Scribd Logo
Upload

Welcome to Scribd!

  • Isabell Werth Stores Sell Appliances For Cash and Also On

    Uploaded by

    M Bilal Saleem
    8 views1 page
    The document provides information about Isabell Werth Stores, which sells appliances for cash and on installments. It includes cash receipts of $424,000 for cash sales and installment account balances for 2007 and 2008. It also lists repossessions in 2007, including an uncollected balance, loss on repossession, and repossessed merchandise amount. The instructions are to compute gross profit rates for 2007 and 2008, prepare closing entries as of December 31, 2008 using the installment method, and prepare an income statement for 2008 including only realized gross profit.

    Original Description:

    315

    Original Title

    isabell Werth Stores Sell Appliances for Cash and Also On

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document provides information about Isabell Werth Stores, which sells appliances for cash and on installments. It includes cash receipts of $424,000 for cash sales and installment account balances for 2007 and 2008. It also lists repossessions in 2007, including an uncollected balance, loss on repossession, and repossessed merchandise amount. The instructions are to compute gross profit rates for 2007 and 2008, prepare closing entries as of December 31, 2008 using the installment method, and prepare an income statement for 2008 including only realized gross profit.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    8 views1 page

    Isabell Werth Stores Sell Appliances For Cash and Also On

    Uploaded by

    M Bilal Saleem
    The document provides information about Isabell Werth Stores, which sells appliances for cash and on installments. It includes cash receipts of $424,000 for cash sales and installment account balances for 2007 and 2008. It also lists repossessions in 2007, including an uncollected balance, loss on repossession, and repossessed merchandise amount. The instructions are to compute gross profit rates for 2007 and 2008, prepare closing entries as of December 31, 2008 using the installment method, and prepare an income statement for 2008 including only realized gross profit.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    Isabell Werth Stores sell appliances for cash and also on

    Isabell Werth Stores sell appliances for cash and also on the installment plan. Entries to record
    cost of sales are made monthly.The accounting department has prepared the following analysis
    of cash receipts for the year.Cash sales (including repossessed merchandise) ......
    $424,000Installment accounts receivable, 2007 .......... 104,000Installment accounts receivable,
    2008 .......... 109,000Other ...................... 36,000Total ....................... $673,000Repossessions
    recorded during the year are summarized as follows. 2007_Uncollected balance ......
    $8,000Loss on repossession ...... 800Repossessed merchandise .... 4,800Repossessions
    recorded during the year are summarized as follows.InstructionsFrom the trial balance and
    accompanying information:(a) Compute the rate of gross profit for 2007 and 2008.(b) Prepare
    closing entries as of December 31, 2008, under the installment-sales method of accounting.(c)
    Prepare an income statement for the year ended December 31, 2008. Include only the realized
    gross profit in the incomestatement.
    View Solution:
    Isabell Werth Stores sell appliances for cash and also on
    SOLUTION-- http://expertanswer.online/downloads/isabell-werth-stores-sell-appliances-for-cash-
    and-also-on/

    See Answer here expertanswer.online


    Powered by TCPDF (www.tcpdf.org)

    You might also like