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Brief Exercise 5-1Presented here are the components in Casilla Company s income statement.Determine the missing amounts.Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income sales COGS GP Operating exp NPYear 1 $ 71200 $ 30000 $ 12100 Year 2 $ 108000 $ 70000 $ 29500 Year 3 $ 71900 $ 109600 $ 46200 Brief Exercise 5-8Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $404000; Purchase Returns and Allowances $13000; Purchase Discounts $9000; and Freight-in $16000.Determine net purchases and cost of goods purchased.Brief Exercise 5-9Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $404000; Purchase Returns andAllowances $13000; Purchase Discounts $9000; and Freight-in $16000. Tracy Company has beginning inventory of $60000 ending inventory of $90000 and net sales of $612000.Determine the amounts to be reported for cost of goods sold and gross profit.Brief Exercise 5-10Durbin Corporation reported net sales of $250000 cost of goods sold of $150000 operating expenses of $50000 net income of $32500beginning total assets of $520000 and ending total assets of $600000.Calculate profit margin and gross profit rate. (Round answers to 0 decimal places e.g. 10%.)Exercise 5-6 (Part Level Submission)Presented below is information for Zhou Co. for the month of January 2014.Cost of goods sold $212000 Rent expense $32000Freight-out 7000 Sales discounts 8000Insurance expense 12000 Sales returns and allowances 20000Salaries and wages expense 60000 Sales revenue 370000(a) Prepare an income statement using the multi-step format. Assume a 25% tax rate.(b) Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place e.g. 15.2%.)Problem 5-2AMcCoy Warehouse distributes hardback books to retail stores and extends credit terms of 2/10 n/30 to all of its customers. During themonth of June the following merchandising transactions occurred.June 1 Purchased books on account for $1040 (including freight) from Carlin Publishers terms 2/10 n/30.3 Sold books on account to the Goldschmidt bookstore for $1200. The cost of the merchandise sold was $720.6 Received $40 credit for books returned to Carlin Publishers.9 Paid Carlin Publishers in full.15 Received payment in full from the Goldschmidt bookstore.17 Sold books on account to Town Crier for $1200. The cost of the merchandise sold was $730.20 Purchased books on account for $720 from Good Book Publishers terms 1/15 n/30.24 Received payment in full from Town Crier.26 Paid Good Book Publishers in full.28 Sold books on account to Emporia Bookstore for $1300. The cost of the merchandise sold was $780.30 Granted Emporia Bookstore $130 credit for books returned costing $80.Journalize the transactions for the month of June for McCoy Warehouse using a perpetual inventory system. (Credit account titles areautomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in theproblem. Round answers to 0 decimal places e.g. 15222.)Problem 5-9A (Part Level Submission)At the beginning of the current season on April 1 the ledger of Flint Hills Pro Shop showed Cash $ 2500 ; Inventory $ 3500 ; and CommonStock $ 6000 . The following transactions occurred during April 2014.Apr. 5 Purchased golf bags clubs and balls on account from Akers Co. $ 1500 terms 3 /10 n/60.7 Paid freight on Akers Co. purchases $ 80 .9 Received credit from Akers Co. for merchandise returned $ 200 .10 Sold merchandise on account to members $ 1340 terms n/30.12 Purchased golf shoes sweaters and other accessories on account from Palmer Sportswear $ 830 terms 1 /10 n/30.14 Paid Akers Co. in full.17 Received credit from Palmer Sportswear for merchandise returned $ 30 .20 Made sales on account to members $ 810 terms n/30.21 Paid Palmer Sportswear in full.27 Granted credit to members for clothing that did not fit properly $ 80 .30 Received payments on account from members $ 1220 .(a)Journalize the April transactions using a periodic inventory system. (Credit account titles are automatically indented when amount isentered. Do not indent manually. Record journal entries in the order presented in the problem.)(b)Using T accounts enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journalentries posted in part a.)(c)Prepare a trial balance on April 30 2014.(d)Prepare an income statement through gross profit assuming inventory on hand at April 30 is $4263.

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