Acct 1a financial accounting ch 4-6

Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage. (Omit the “$” sign in your response.)



Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2009, follows. The company applies IFRS, as adopted by the European Union, and reports its results in millions of Euros.





  Net income


  Financial income



  Financial expenses



  Operating profit



  Cost of sales



  Income taxes



  Income before taxes



  Gross profit



  Royalty and commission income



  Other operating income



  Other operating expenses



  Net sales





Prepare the multiple-step income statement for the company for the year ended December 31, 2009.(Enter your answers in millions. Input all amounts as positive values. Omit the “€” sign in your response.)

Prepare the single-step income statement for the company for the year ended December 31, 2009.(Enter your answers in millions. Input all amounts as positive values. Omit the “€” sign in your response.)



Apr. 2   

Purchased merchandise from Blue Company under the following terms: $3,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.


Paid $200 for shipping charges on the April 2 purchase.


Returned to Blue Company unacceptable merchandise that had an invoice price of $600.


Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise.


Purchased merchandise from Fox Corp. under the following terms: $7,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination.


After negotiations, received from Fox a $2,100 allowance on the April 18 purchase.


Sent check to Fox paying for the April 18 purchase, net of the discount and allowance.


Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system. (Omit the “$” sign in your response.)


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