会计学企业决策的基础chapter6solutions

1、a.general journalnov.5accounts receivable (bemidji construction)13,390sales13,3905cost of good sold9,105inventory9,1059inventory3,800accounts payable (owatonna tool co.)3,800dec.5cash13,390accounts receivable (bemidji construction)13,3909accounts payable (owatonna tool. co.)3,800cash3,80031cost of g

2、oods sold1,710inventory1,710inventory per accounting records$183,790inventory per physical count182,080adjustment for inventory shrinkage$1,71035 minutes, mediumproblem 6.1 ab.claypool hardwarepartial income statementfor the year ended december 31, 20_net sales$1,024,900cost of goods sold (1)696,932

3、gross profit$327,968(1) cost of goods sold prior to adjustment at dec. 31$695,222add: shrinkage adjustment at dec. 311,710cost of goods sold (adjusted balance)$696,932claypool seems quite able to pass its extra transportation costs on to its customers and, in fact, enjoys a significant financial ben

4、efit from its remote location. the following data support these conclusions:claypoolhardwareindustryaveragedifferenceannual sales.$1,024,900$1,000,000$24,900gross profit.327,968250,000(1)77,968gross profit rate 32% (2)25%7%(1) $1,000,000 sales x 25% = $250,000(2) $327,968 gross profit 十 $1,024,900 n

5、et sales = 32%claypool earned a gross profit rate of 32%, which is significantly higher than the industry average. claypoops sales were above the industry average, and it earned $77,968 more gross profit than the “average" store of its size. this higher grossprofit was earned even though its co

6、st of goods sold was $18,00() to $20,000 higher than the industry average because of the additional transportation charges.to have a higher-than-average cost of goods sold and still earn a much larger-than-average amount of gross profit, claypool must be able to charge substantially higher sales pri

7、ces than most hardware stores. presumably, the company could not charge such prices in a highly competitive environment. thus, the remote location appears to insulate it from competition and allow it to operate more profitably than hardware stores with nearby competitors.journal entries by siogo sho

8、es:feb.9accounts receivable (sole mates)10,000sales10,0009cost of goods sold6,000inventory6,00012delivery expense40cash4013sales returns & allowances1,000accounts receivable (sole mates)1,00013inventory600cost of goods sold60019cash8,910sales discount90accounts receivable (sole mates)9,000b.jour

9、nal entries by sole mates:feb.9inventory9,900accounts payable (siogo shoes)9,90012transportation-in40cash4013accounts payable (siogo shoes)990inventory990feb.19accounts payable (siogo shoes)8,910cash8,91030 minutes, strongproblem 6.5ayes. sole mates should tuke advantage of 1/10, n/30 purchase disco

10、unts, even if it must borrow money for a short period of time at an annual rate of 11 % by taking advantage of the discount, the company saves 1 % by making payment 20 days early. at an interest rate of 11% per year, the bank charges only 0.6% interest over a 20-day period (11% x 20365 = 0.6%). thus

11、, the cost of passing up the discount is greater than the cost of short-term borrowing.problem 6.8aa. the operating cycle of a merchandising company consists of purchasing merchandise, selling that merchandise to customers (often on account), and collecting the sales proceeds from these customers. t

12、he assets and liabilities involved in this cycle include cash, accounts receivable, and inventory.l cpi probably would use a perpetual inventory system. the items in its inventory have a high per-unit cost. therefore, management will want to know the costs of the individual products included in spec

13、ific sales transactions, and also will want to keep track of the items in stock. the company also has a computer-based accounting system, a fulbtime accountant, and a low volume of transactions. this combination of factors eliminates the potential difficulties of maintaining a perpetual system.g. co

14、mputation of profit margin on january 6 sales transaction:gross profit=sales price cost of goods sold=$10,000-$6,100=$3.900gross profit margin=dollar gross profit 十 sales revenue$3,900 + $10,00039%bgeneral journal2008jan2inventory24,250accounts payable (sharp)24,2506accounts receivable (pace corpora

15、tion)10,000sales10,0006cost of goods sold6,100inventory6,100c.computation of inventory at january 6:inventory at dec. 31. 2007$500,000add: merchandise purchased on jan. 224,250less: cost of goods sold on jan. 6(6,100)inventory at close of business on jan. 6$518,150d.journal entries assuming use of periodic system:2008jan2purchases24,250accounts payable (sharp)24,2506accounts r