ACCT 200 Outline of Last Lecture I Terms II Multi Step Income Statement III Slide 9 Problem Outline of Current Lecture I Reminders II Exam example III Gross Profit IV Homework 4 12 V Homework 4 15 VI Homework 4 20 VII Homework 4 18 Current Lecture I II III IV Reminders a Slide 12 on powerpoints sales discounts contra revenue decreases retained earnings b Transporting cost to the buyer on FOB shipping point always increases merchandise inventory to the buyer Exam example a What is merchandise inventory recorded at on the buyer s balance sheet Original purchase 2500 Inventory returns 500 Purchase discount 40 Ending inventory 1960 Paid shipping 75 Total 2035 this matches the cash the buyer paid Gross Profit a Gross Profit Gross Profit Net Sales Homework 4 12 a Cash up 23500 Inventory down 14000 These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute b A R up 12000 Inventory down 7500 c A R up 190000 Inventory down 115000 V VI VII Homework 4 15 a 12500 b 12500 c 12500 x 01 125 d 12375 Homework 4 20 a 8250 x 9 950 6475 b 125 2900 x 8 400 2045 c 15000 800 14200 d 400 10000 8 1200 7200 e 3850 x 8 3080 Homework 4 18 a Increase inventory 120000 b Increase accounts payable 120000 c Decrease inventory 16000 d Decrease accounts payable 16000 e Decrease cash 96000 f Decrease accounts payable 96000
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