Brief Exercise 4-2
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and 70,000 shares issued and outstanding during 2014. Prepare a single-step income statement for the year ended December 31, 2014.
(Round earnings per share to 2 decimal places, e.g. 1.48.)
BRISKY CORPORATION
Income Statement
For the Year Ended December 31, 2014
$
$
$
$
$
$
$
$
:
:
$
[removed]
Brief Exercise 18-2
Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2014, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000.
Prepare the journal entry to record this transaction on January 2, 2014.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 2, 2014
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
How much total revenue should be recognized on this sale in 2014?
Total revenue
$
[removed]
Brief Exercise 18-5
Jansen Corporation shipped $20,000 of merchandise on consignment to Gooch Company. Jansen paid freight costs of $2,000. Gooch Company paid $500 for local advertising, which is reimbursable from Jansen. By year-end, 60% of the merchandise had been sold for $21,500. Gooch notified Jansen, retained a 10% commission, and remitted the cash due to Jansen.
Prepare Jansen’s entry when the cash is received.
(Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(
To record the cash remitted to Jansen.
)
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record the cost of inventory sold on consignment.)
Brief Exercise 18-6
Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its telephone lines. Assume that Telephone Sellers sells $4,000 of prepaid cards in January 2014. It then pays TeleExpress based on usage, which turns out to be 50% in February, 30% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is $3,000.
Indicate how much income Telephone Sellers should recognize in January, February, March, and April.
January income
$
[removed]
February income
$
[removed]
March income
$
[removed]
April income
$
[removed]
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Brief Exercise 4-2Brisky Corporation had net sales of $2,400,000 a.docx
1. Brief Exercise 4-2
Brisky Corporation had net sales of $2,400,000 and interest
revenue of $31,000 during 2014. Expenses for 2014 were cost of
goods sold $1,450,000; administrative expenses $212,000;
selling expenses $280,000; and interest expense $45,000.
Brisky’s tax rate is 30%. The corporation had 100,000 shares of
common stock authorized and 70,000 shares issued and
outstanding during 2014. Prepare a single-step income statement
for the year ended December 31, 2014.
(Round earnings per share to 2 decimal places, e.g. 1.48.)
BRISKY CORPORATION
Income Statement
For the Year Ended December 31, 2014
$
$
$
$
$
2. $
$
$
:
:
$
[removed]
Brief Exercise 18-2
Adani Inc. sells goods to Geo Company for $11,000 on January
2, 2014, with payment due in 12 months. The fair value of the
goods at the date of sale is $10,000.
Prepare the journal entry to record this transaction on January 2,
2014.
(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 2, 2014
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
How much total revenue should be recognized on this sale in
2014?
Total revenue
3. $
[removed]
Brief Exercise 18-5
Jansen Corporation shipped $20,000 of merchandise on
consignment to Gooch Company. Jansen paid freight costs of
$2,000. Gooch Company paid $500 for local advertising, which
is reimbursable from Jansen. By year-end, 60% of the
merchandise had been sold for $21,500. Gooch notified Jansen,
retained a 10% commission, and remitted the cash due to
Jansen.
Prepare Jansen’s entry when the cash is received.
(Round answers to 0 decimal places, e.g. 1,525. Credit account
titles are automatically indented when amount is entered. Do
not indent manually.)
Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(
To record the cash remitted to Jansen.
)
4. [removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record the cost of inventory sold on consignment.)
Brief Exercise 18-6
Telephone Sellers Inc. sells prepaid telephone cards to
customers. Telephone Sellers then pays the telecommunications
company, TeleExpress, for the actual use of its telephone lines.
Assume that Telephone Sellers sells $4,000 of prepaid cards in
January 2014. It then pays TeleExpress based on usage, which
turns out to be 50% in February, 30% in March, and 20% in
April. The total payment by Telephone Sellers for TeleExpress
lines over the 3 months is $3,000.
Indicate how much income Telephone Sellers should recognize
in January, February, March, and April.
January income
$
[removed]
February income
$
[removed]
March income
$
[removed]
April income
$
5. [removed]
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4-2
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![$
$
$
:
:
$
[removed]
Brief Exercise 18-2
Adani Inc. sells goods to Geo Company for $11,000 on January
2, 2014, with payment due in 12 months. The fair value of the
goods at the date of sale is $10,000.
Prepare the journal entry to record this transaction on January 2,
2014.
(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 2, 2014
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
How much total revenue should be recognized on this sale in
2014?
Total revenue](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)