engageNOWv2Online teaching and learning resource from Cengage Learninggenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker%3D&takeAssignmentSessionLocator%3D&inprogress3falseEntries for issuing no-par stockFinal QuestionJounalChart of AccountsInstructionsInstructionsOn February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 730,000 shares of no-par common stock (with a stated value of $1.70) at $4.70, and on AugustX.3, it issued for cash 24,700 shares of preferred stock, $45 par at $61.Required:A. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. Refer to theChart of Accounts for exact wording of account titles.B. What is the total amount invested (total paid-in capital) by all stockholders as of August 3?10:48

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Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.1: Determining The Quantity Of Merchandise Inventory

Problem 1WT

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Please note that this is for revision purposes just copy-pasted everything by mistake. ABC Traders Trial Balance at 31 December 20.1 Dr. Cr. Purchases/Sales 843,800 1,394,200 Return in and Out 22,200 33,300 Discounts Allowed and Received 4,400 5,500 Debtors and Creditors 66,000 77,000 Drawing and Capital 136,700 410,000 Stock 1 January 20.1 55,500 Carriage on Sales…
Amani Hypermarket is following the Historical Cost accounting Method and furnishes you the following details. Particulars HCA – OMR Price Index Stock on 01-01-2019 160,000 100 Purchases 960,000 Stock on 31-12-2019 240,000 150 a. What is the value of closing stock under LIFO as per CPP Method? b. What is the value of Cost of Goods Sold under LIFO as per CPP Method?
eBook Show Me How Video Question Content Area Accounting Equation The total assets and total liabilities for a recent year of Best Buy (BBY) and Gamestop (GME) are shown below. Best Buy (in millions) Gamestop (in millions) Assets $22,022 $7,906 Liabilities 14,535 4,325 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Determine the stockholders' equity of each company. Best Buy $fill in the blank 2 million Gamestop $fill in the blank 3 million
Company A conducts the following transaction for the financial year ending Dec. 2011 for a particular item numbered item X 1. Jan. 1 bought 109 items at $34 each Feb. 10 bought 410 items at $40 each March 4 sold 215 items for $60 each April 16 bought 211 items at $50 each May 18 sold 320 items for $70 each October 1 bought 401 items at $65 each Nov. 29 sold 324 items for $95 each Requirement: Using the perpetual system solve for the followings: a. Find the closing stock using LIFO Find the profit/loss using the LIFO inventory method
(Learning Objectives 1, 2: Show how to account for inventory transactions; applythe FIFO cost method) Spear Corporation’s inventory records for its retail division show thefollowing at May 31:May 1 Beginning inventory ............... 10 units @ $160 = $1,60015 Purchase................................. 5 units @ 161 = 80526 Purchase................................. 14 units @ 170 = 2,380At May 31, 11 of these units are on hand. Journalize the following for Spear Corporation underthe perpetual system:1. Total May purchases in one summary entry. All purchases were on credit.2. Total May sales and cost of goods sold in two summary entries. The selling price was $560per unit, and all sales were on credit. Assume that Spear uses the FIFO inventory method.3. Under FIFO, how much gross profit would Spear earn for the month ending May 31? Whatis the FIFO cost of Spear Corporation’s ending inventory?
The company wants to ascertain the closing stock using the three possible methods (FIFO, LIFO and the weighted average). Information as follows: January bought 12 items at $40 each; May sold 8 at $52 each ,April bought 12 at $36 each; November sold 24 at $60 each and October bought 21 at$40 each. Required: a) Closing stock using the FIFO methods b) Cost of goods sold using the FIFO method. c) Profit or loss using the FIFO method.
https://www.chegg.com/homework-help/questions-and-answers/q1-let-us-assume-mr-amir-starts-business-called-amir-enterprises-1st-january-2021-invests--q69973974?fbclid=IwAR2P3PvLU-TV9l2c3UJ1L3iqmf2MoRP-lQpp1m2RE9bHkCPdTkYNenUXFPY
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
a) Fort Road Foxtrot’s adjusted trial balance for December 2018 is given. PrepareIncome Statement and Balance sheet. Inventory $ 6,500Common stock 45,000Cash 16,550Operating expenses 1,350Notes payable 600Interest expense 900Depreciation expense 1,200Net sales 12,800Accounts receivable 9,600Accounts payable 4,800Long-term debt 55,000Cost of goods sold 5,750Buildings and equipment 122,000Accumulated depreciation 34,000Taxes 1,440Retained earnings 15,250b) “Window dressing “in accounting is evil. Explain the statement and advise measures tocounter this. 300 words
the following information was extracted from www traders books for 30 June 2020 financial year. WWW traders requested you to assist with missing information. use the information below to complete the financial statement. statement of comprehensive income as at 30 June 2020 Sales ?(a) Less: cost of goods sold Opening stock 23 500 add Purchases ?(b) 208 200 closing stock 8 200 cost of sales ?(c) Gross Profit ?(d) Less: Expenses ?(e) Net Profit ?(f) Additional information: 1. Sales margin - 20% 2. Net profit margin 4%
28) MN traders has the purchases of RO 76,500, purchases returns and allowances of RO 1,900, transportation cost of RO 500 and purchase discount of RO 300. Calculate the amount of Net cost of purchases made by the business. a. RO 74,800 b. RO 77,100 c. RO 73,800 d. RO 75,400 Clear my choice
(Learning Objectives 5, 7: Apply GAAP for uncollectible receivables; evaluateliquidity through ratios) Wronkovich & Sells, an accounting firm, advises Off the BoatSeafood that its financial statements must be changed to conform to GAAP. At December 31,2018, Off the Boat’s accounts include the following:Cash..................................................................................... $83,000Accounts receivable.............................................................. 40,000Inventory.............................................................................. 57,000Prepaid expenses.................................................................. 18,000Total current assets.......................................................... $198,000Accounts payable ................................................................. $62,000Other current liabilities........................................................ 42,000Total current…

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