Sample content Week 3 assignment final Complete the following Workbook Template Week Three or you may complete the problems E5-2, E5-6 and P5-5B from Chapter 5 and Problems 6-2B and 6-3B Chapter 6. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit. Exercise 5-2 (a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting). EXERCISE 5-2 Sept. 6 Stock 1,650 Accounts Due 1,650 9 Stock    50 Cash    50 10 Accounts Due    66 Stock    66 12 Accounts Receivable   690 Sales Income   690 Cost of Goods Sold   520 Stock   520 14 Sales Returns and Allowances    45 Accounts Receivable    45 14 Stock 34 Cost of Goods Sold 34 20 Accounts Receivable 760 Sales Income 760 Cost of Goods Sold 570 Stock 570 EXERCISE 5-6 (a) YU Co. Income Statement For the Month Ended January 31, 2012

1. BUS 591 Week 3 Assignment
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Sample content
Week 3 assignment final
Complete the following Workbook Template Week Three or you may complete the
problems E5-2, E5-6 and P5-5B from Chapter 5 and Problems 6-2B and 6-

2. 3B Chapter 6. Submit your work to your instructor by the posted due date. Show all
your work in order to earn full credit.
Exercise 5-2
(a) Journalize the transactions, including explanations. (Note, enter all accounts in
one box. The dates have been included to help with formatting).
EXERCISE 5-2
Sept. 6 Stock 1,650
Accounts Due 1,650
9 Stock 50
Cash 50
10 Accounts Due 66
Stock 66
12 Accounts Receivable 690
Sales Income 690
Cost of Goods Sold 520
Stock 520
14 Sales Returns and Allowances 45
Accounts Receivable 45
14 Stock 34
Cost of Goods Sold 34
20 Accounts Receivable 760

3. Sales Income 760
Cost of Goods Sold 570
Stock 570
EXERCISE 5-6
(a) YU Co.
Income Statement
For the Month Ended January 31, 2012
Sales Incomes
Sales Income $370,000
Less: Sales returns and
Allowances $20,000
Sales discounts 8,000 28,000
Net sales 342,000
Cost of goods sold 212,000
Gross profit 130,000
Operating expenditures
Salaries and wages expenditure 60,000
Rent expenditure 32,000
Insurance expenditure 12,000

4. Freight-out 7,000
Total operating expenditures 111,000
Income before income taxes 19,000
Income tax expenditure 4,750
Net income $ 14,250
(b) Profit margin ratio = = 4.2%
Gross profit rate = = 38.0%
PROBLEM 5-5B
KRITEK COMPANY
Income Statement
For the Year Ended December 31, 2012
Sales Incomes
Sales Income $708,000*
Less: Sales discounts 11,300
Net sales 696,700
Cost of goods sold 460,000
Gross profit 236,700
Operating expenditures
Salaries and wages expenditure** $105,500
Rent expenditure 14,500

5. Freight-out 14,000
Advertising expenditure 13,000
Utilities expenditure 9,500
Depreciation expenditure 7,500
Insurance expenditure ($7,000 – $1,200) 5,800
Total operating expendi
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