er Five Homework instructions I help Question 1 (of 5) Save & Ext Suomt 2.00 poi
ID: 2336246 • Letter: E
Question
er Five Homework instructions I help Question 1 (of 5) Save & Ext Suomt 2.00 points Mateo inc. is a retaler of men's and women's loting aimed at college-age customers. Listed below are addtional tansactions that Mateo was co sidering at the end of accounting period Required: Assuming that each ad occurredd ing the scal year, comple othe foliowing bula on, se trg te s nor the effect of each adito altra action +fr rosa eard-forte ease). rader echte Independently and ignore taxes. (Hint Construct the jounal entry for each transaction before evaluating its effect.) (Select "NE" It there is no effect.) a. Borrowed $3,000 on a line of credit with the bank Incurred salary expense of $1,000 paid for in cash. Provided $2,000 of services on account d. Purchased $700 of inventory on account e. Sold $500 of goods on account. The related cost of goods sold was $300. Gross proft margin was 4s peroent before this sale. Return on Assets MacBook AirExplanation / Answer
multiple questions posted and as per rules i am solving first one
asset turnover=sales/assets
Return on assets=net income/assets
Gross profit(%)=gross profit/sales
a)cash(db) 3000
payable(Cr)3000
asset turnover:-
return on assets: -
gross profit:NE
b)salaries expense(db)1000
cash(Cr)1000
asset turnover: +
return on assets: -
gross profit:NE
c)acc rec(db)2000
revenue(cr)2000
asset turnover:+
return on assets: +
gross profit:+
d)inventory(db)700
acc payable(cr)700
asset turnover:-
return on assets: -
gross profit:+
e)acc rec(db)500
revenue(cr)500
cost of goods sold(db)300
inventory(cr)300
asset turnover:+
return on assets: NE
gross profit:-
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