On August 31, 2008, merchandise inventory was $35,104. Supplementary records of merchandising activities for the year ended August 31, 2009, reveal the following itemized costs.
Invoice cost of merchandise purchases . . . . . . . . $127,890
Purchase discounts received . . . . . . . . . . . . . . . . . 2,685
Purchase returns and allowances . . . . . . . . . . . . . 6.138
Costs of transportation-in . . . . . . . . . . . . . . . . . . . 3,900
Required
1. Prepare closing entries as of August 31, 2009 (the perpetual inventory system is used).
Analysis Component
2. The company makes all purchases on credit, and its suppliers uniformly offer a 3% sales discount. Does it appear that the company cash management system is accomplishing the goal of taking all available discounts? Explain.
3. In prior years, the company experienced a 4% returns and allowance rate on its sales, which means approximately 4% of its gross sales were eventually returned outright or caused the company to grant allowances to customers. How do this year results compare to prior years results?
b. What is the amount of total assets at the end of 2016?
c. What is the balance of accounts receivable at the end of 2016?
d. What is the balance of accounts payable at the end of 2016?
e. What is the difference between accounts receivable and accounts payable?
f. What is net income for 2016?
g. What is the amount of net cash flow from operating activities for 2016?
a. What alternative treatments are available for Delta expenditures?
b. What amount of organizational expenditures can Delta Corporation deduct on its first tax return for the fiscal year ending October 31?
c. What amount of start-up costs can Delta Corporation deduct on its first tax return?
Allen and forty other contractors had licenses from Muscogee County, but its licensing requirement was not as strict as the new state process. After a year-long grace period, the Board held that Allen and the other contractors were not properly licensed and could not work as contractors until they became properly licensed. Apparently many of the contractors did not know about the new requirement as the County did not inform them of the consequences of the new licensing rules.
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