8. A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise
Q: Instructions Fees earned $1,470,000 Office expense 309,000 Miscellaneous expense 26,000 Wages expens...
A: Closing Journal Entries No. Account Titles and Explanation Debit Credit 1 Fees Earne...
Q: A company purchased a computer system on January 1, 2021 for S 1,600,00 and sold it one year later o...
A: journal entry to record depreciation are as follows
Q: The corporation records included the following shareholders equity accounts: Preference share par150...
A: Issued and outstanding shares is equal to total shares issued and whit are outstanding till year end...
Q: ted. Does the expected loss meet the definitio
A: Conceptual Framework A conceptual framework is a written or visual representation of how variables s...
Q: Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, ...
A: Note: As per the norms of Bartleby, in case of questions with multiple sub parts, the first 3 subpar...
Q: (a) Briefly explain TWO (2) methods of payment for the issuance of share. (b) MOLLY Berhad decided t...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: On January 2, 2021 PAMIGAY CORP paid P380,000 cash and issued 120,000 new shares of its P5 par value...
A: Consolidated financial statements are the one which are prepared when one or two subsidiaries are ac...
Q: 2. The following items were deduced from the accounting records of JC Company's income statement for...
A: Administrative expenses are those business expenses which are used in office and by the administrati...
Q: At the beginning of the year, Morgan Company had total assets of $425,000 and total liabilitiesof $2...
A: The accounting equation depicts the interaction of assets, liabilities, and capital. It serves as th...
Q: merchandise to
A: Given: Accounts receivable $109,000 doubtful accounts $10,000
Q: The following cost have been estimated based on sales of 30,000 units Direct materias P300,000 (100...
A: Introduction:- Calculation of variable cost per unit as follows under:- Calculation of Variable cost...
Q: On January 1, 2021, PCO purchased 70% ownership of SCO which resulted to a gain on acquisition of P1...
A: Cost of goods sold=Beginning inventory+Net Purchases-Ending inventory
Q: Break-Even in Units and Sales Dollars, Margin of Safety Drake Company produces a single product. La...
A: Contribution margin per unit = Contribution margin / Number of units Contribution margin ratio = Con...
Q: Tracing for several days before and after year-end to recorded purchases is designed to test 1. the ...
A: An auditor must check the authenticity of the transaction and it can be done by getting sufficient a...
Q: an company XYZ offers compounded annually. What loan company will you borrow money, then justify why...
A: Simple interest rate is the rate of interest that is being charged on the principal amount of a loan...
Q: Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms 2/...
A: The perpetual inventory system records the sales and cost of goods sold as and when they are incurre...
Q: MC Packaging Limited (“MC") makes aluminum cans for the food processing industry. It produces the ca...
A:
Q: cultural and behavioural expectations of studying for a degree in accounting and financial managment...
A: Cultural and Behavioural expectations would be: setting and promoting guiding values and an ethic...
Q: Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Inco...
A: A common size income statement is an income statement in which each line item is expressed as a perc...
Q: Which of the following is true about the operating cycle concept? It causes the distinction between...
A: Lets understand the basics. Operating cycle is a cycle of converting inventories into cash. It inclu...
Q: Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000 Depr...
A: Prime cost is the direct cost of the company related to material and labor. Manufacturing overhead i...
Q: On 30 June 2019, TIIE Ltd acquired a machine for $180 000 cash, with an expected useful life of 9 ye...
A: The revaluation of assets and liabilities leads to the creation of revaluation reserve by the amount...
Q: The accountant for Murphy Company prepared the following analysis of its inventory at year end: ...
A: Solution Ending inventory is the amount of the inventory which is not sold during a financial year a...
Q: Following is the shareholders' equity section of the balance sheet of the Optimum Corporation: Share...
A: A common stock dividend is the dividend paid to common stock owners from the profits of the company....
Q: 8. In any transaction, the total peso amounts of debits must equal the total peso amounts of credits...
A: 8. In the Double Entry System, in any transaction total of debits always equals to total of credits....
Q: Paid secretary's salary for the first half of the month, Php3,500. A. Debit Cash, Credit J. Ilagan, ...
A: Journal is a book of original records wherein transactions are recorded for the first time.
Q: Below is a summary of all transactions of Mason Furniture for the month of August 2021. ...
A: Introduction cash flow statement is statement that tells about cash and financial position of compan...
Q: Calculate the current ratio and the quick ratio for the following partial financial statement for To...
A: Ratio analysis involves computing the ratios using the elements of financial statements in order to ...
Q: Meiji Isetan Corporation of Japan has two regional divisions with headquarters in Osaka and Yokohama...
A: Return on investment (ROI)=Net Operating IncomeAverage Operating Assets×100 Residual Income=Net Oper...
Q: Accounting Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month a...
A: A cash budget details the predicted sources as well as uses of cash over a given time period. This b...
Q: The distribution of a dividend that represents a partial return of the original investment made by t...
A: Dividend is the disbursement of profit in consideration to the shares purchased by the shareholders....
Q: Common shareholders are considered the residual owners of a corporation. The term residual means tha...
A: A common shareholder would be someone who actually owns one common stock of a corporation. Ordinary ...
Q: Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $38,100 and hasthe follo...
A: Retained earnings seem to be the earnings that remain with the firm just after the disbursement of d...
Q: f the utility stock purchased their shares through an online brokerage, whereas Tony and the owner o...
A: From this clue, we can say that Anita is not the owner of the utility stock and Tony is not the owne...
Q: Posting:a. involves transferring the information in journal entries to the general ledger.b. is an o...
A: Companies maintain detailed records of their balances, whether they be revenues, costs, or liabiliti...
Q: Staley Inc. reported the following data:Net income $396,200Depreciation expense 61,250Loss on dispos...
A: Statement of cash flows forms a part of financial statements and is prepared with a view to show the...
Q: A credit sale of $3.600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted o...
A: Formula: Cash received = Sales amount - Discount amount
Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of ...
A: Journal is the book of original entry in which all the transactions relating to business are recorde...
Q: The VAT on government is described as a final withholding system creditable system no answer is corr...
A: VAT is the value added tax . It is a flat tax levied on an item. It is an indirect tax and a separa...
Q: BC Corporation has an investment of 4,000,000 shares in XYZ Corporation. On December 31, 2021, ABC d...
A: Shareholders also invest money in the company and in return they become the owners in proportion to ...
Q: The following items were deduced from the accounting records of JC Company’s income statement for th...
A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question ...
Q: Quantitative information is found А. В. С. D. only in the face of the financial statements. Yes No Y...
A: Financial Statements Financial statements provide the actual performance of a corporation. The balan...
Q: 0 Variable Manufacturing Overhead ……………. $7.00 Fixed Manufacturing Overhead…………........................
A: The margin of Safety : The premise behind the margin of safety is that an investor should only acqui...
Q: Sage Hill Company reports the following costs and expenses in May. Factory utilities $13,600 D...
A: A. Manufacturing overhead = Factory utilities + Depreciation on factory equipment + Indirect factory...
Q: The profit before tax, as reported in the Statement of Profit or Loss and Other Comprehensive Income...
A: Profit before tax: The amount of a company's net earnings prior to adjustment of income taxes is cal...
Q: Crandall Distributors uses a perpetual inventory system and has the following data available for inv...
A: Solution Calculation of goods available for sale- = (110*7.1)+(575*7.2)+(680*7.5)+(230*7.7). = 117...
Q: Drake Company produces a single product. Last year's income statement is as follows: Sales (21,000 ...
A: Break even point : It refers to that point where total cost is equal to total revenue, i e. It is ...
Q: A company purchased a con January 1, 2022, for $ 500,0 expected life of five years am
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Doogan Corporation makes a product with the following standard costs: Standard Quantity or Hou...
A: Lets understand the basics. Labor efficiency variance is a variance between the standard hour that s...
Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose var...
A: Units sales to attain target profit = (Fixed expenses + Target Profit)/Contribution margin per unit ...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.A company purchased $3,400 worth of merchandise. Transportation costs for the buyer were an additional $300. The company returned $235 worth of merchandise and then paid the invoice within the 1% cash discount period. The total cost of this merchandise is: Multiple Choice $3,335.00. S3, 263.00. $3, 431.00. $3, 433.35. $3,465.00.A company purchased $12,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1,500, was added to the invoice amount. On June 20, it returned $2,400 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:
- A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. The amount of the cash paid on July 28 equals: $200. $1,564. $1,568. $1,600. $1,800.A company purchased $8,800 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $440 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: Multiple Choice O O C O $8,109. $8,536. $8,800. $8,360. $8,153.A company purchased $8,000 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $640 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: Multiple Choice $7,139. $7760. $8,000.
- A company purchased $8, 200 of merchandise on June 15th with terms of 3/10, n/45. on June 20, it returned $410 of that merchandise. on June 24th it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid ok june 24th is a) 8, 200 b) 7, 790 c) 7,556 d) 7,597 e) 7, 954A company purchased $9,700 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $485 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: Multiple Choice $9,409. О $8,939. O $9,700. O $9,215. C $8,987.17 A company purchased $4,600 worth of merchandise. Transportation costs were an additional $405. The company returned $315 worth of merchandise and then paid the invoice within the 1% cash discount period. The total cost of this merchandise is: 1 Multiple Choice polnts $4,510.00. $4.476.00. $4,644.00. $4,647.15. $4,690.00.
- Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit.a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?b. What account is debited by Hoffman Company to record the return?A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned $240 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals: Multiple Choice O O O $240. $1,894. $1,901. $1.960. $2,200.M&M Company purchased $3,600 of merchandise on account, terms 2/10,n/30. If payment was made after the expiration of the discount period, the entry to record the payment would include: a. debit to accounts payable of $3,528 b. credit to inventory of $3,600 c. credit to cash of $3,528 d. credit to cash of $3,600