can you help me solve this thanks EX 6-2 ining cost of merchandise sold OBI.1 Fo

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can you help me solve this thanks

EX 6-2 ining cost of merchandise sold OBI.1 For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was million. What was the amount of Best Buy's cost of merchandise sold? EX 6-8 Purchase-related transactions yournalize entries for the following related transactions of Manville Heating& Air Company: a. Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30 b. Paid the amount owed on the invoice within the discount period. c. Discovered that $18,000 of the merchandise purchased in (a) was defective and re- OBJ. 2 turned items, receiving credit for $17,640 [$18,000-($18,000 x 2%! d. Purchased $10,000 of merchandise from Wright Co. on account, terms n/30. e. Received a refund from Wright Co. for return in (c) less the purchase in (d). EX 6-9 Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. b. Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. c. Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cos OBJ. 2 of the merchandise sold was $1,250,000 (Continuec d. Sold merchandise to customers who used American Express, $330,000. The cost of the Ds o merchandise sold was $230,000 e. Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales. OBJ2 Ex 6-17 Sales tax transactions Journalize the entries to record the following selected transactions: a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,300. b. Paid $39,650 to the state sales tax department for taxes collected Ex 6-23 Income statement for merchandiser Th e following expenses were incurred by a merchandising business during the which expense section of the income statement should each be reported: (a) (b) administrative, or (c) other? 1. Advertising expense 2. Depreciation expense on store equipment 3. Insurance expense on office equipment 4. Interest expense on notes payable 5. Rent expense on office building 6. Salaries of office personnel 7. Salary of sales manager 8. Sales supplies used

Explanation / Answer

Solution 6-2:

Sales = $40,339 million

Gross profit = $9,047 million

Cost of goods sold = Sales - Gross Profit = $40,339 - $9047 = $31,292 million

Solution 6-8:

Journal Enteries - Manville Heating and Air Company S. No General Journal Debit Credit a Inventories Dr $90,000.00          To Accounts Payable $90,000.00 (Being merchandise purhased on terms 2/10, n/30) b Accounts Payable Dr $90,000.00          To Cash $88,200.00          To Purchase discount $1,800.00 (Being payment made for inventory with in discount period) c Accounts Payable Dr $17,640.00 Purchase discount Dr $360.00          To Inventories $18,000.00 (Being merchandise worth $18,000 returned and vendor account debited) d Inventories Dr $10,000.00          To Accounts Payable $10,000.00 (Being merchandise purhased on terms n/30) e Cash Dr $7,640.00          To Accounts Payable $7,640.00 (Being refund received from Wright Co)

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