please answer with 30 minutes I need this table filled out in full. Thank you.Required informationUse the following information for the Exercises below.[The following information applies to the questions displayed below]Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products.May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at aprice of $10 cash per unit (for a total cost of $30,000).May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Companyunder credit terms 2/10, n/60. The goods cost Allied $15,000.May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,100). Alliedrestores the units, which cost $1,500, to its inventory.May 8Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Alliedgives a price reduction (allowance) and credits Macy's accounts receivable for $900 to compensate forthe damage.May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net ofreturns, allowances, and any cash discount.Exercise 4-7 (Algo) Effects of sales transactions on income statement LO P2Use the above informations, analyze each transaction by indicating its effects on the income statement-specifically, identify theaccounts and amounts (including+ or -) for each transaction.Income Statement ComponentsSalesSales discountsSales returns and allowancesNet salesCost of goods soldGross profitMay 3Increase/Decrease() increaseAmountMay 5Increase/DecreaseAmountMay 7Increase/Decrease AmountMay 8Increase/DecreaseAmount

Gross Profit = Net Sales - Cost of Goods Sold. Net Sales = Sales - Sales Discount - Sales Returns…

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Business

Accounting

please answer with 30 minutes

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. May 15 Allied receives payment from Macy…
Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). May 5 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $5,500. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. May 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. May 15 Allied receives payment from Macy for the…
Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $8 cash per unit (for a total cost of $24,000). May 5 Allied sold 1,500 of the units in inventory for $12 per unit (invoice total: $18,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $12,000. May 7 Macy returns 150 units because they did not fit the customer’s needs (invoice amount: $1,800). Allied restores the units, which cost $1,200, to its inventory. May 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $600 to compensate for the damage. May 15…
Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $11 cash per unit (for a total cost of $33,000). May 5 Allied sold 1,500 of the units in inventory for $15 per unit (invoice total: $22, 500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $16,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $2,250). Allied restores the units, which cost $1,650, to its inventory. May 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $1,050 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May…
Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $10 cash per unit (for a total cost of $10,000). May 5 Allied sold 500 of the units in inventory for $14 per unit (invoice total: $7,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $5,000. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $700). Allied restores the units, which cost $500, to its inventory. May 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase;…
Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $9 cash per unit (for a total cost of $9,000). May 5 Allied sold 500 of the units in inventory for $13 per unit (invoice total: $6,500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $4,500. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $650). Allied restores the units, which cost $450, to its inventory. May 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $250 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase;…
[The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $15,000. May 7 Macy returns 125 units because they did not fit the customer’s needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory. May 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase;…
Required Information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,eee units at a price of $18 cash per unit (for a total cost of $10,000). May 5 Allied sold see of the units in inventory for $14 per unit (invoice total: $7,000) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $5,000. May 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $700). Allied restores the units, which cost $588, to its inventory. May 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $388 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase;…
[The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $7 cash per unit (for a total cost of $21,000). May 5 Allied sold 1,500 of the units in inventory for $11 per unit (invoice total: $16,500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $10,500. May 7 Macy returns 150 units because they did not fit the customer's needs (invoice amount: $1,650). Allied restores the units, which cost $1,050, to its inventory. May 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $450 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is…
Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. Is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $12 cash per unit (for a total cost of $24,000). 5 Allied sold 1,800 of the units in inventory for $16 per unit (invoice total: $16,880) to Macy Co. under credit terms 2/18, n/6e. The goods cost Allied $12,008. 7 Macy returns 188 units because they did not fit the customer's needs (invoice amount: $1,68e). Allied restores the units, which cost $1,280, to its inventory. 8 Macy discovers that 109 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $8ee to compensate for the damage. 15 Allied receives payment from Macy for the anount Owed on the May 5 purchase; paynent is net…
[The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $9 cash per unit (for a total cost of $27,000). May 5 Allied sold 1,500 of the units in inventory for $13 per unit (invoice total: $19,500) to Macy Company under credit terms 2/10, n/60. The goods cost Allied $13,500. May 7 Macy returns 150 units because they did not fit the customer’s needs (invoice amount: $1,950). Allied restores the units, which cost $1,350, to its inventory. May 8 Macy discovers that 150 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $750 to compensate for the damage. May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase;…
Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $15,000. 7 Macy returns 125 units because they did not fit the customer's needs (invoice amount: $1,750). Allied restores the units, which cost $1,250, to its inventory. 8 Macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $300 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net…