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Ramirez Company Admission/Application Essay

Category: Finance & Accounting Pages: 2 Type: Admission/Application Essay Level: College
17

Purchased merchandise from Northern Distributors $2,500, terms 2/10, n/30.
19

Paid freight on May 17 purchase $250.
24

Sold merchandise for cash $5,400. The cost of the merchandise sold was $4,020.
25

Purchased merchandise from Toolware Inc. for $800, terms 3/10, n/30.
27

Paid Northern Distributors in full, less discount.
29

Made refunds to cash customers for returned merchandise $124. The returned merchandise had cost $90.
31

Sold merchandise on account $1,280, terms n/30. The cost of the merchandise sold was $830.










Journalize the transactions using a perpetual inventory system. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
Date
Account/Description
Debit
Credit
May 1







May 2








(To record the sale.)











(To record the cost of inventory sold.)


May 5







May 9











May 10











May 11







May 12







May 15







May 17







May 19







May 24








(To record the sale.)











(To record the cost of inventory.)


May 25







May 27











May 29








(To record refund of cash.)











(To record return of inventory.)


May 31








(To record the sale.)











(To record the cost of inventory.)
















Post the transactions to T accounts. Be sure to enter the beginning cash and common stock balances. Then complete the income statement through gross profit for the month of May 2010 below. (List multiple entries from largest to smallest amounts, e.g. 10, 5, 1.)
STEIN HARDWARE STORE
Income Statement (Partial)

Sales revenues




$
Less:
$




Net Sales





Gross profit

$














Calculate the profit margin ratio and the gross profit rate. (Assume operating expenses were $1,400.) (Round answer to 2 decimal places,