1) An ice cream store vendor wants to find out if there is a difference in the sales of the store during the different months of the year. Listed below is the sales (in thousands) of the store during 2021: No. of sales Jan. 22 Feb. 30 Mar. 44 Apr. 50 May 48 Jun. 23 Jul. Aug. 21 20 Sept. Oct. Nov. Dec. 30 31 29 33
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- Using the following select financial statement information from Mover Supply Depot, compute the number of days sales in receivables ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Mover Supply Depot if the competition collects in approximately 65 days?Bahati Masimba Ltd are retailers who sell tiles. During the month of July to September 2019, there were price fluctuations. Due to the above problem the company had to adjust its selling prices. The following transactions took place during the period;July 3 Opening stock was 5,000 tiles valued at Sh.825,000July 10 Orders placed with the company increased, so extra tiles had to be obtained fromMombasa. Therefore 22,000 tiles were purchased at a cost of Sh.140 each but in addition there was freight and insurance charges of Sh.5 per tileJuly 31 During the month 20,000 tiles were sold at a price of Sh.220 eachAugust 4 A new batch of 14,000 tiles was purchased at a cost of Sh.175 per tileAugust 30 The sales for the month of August were 14,000 tiles at a selling price of Sh.230eachSeptember 1 A further 24,000 tiles were purchased at a cost of Sh.195 eachSeptember 30 A total of 27,000 tiles were sold during September at price of Sh.240 eachRequired: a) A stores ledger account using weighted…Use the following information for the next two questions:Shipments received from the home office are billed at 120% above cost. During theyear, the branch received shipments billed at ₱480,000 and returned damaged goodswith billed price of ₱96,000. The branch has an ending inventory of ₱120,000, at billedprice. The branch reported loss of ₱40,000 in its individual financial statements. Q1: How much is the balance of the “allowance for markup” account before year-end adjustments? Q2: How much is the true profit of the branch to be taken up in the home officebooks?Problem #10:The home office bills shipments of merchandise to its branch at a markup of 20% basedon cost. At the beginning of the period, the “Allowance for markup” account has a creditbalance of ₱8,000. During the period, the home office made shipments of goods worth₱960,000, at cost. The branch reported an ending inventory of ₱480,000, at billed price.How much is the realized mark-up?
- Habiba Company has a single branch in Southwest. On March 1, 2020, the home office accounting records included an Allowance for Overvaluation of Inventories: Southwest Branch ledger account with a credit balance of $32,000. During March, the following transactions occurred: On March 4, the home office shipped merchandise costing $66,000 to the Southwest Branch and billed it at a price representing a 40% markup on the billed price. On March 8, the branch sold 70% of the merchandise received from the home office on march 4 for $90,000 cash. On March 15, the branch sold 20% of the merchandise received from the home office on march 4 to Hope company for $30,000 on credit. On March 22, the home office informed the branch that it had collected 50% of the amount owed by Hope company. On March 28, the branch paid operating expenses of $10,000 cash. On March 29, Hope company paid the remaining amount due to Southwest branch, On March 30, the home office allocated operating expenses of $4,000…Sally Resto's branch submitted the following data for 2021, the branches' first year of operation: Sales of $20,350 Debit balance for Shipment from home office $18,612 Operating Expenses $1,800 Credit balance for Home Office account $4,800 Shipment to the branch are billed at cost. The ending inventory of the branch was $2,500. What is the correct balance of Branch Account to be presented in the home office books?Assume that you have been hired to work as an accountant in ASDA at 1/12/2020 and you found that the account receivable has a balance of 80000 and allowance for doubtful accounts 8000 and you have the following transaction that happened at Walmart during the month 1- At 1 / 12Sold goods on account to CVS, Inc. for $ 10,000, terms 2/10, n / 30 but some of these goods did not meet the quality requirement and goods worth 2000 was rețurned on 3/12. 2- At 5/12 you billed a customer who used his ASDA credit card (to purchase goods worth 15000 on 4/11 but didn't pay the balance) finance charge 396. 3- At 11/12 CVS paid what it owns to ASDA in full. 4- At 15/12 the manager at ASDA estimated the bad debts to be 1296 of account receivables. 5. At 20/12 the manager wrote of 654 of bad debts. 6- At 31/12 you were hired by the manager to be a custodian of the previously issued petty cash fund which worth 200 and you submitted the following cash receipts for replenishment when there is $ 50 cash in…
- Aria Perfume, Incorporated, sold 2,430 boxes of white musk soap during January of 2024 at the price of $80 per box. The company offers a full refund to unsatisfied customers for any product returned within 30 days from the date of purchase. Based on historical experience, Aria expects that 3% of sales will be returned. How many performance obligations are there in each sale of a box of soap? How much revenue, sales returns, and net revenue should Aria recognize in January?During 2021, its first year of operations, Hollis Industries recorded sales of $10,600,000 and experienced returns of $720,000. Cost of goods sold totaled $6,360,000 (60% of sales). The company estimates that 8% of all sales will be returned. Prepare the year-end adjusting journal entries to account for anticipated sales returns, assuming that all sales are made on credit and all accounts receivable are outstanding. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Umatilla Bank and Trust is considering giving Sarasota Corp. a loan. Before doing so, it decides that further discussions with Sarasota’s accountant may be desirable. One area of particular concern is the Inventory account, which has a year-end balance of $284,470. Discussions with the accountant reveal the following. 1. Sarasota shipped goods costing $50,150 to Hemlock Company FOB shipping point on December 28. The goods are not expected to reach Hemlock until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $88,600 that were shipped to Sarasota FOB destination on December 27 and were still in transit at year-end. 3. Sarasota received goods costing $24,100 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physical count. 4. Sarasota shipped goods costing $49,800 to Ehler of…
- Tri-State Bank and Trust is considering giving Concord Company a loan. Before doing so, management decides that further discussions with Concord’s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $345,000. Discussions with the accountant reveal the following. 1. Concord sold goods costing $32,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. 2. The physical count of the inventory did not include goods costing $95,000 that were shipped to Concord FOB destination on December 27 and were still in transit at year-end. 3. Concord received goods costing $23,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. 4. Concord sold goods costing $34,000 to Jesse…Umatilla Bank and Trust is considering giving Pohl Company a loan. Before doingso, it decides that further discussions with Pohl’s accountant may be desirable. One areaof particular concern is the Inventory account, which has a year-end balance of $275,000.Discussions with the accountant reveal the following. 1. Pohl sold goods costing $55,000 to Hemlock Company FOB shipping point onDecember 28. The goods are not expected to reach Hemlock until January 12. Thegoods were not included in the physical inventory because they were not in thewarehouse. 2. The physical count of the inventory did not include goods costing $95,000 that wereshipped to Pohl FOB destination on December 27 and were still in transit at year-end. 3. Pohl received goods costing $25,000 on January 2. The goods were shipped FOB shipping point on December 26 by Yanice Co. The goods were not included in the physicalcount. 4. Pohl sold goods costing $51,000 to Ehler of Canada FOB destination on December 30.The goods were…DER Corp will open a new store on January 1. Based on experience form its other retail outlets, DER is making the following sales projections: Cash sales Jan 600 000 Feb 300 000 Mar 400 000 Apr 400 000 Credit sales 400 000 500 000 600 000 800 000 DER Corp estimates that 70% of the credit sales will be collected in the month following the month of the sale, with the balance collected in the second month following the sale. 1. Based on these data, the balance in accounts receivable on January 31 will be increased by:
