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P5-27A P5-31A P5-33A

Price: $10.99

P5-27A 2 3 Journalizing purchase and sale transactions—perpetual inventory [20–25 min]
Consider the following transactions that occurred in September 2012 for Aquamarines.

so on ...

1. Journalize September transactions for Aquamarines. No explanations are required.

P5-31A Making closing entries, preparing financial statements, and computing gross profit percentage, inventory turnover, and days in inventory [20–30 min]

The adjusted trial balance of Big Papi Music Company at June 30, 2012, follows:

so on ...

1. Journalize Big Papi’s closing entries.
2. Prepare Big Papi’s single-step income statement for the year.
3. Compute the gross profit percentage, the rate of inventory turnover, and the days in inventory for the fiscal year ending June 30, 2012. Inventory on hand one year ago, at June 30, 2011, was $12,200.
4. For the year ended June 30, 2011, Big Papi’s gross profit percentage was 50%, and inventory turnover was 4.9 times. Did the results for the year ended June 30, 2012, suggest improvement or deterioration in profitability over last year?

P5-33A Preparing a multi-step income statement and calculating gross profit percentage [15–25 min]
The records of Grade A Steak Company list the following selected accounts for the quarter ended April 30, 2012:


1. Prepare a multi-step income statement.
2. M. Davidson, manager of the company, strives to earn gross profit percentage of at least 50% and net income percentage of 20%. Did Grade A achieve these goals? Show your calculations.


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