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Office Depot and Marin Inc Financials

The document shows accounting journal entries made by Office Depot throughout September, including entries to record inventory purchases and sales, accounts payable and receivable transactions, and cost of goods sold. Similar journal entry documents are shown for two other companies, Sunland and Blossom Company.

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mobinil1
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6 views6 pages

Office Depot and Marin Inc Financials

The document shows accounting journal entries made by Office Depot throughout September, including entries to record inventory purchases and sales, accounts payable and receivable transactions, and cost of goods sold. Similar journal entry documents are shown for two other companies, Sunland and Blossom Company.

Uploaded by

mobinil1
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Office Depot

Date Account Titles and Explanation Debit Credit


Sep. 6 Inventory 1,690
Accounts Payable 1,690

Sep. 9 Inventory 50
Cash 50

Sep. 10 Accounts Payable 64


Inventory 64

Sep. 12 Accounts Receivable 760


Sales Revenue 760

Sep. 12 Cost of Goods Sold 510


Inventory 510

Sep. 14 Sales Returns and Allowances 35


Accounts Receivable 35

Sep. 14 Inventory 23
Cost of Goods Sold 23

Sep. 20 Accounts Receivable 850


Sales Revenue 850

Sep. 20 Cost of Goods Sold 680


Inventory 680
a)
Sunland
Date Account Titles and Explanation Debit Credit
June 10 Inventory 6,700
Accounts Payable 6,700

June 11 Inventory 380


Cash 380

June 12 Accounts Payable 700


Inventory 700

June 19 Accounts Payable 6,000


Cash 5,880
Inventory 120

b)
Blossom Company
Date Account Titles and Explanation Debit Credit
June 10 Accounts Receivable 6,700
Sales Revenue 6,700

June 10 Cost of Goods Sold 2,870


Inventory 2,870

June 11 No Entry

June 12 Sales Returns and Allowances 700


Accounts Receivable 700

June 12 Inventory 240


Cost of Goods Sold 240

June 19 Cash 5,880


Sales Discounts 120
Accounts Receivable 6,000
Marin Inc
Income Statement
December 31, 2017
Net Sales $2,728,000
Cost of Goods Sold $1,557,440
Gross Profit $1,170,560
Operating Expenses $899,000
Income from Operations $271,560
Interest Revenue $40,920
Interest Expense -$86,800
Income before Income Taxes $225,680
Income Tax Expense $58,280
Net Income $167,400

b)
Marin Inc
Comprehensive Income Statement
December 31, 2017
Net Income $167,400
Loss on Disposal of Plant Assets $21,080
Other comprehensive income (net of $1,490 tax) $10,290 $31,370
Total Comprehensive Income $198,770
Monty Corp
Units Sold 74

Date Explanation Units Unit Cost Total Cost


May 1 Inventory 32 $8 $256
15 Purchase 23 $9 $207
24 Purchase 37 $10 $370
92 $833
a)
Weighted-average unit cost $9.054 $9.054

b)
Units in Ending Inventory 18

FIFO LIFO Average Cost


The ending inventory at May 31 $180 $144 $163
Headlands Industries
Coffee Bean Units Unit Cost Market
Coffee arabica 12,000 $5.90 $5.87
Coffee robusta 5,000 $3.40 $3.50

Tascons inventory $87,440


Inventory Value at Lower-of-Cost or Market
$70,440
$17,000

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