Belpre, Inc. owes $90,000 to William's Drones Co. for inventory acquired with terms of 3/15, n/30.
Q: The management of Caribbean Juices has provided you with the following data on its Creamy Brand…
A: Variable cost is that cost that changes with the level of production. It is the difference between…
Q: LO4-1, L04-2, L04-3, L04-4, LO4-5, L04-6, L04-9 EXERCISE 4.7 Preparing Various Adjusting Entries…
A:
Q: C. Highlight ONE (1) advantage and ONE (1) disadvantage of the market-based transfer pricing method.
A: Under market based Transfer pricing, the tranfer price between one divison to another divison under…
Q: On July 1, 2021, the board of directors of ABC Co. declares a 10% share dividend. The market price…
A: Share dividend declared should be treated as dividend payable under the current liability section of…
Q: In July 2020, ABC Co. computed its equivalent unit costs under FIFO process costing as follows:…
A: The total cost is calculated as equivalent units multiplied by cost per equivalent unit.
Q: What is the effect of writing off of an uncollectible account to the working capital of a company?…
A: >Working Capital is the excess of Current Assets over Current Liabilities. >Account…
Q: final tax and income tax
A: Tax is a form of compulsory payment made to the government of the country. The amount that is…
Q: Statement I. If the pattern of the repairs cannot be established and the obligation for warranty…
A:
Q: In 2021, a lawsuit was filed against Keri Keri Co. for patent infringement. The plaintiff is…
A: Under the expected value method of measuring a provision, if we have a range of possible outcomes,…
Q: Why option A is incorrect?
A: revenue is generated by the business whenever goods or services are sold by the business.this leads…
Q: Hansel and Gretel are partners. Hansel's capital balance is P130,000 and Gretel's is P150,000. They…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Zest Company noted the following information regarding its returnable containers for fiscal year…
A: Answer: c. P 80,000
Q: The post-closing trial balances of two proprietorships on January 1, 2022, are presented below.…
A: To record the formation of the partnership firm, the assets of the firm are debited, liabilities are…
Q: GENERAL JOURNAL ENTRIES For each of the following transactions, 1. Invested cash in the business,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step…
Q: May 31, 2022 1. Let us assume, that in the management of a small hotel business providing 50 rooms…
A: Cost refers to the payment made for acquiring or producing a specific item. The buyer considers this…
Q: 3 Your boss informs you that s/he will be sending you overseas to negotiate a deal with a new…
A: Answer:- Negotiation meaning:- A negotiation is a strategic debate that aims to settle a problem in…
Q: Depreciation Stahmann Products paid $350,000 for a numerical controller during the last month of…
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the…
Q: e and the share sells for R 30. Their abbreviated balance sheet before paying out dividend is : R.…
A: A dividend is a profit distribution made by a corporation to its shareholders. When a corporation…
Q: Prepare Journal entries? A. July 1, issued common stock for cash, $15,000 B. July 15, purchased…
A: The journal entries are prepared to record day to day transactions of the business on regular basis.
Q: Raymond Ryans purchased a 50-year-old flat in Melbourne on 15 September 2010 for $350,000 which he…
A:
Q: 1-a. Compute the throughput time for each month. 1-b. Compute the delivery cycle time for each…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The balance in the retained earnings account of Indigo Corporation was P450,000 at December 31,…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: Assume that a foreign company using IFRS is owned by a company using U.S. GAAP. Thus, IFRS balances…
A: a. Under IFRS Account title Debit Credit Cash 100,000 Bonds Payable 88,699…
Q: This year, the Huang Trust is a complex trust. This year, it distributed all of its accounting…
A: Answer:- Definition of complex trust:- A complex trust is basically the opposite of a complex…
Q: Accounts Receivable on 31 December and one year prior to it were P312,400 and P428,400 respectively.…
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.
Q: jacobsville Hospital has budgeted costs of $850,000 in diagnostic imaging. The total estimated…
A: Introduction:- ABC costing means Activity based costing. It is used to allocation of manufacturing…
Q: Silas Company prepares accounts for accounting year end December 31. Prepare the appropriate…
A: Adjusting entries are the journal entries passed on the reporting date to record the transactions…
Q: A certain retail company is obligated to pay 2.17% on earned wages into Worker's Compensation…
A: The expenses incurred during the current period should be recorded in the current period income…
Q: Cavite Mall grants its customers one reward point for each P100 sales for the year 2021 only. Each…
A: Total points = $2500000 Given that 50% of granted points are redeemed i.e = 50%(P2500000) = P1250000…
Q: In June 2022, Gold Tempo Retailers sold refundable merchandise coupons. Gold Tempo received P10 for…
A: The revenue a business receives before providing a commodity or service is known as unearned…
Q: On December 31, 2022, Bramble Company prepared an income statement and balance sheet and failed to…
A: Adjusting entries have a vital role in the preparation of financial statements. Depreciation,…
Q: Define transfer pricing and elaborate on FOUR (4) of its purposes. B. In deciding a transfer…
A: There are some transactions that take place within different divisions of an enterprise. Sometimes,…
Q: A tax declaration contains the following data: Actual use of property Residential Market value:…
A: In the context of the given question, we are required to compute the total real property tax…
Q: Paul Company presented the following information pertaining to its investments in equity securities.…
A: Investment in equity securities can be designated in either way: 1. FVPL 2. FVOCI
Q: Compute NET Profit margin ratio Income Statement (SM) Revenue Depreciation Other Operating Expense…
A: Formula: Net profit margin ratio = ( Net profit / Revenues ) x 100
Q: e-half of her equity. After the admission of Mitch, the total partners' equity in the records of the…
A: When a new partner purchases the existing partners capital share , it is a personal transaction and…
Q: Raymond Ryans purchased a 50-year-old flat in Melbourne on 15 September 2010 for $350,000 which he…
A: Introduction: A capital gain is when you sell a financial asset, and the value of the instrument…
Q: What will be the statement of liquidation?
A: Statement of the liquidation is the statement which is prepared when the business of the company or…
Q: 2. Mr. Reis has these daily balances on his credit card for his last billing period. full the…
A: For calculation of average daily balance take the sum of all balances of each day then divide the…
Q: Prepare Journal entries? A. July 1, issued common stock for cash, $15,000 B. July 15, purchased…
A: Introduction: Journal entries are the foundation of excellent record-keeping. They are grouped into…
Q: Blue Spruce Hardware Store Inc. completed the following merchandising transactions in the month of…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Question 1 A manufacturing company, VMTC PLC, makes the product, blitz. Monthly sales for the first…
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: The direct method as used by Ultimate Manufacturers is one method that can be used to re-assign…
A: Service department costs are the indirect costs to units produced and therefore these are known as…
Q: An asset was purchased for $310000. It had an estimated salvage value of $50000 and years of use,…
A: The depreciation expense is the reduction in the value of long term assets with usage and passage of…
Q: Accounts Bank Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Supplies…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Determine the managerial balance sheet for the FY 2021.
A: Answer
Q: At its meeting on December 1, 2021, the board of directors of ABC Co. declares a cash dividend of P2…
A: Cash dividend is payable to the shareholders who have the name on the shareholders register on the…
Q: Raymond Ryans purchased a 50-year-old flat in Melbourne on 15 September 2010 for $350,000 which he…
A: Introduction: When you sell a capital product and its value rises, you get a capital gain. Almost…
Q: 20. If regular monthly deposits of P3,850 in a savings account amounted to P105,000 after! years,…
A:
Q: All else equal, when a firm purchases raw material on credit from its supplier, which of the…
A: Accounts payable is a liability reported in the balance sheet of the company. Whereas, accounts…
15 )
Step by step
Solved in 2 steps
- If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the retailer remitted payment within the discount window?If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the inventory for a full refund, and received an allowance for $70, how much would the discount be if the retailer remitted payment within the discount window?If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
- On January 5, 2019, ShoeKing Corp. sells for cash 500 pairs of volleyball shoes to FootAction, a shoe retailer, for 70 each. FootAction has the right to return the shoes for any reason up to March 31, 2019, for a full refund. The cost of each pair of shoes is 32. ShoeKing predicts that it is probable that 40 pairs of the shoes will be returned. ShoeKing uses the perpetual method for inventory. Required: 1. Prepare ShoeKings journal entry on January 5, 2019, to account for this transaction. 2. Assume that FootAction returns 35 pairs of shoes on March 31, 2019. Prepare the journal entry to record this return.Spath Company borrows 75,000 by issuing a 4-year, noninterest-bearing note to a customer on January 1, 2019. In addition, Spath agrees to sell inventory to the customer at reduced prices over a 5-year period. Spaths incremental borrowing rate is 12%. The customer agrees to purchase an equal amount of inventory each year over the 5-year period so that a straight-line method of revenue recognition is appropriate. Required: Prepare the journal entries on Spaths books for 2019 and 2020. (Round answers to 2 decimal places.)Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. A. On July 3, the company purchases thirty fountains for $1,200 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. B. On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a short-term note, with an 8% annual interest rate, payable in two months from August 3. C. On October 3, Serene Company pays its account in full. Record the journal entries to recognize the initial purchase, the conversion, and the payment.
- 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.If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the retailer pay in cash if they received the discount?A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. accounts payable, merchandise inventory B. accounts payable, cash C. cash, merchandise inventory D. merchandise inventory, cost of goods sold
- The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity date on December 31, 2019 at a 5% annual interest rate. The customer does not pay on its account and dishonors the note. Record the journal entries for Resin Milling for the following transactions. A. Initial sale on January 1, 2018 B. Dishonored note entry on January 1, 2020, assuming interest has not been recognized before note maturityA retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195
