ACCT 301 DB 3

Q16

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Q2

Question 5?

28

Subject : Accounting You just took a new job as a controller of a large company that purchases and sells surf boards (has inventory). The owner has asked you to advise her on how she should select the correct inventory valuation method for the inventory (LIFO, FIFO and Weighted Average). What would be your response?

Please answer both

b Preview File Edit View Go Tools Window Help mgt120h-a17.pdf Page 5 of 10 15. The retailer considers VISA and MasterCard sales as a. Cash sales. b. Promissory notes. c. Credit sales. d. Contingent sales. Cost-Volume-Profit Analysis 40 14. Receivables might be sold to a. Lengthen the cash-to-cash operating cycle. b. Take advantage of deep discounts on the cash realizable value of receivables. c. Generate cash quickly. d. Finance companies at an amount greater than cash realizable value. The Effect Of Prepaid Taxes On Assets And Liabili... O Debenture Valuation CC 7 D ↑ V Search (Cª Ơ Sat Apr 15 3:05 PM 13. Goodwill can be recorded When customers keep returning because they b. When the company ang because they are satisfied with the company's products. d. Only when there is an exchange transaction involving the purchase of an entire business. c. When the company has exceptional mor business 400-0 -0 =1 Page 4 of 11

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ning Objective 2 S6-2 Determining inventory costing methods Ward Hardware does not expect costs to change dramatically and wants to use an inventory costing method that averages cost changes. Requirements 1. Which inventory costing method would best meet Ward's goal? 2. Assume Ward wanted to expense out the newer purchases of goods instead. Which inventory costing method would best meet that need?

Accounting II Project Wendover Fashions The purpose this problem is to combine concepts from different chapters into a single problem. Thus, you will find in this problem transactions for notes & interest, bad debts, merchandise inventory, plant assets, and accruals and deferrals. Lori Sweat owns Wondayex Fashions, a small and successful firm. She uses the allowance method for bad debts, FIFO valuation for its periodic merchandise inventory system, and the straight method to depreciate plant assets on a monthly basis. Relevant account balances as of December 1, 20X1, are as follows: Debit Account Allowance for Doubtful Accounts Accounts Payable Empire Company Livingston Company Jesse Zealif Directions: 1. Record the following selected transactions in a general journal Credit $3,200 8 9 $350 950 800 Dec. 1 1 on account 4 5 Purchased office equipment on credit from Modem Equipment Company For $1,800, plus freight charges of $95' and an installation charge of $ 180. The equipment…

please answer below using appropriate accounting methods   please show detailed solutions!

Intermediate Accounting 105 Please, may I have the solution for the errors in this problem?     Thank you

Hcs/380 week 4? Terminology matching

QUESTION #1: GIVE COMPLETE SOLUTIONS

A company's investment in receivables is influenced by several variables, including: 10701 3 Multiple Choice U Celeste The level of sales. The nature of the product or service sold. The credit and collection policies. All of these answer choices are correct. Saved < Prev 36 of 75 333 Next >

Question attacheed in screenshot thank sfor the help greatly appreicated oeipt234p2o3i5po2i35po23i5p2o3i52po 5i3po2ip3o5i2p3oi2p

Required information [The following information applies to the questions displayed below.] The following narrative describes the purchase and payment process for The Tablet Store. Use the narrative to answer the questions below. The Tablet Store recently opened to sell iPads and other tablet computing devices. It purchases its tablets directly from the manufacturers (e.g., Apple, Samsung, and Dell). To order tablets, a Tablet Store employee submits a purchase order to the manufacturer electronically. Each purchase order could stipulate several different models of tablets from one manufacturer. The manufacturers typically deliver the tablets to the store within two weeks after they receive the purchase order. The Tablet Store pays for each shipment within 30 days after receipt. If there are multiple orders to the same manufacturer, the Tablet Store occasionally combines payments, issuing one check for multiple receipts. All of the Tablet Store checks are drawn on one bank account. Draw…

Hcs/380 week 4

Question 3Every company or organisation placed inventory as an important aspect for their businesses. Discuss the need to manage inventory in the monetary context.   answer guidelines Discuss the need to manage inventory in monetary/financial aspects, below are some points. •     Inventory has value tagged to it and must be account for. •     Inventory is counted among a company’s current assets because it can be sold within a year. •     Inventory also shows up on the income statement in the form of cost of goods sold (cost that are incurred to make the product including direct labor, direct materials and overheads). •     Higher inventory carried means need to incur higher carrying cost   please provide detailed answer.minimum 700 words

Question 25 25. (CLO5, PLO5, ZULO1) The journal entry for purchase of inventory on account will require a: O debit to cost of goods sold and credit to inventory debit to sales returns and credit to revenues debit to inventory and credit to accounts payable debit to inventory and credit to accounts receivable

I

Financial accounting Q

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Problem 2 Complete the chart. Two rows have been completed for you as examples Tip: Some of these accounts are discussed in Chapters 7 & 8, and you can find them on the Sample General Ledger Accounts table at the back of your book (also available in the e-text). Accounting Equation Normal Financial Financial Statement Temporary Closed /Not Account Title Classification Balance Statement Classification /Permanent Closed Merchandise Inventory Asset Debit Balance Sheet Current Asset Permanent Not Closed Sales Discounts Contra-revenue Debit Income Statement Revenue Temporary Closed Sales Returns & Allowances Petty Cash Fund Allowance for Doubtful Accounts Accumulated Depreciation Purchases Purchase Returns & Allowances Depreciation Expense Sales Tax Payable Sales Freight-In Uncollectable Accounts Expense Interest Income Notes Payable

Parrish Pg. 168 Recording Inventory I have two transactions for recording inventory. One is the periodic method and one is the perpetual method. I have two questions, please answer both of them! 1) Explain with regard to this specific transaction example how the two methods work 2) Why is there an additional step in the perpetual method with the COGS and Inventory transaction Sale of Merchandise Costing $200 for $325 ( what does costing $200 for $325 mean??) Periodic Method Accounts Receivable or Cash   325             Sales Revenue                        325 Perpetual Method  Accounts Receivable or Cash    325          Sales Revenue                                325 AND Cost of Goods Sold   200                         Inventory     200

Q.4.1 In your own words explain the 3 reasons why inventory is classified as an asset. Q.4.2 There are 2 different inventory systems available for a business to use in order to control their trading inventory flows. What are these 2 systems? Q.4.3 Argon Traders is a business located in Centurion. Argon Traders is a registered VAT vendor and trades only with registered VAT vendors that can provide tax invoices. The business charges 15% VAT on all its sales. All amounts are inclusive of VAT, unless VAT is not applicable. Argon Traders sells good for cash and on credit. Transaction 1: On the 1st of March 2022 Argon Traders sold goods for R15 000 excluding VAT) on credit to Mr Neon. Goods are marked up 20% on cost

ACC340 Accounting Systems I Chapter 15: P 15-5, page 612: Based on the inventory process control goals discussed in this chapter, explain the impact of using a periodic inventory process instead of a perpetual process. Be sure to also discuss how you would design the process to attempt to meet the same control objectives using this periodic process.