The following merchandise transactions occurred during December for t - 10250

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yousafbhutta

yousafbhutta

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The following merchandise transactions occurred during December for two different companies: Rippen and Burnen. Both companies use a perpetual inventory system.

On December 3, Rippen Corporation sold merchandise on account to Burnen Corp. for $487,000, terms 3/10, n/30. This merchandise originally cost Rippen $308,000.

On December 8, Burnen Corp. returned merchandise to Rippen Corporation for a credit of $3,300. Rippen returned this merchandise to inventory at its original cost of $2,087.
December 12, Burnen Corp. paid Rippen Corporation for the amount owed.

 

 

 

Required:

 

 

 

(a)

Prepare the journal entries to record these transactions on the books of Rippen Corporation. (Omit the "$" sign in your response.)

(b)

What is the amount of net sales to be reported on Rippen Corporation's income statement? (Omit the "$" sign in your response.)

(c)

What is the Rippen Corporation's gross profit percentage? (Do not round intermediate calculations and round your final answer to 2 decimal places. Omit the "%" sign in your response.)

 

 

 

Solution Description

Please give me your A++

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Question no.4.docx
Question no.4.d...