrange the following selected accounts in the order they would normallyappear in a chart of accounts of a company that uses a multiple-step income statement.
(a)Accounts Payable
(b)Accounts Receivable
(c)Merchandise Inventory
(d)Miscellaneous Selling Expense
(e)Interest Expense
(f)Income Summary
(g)Misc. Admin. Expense
(h)Freight Out
BUSPROG: Analytic
207.Using the following data taken from Hsu’s Imports Inc. which uses a periodic inventory system, determine thegross profit to be reported on the income statement for the year ended March 31.
Merchandise inventory, April 1
$ 193,250
Merchandise inventory, March 31
180,100
Purchases
1,079,600
Purchases returns and allowances
51,200
Purchases discounts
18,500
Sales
1,860,000
Freight-in
19,250
208.Using the following data taken from Hsu’s Imports Inc. which uses a periodic inventory system, prepare the cost of
merchandise sold section of the income statement for the year ended March 31.
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