anary Cawnmowers purchased 300lawnmower parts at $3.50 per part from a supplier on December 4. Terms of th chase are 4/10, n/25, invoice dated December4. Canarylawnmowers na
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- Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays their account in full on December 16. On December 21, Canary discovers 34 of the parts are the wrong size but decides to keep them after the supplier gives Canary an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.Canary Lawnmowers sold 75 lawnmower parts at $5.00 per part to a customer on December 4. The cost to Canary is $3.00 per part. Terms of the sale are 4/10, n/25, invoice dated December 4. The customer pays their account in full on December 16. On December 21, the customer discovers 22 of the parts are the wrong size, but decides to keep them after Canary gives them an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.
- Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.On December 1, 2021 Cardinal Company, a garden retailer, purchased $20,000 of corn seed, terms 2/10, n/30, from IowaFarm Co. Even though the discount period had expired, Rosa Lopez subtracted the discount of $400 when she processedthe documents for payment on December 15, 2021. Discuss whether Rosa Lopez behaved in a professional manner by subtracting the discount, even though the discount period had expired.Oswego Clay Pipe Company sold $45,800 of pipe to Southeast Water District 45 on April 12 of the current year with terms 2/15./60. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on June 10, assuming the customer made the correct payment on that date?
- On August 5, 2021, Sheridan Furniture shipped 40 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $400 each. The cost of shipping the dining sets amounted to $4100 and was paid for by Sheridan Furniture. On December 30, 2021, the consignee reported the sale of 30 dining sets at $900 each. The consignee remitted payment for the amount due after deducting a 6% commission, advertising expense of $650, and installation and setup costs of $830. The amount cash received by Sheridan furniture is?Kylie Co. is a VAT-registered merchandising company. Kylie buys products from a local supplier for P10,000 each (VAT-exclusive), and usually sells the items with a 30% markup. For December 2022, due to market disruption, Kylie was forced to sell the products for P10,080 each (VAT-inclusive). Kylie was able to make 50 individual sales during the month.Assume Kylie remits its taxes the following month, how much is the VAT Payable to be presented in the Statement of Financial Position as of December 31, 2022? VAT rate applicable for both purchase and sale transaction is 12%Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
- [The following information applies to the questions displayed below.] Steve's Outdoor Company purchased a new delivery van on January 1 for $45,000 plus $3,800 in sales tax. The company paid $12,800 cash on the van (including the sales tax), signing an 8 percent note for the $36,000 balance due in nine months (on September 30). On January 2, the company paid cash of $700 to have the company name and logo painted on the van. On September 30, the company paid the balance due on the van plus the interest. On December 31 (the end of the accounting period), Steve's Outdoor recorded depreciation on the van using the straight-line method with an estimated useful life of 5 years and an estimated residual value of $4,500. Required: 1. Indicate the effects (accounts, amounts, and + or −) of each transaction on the accounting equation. Use the following schedule: (If the transaction does not impact the accounting equation choose "No effect" in the first column under "Assets".)Cierra Markets, Inc. accepts prepaid grocery orders for home and commerical delivery. This year, the company collected $164000 in advance orders and delivered $66,000 of the advance orders. The company paid $28,000 in insurance premiums for a policy covering the life of its founder and CEO. Income before considering any revenue recognized on the delivered groceries and the insurance expense is $808,000. Cierra is subject to a 35% income tax rate. Requirement a. Prepare the journal entry to record the current year income tax provision. B. Prepare the footnote, in dollars and percentages, to reconcile the company's federal income tax rate to its effective (actual) tax rate.To support herself while attending school, Daun Deloch sold stereo systems to other students. During the first year of operations, Deloch purchased the stereo systems for $138,000 and sold them for $258,000 cash. She provided her customers with a one-year warranty against defects in parts and labor. Based on industry standards, she estimated that warranty claims would amount to 6 percent of sales. During the year, she paid $1,480 cash to replace a defective tuner. Required a-1. Prepare an income statement for Deloch’s first year of operation. a-2. Prepare a statement of cash flows for Deloch’s first year of operation.
