In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Crane Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $23,000 and sales taxes $1,150. Sunland Company does not segregate sales and sales taxes. Its register total for April 15 is $11,340, which includes a 8% sales tax. 2.
Q: 2. If the total assets of a business are $37 486.49 and the total liabilities are $ 11…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: On January 1, 2019, ABC Company leased an office building with the following terms: Annual rental at…
A: Lease: A lease is an agreement between a property owner and other party party who wants to utilize…
Q: $8,000 cash for six month
A: The journal entry is given as,
Q: Masa Khit Nha Company accounted for noncurrent assets using the revaluation model. On August 1,…
A: Here to discuss about the carrying value of the land in the revaluation model. It is always taken…
Q: Return to question LIhe tollowing intormation applies to the questions displayed below) Patel and…
A: Budgeted output=20000 units Standard hours for budgeted output=20000*2hrs=40000 hrs Annual budgeted…
Q: Direct labor 18 per unit Direct materials 12 per unit Overhead Total variable overhead 31,000 Total…
A: Formula: Product cost under absorption costing = Direct materials + direct labor + Variable overhead…
Q: Familiarization of investment types. Identify keywords if it is; Deposit Fund Bond Stock Property 1.…
A: In this question, we have some investment types such as deposits, funds, bonds, stocks, and…
Q: TIPS FOR READING AN EXCHANGE RATE CHART: Read down the chart. For example, in column 1 it says the…
A: Here discuss about the details of the currency exchange rate of different national and its…
Q: Handy Leather, Inc., produces three sizes of sports gloves: small, medium, and large. A glove…
A: Under Activity based costing, activity rate is computed by dividing the activity cost by the…
Q: On July 20, 2021, Benildo Corp. discounts a 120 days, 15% P250,000 note of a customer dated July 10,…
A: Cash proceeds from discounting the note = Maturity value of the Note - discount amount where,…
Q: On June 30, 2018, Parent Company sold some land to its subsidiary for $240,000. The land had cost…
A: As on December 31,2018 the land is not sold by subsidiary. Land was sold by subsidiary to outsider…
Q: 5. Charlie and Brown form a partnership and invest the following assets and liabilities Fair Market…
A: The non cash assets invested by partners are recorded at fair market value, and liabilities related…
Q: Purity bot Hepburn Springs. Purity markets two mineral water products: 1-litre disposable plastic…
A: In oder to compute the number minimum bottles to be produced Sales - opening inventory + expected…
Q: Danube Corp. purchased a used machine for $17,000. The machine required installation costs of $7,000…
A: Formula: Asset value to be recorded = Machine purchased value + Installation costs + Insurance while…
Q: 1. What is the most possible reason why the balance of Home Office account in Lipa Branch’s book is…
A: Answer:- 1 Correct answer is C Explanation:- The home office paid Lipa Branch's liability without…
Q: Through dividends and capital gains on changes in stock market prices, investing in the capital…
A: Available for sale securities are those which do not fall under any of the categories, namely held…
Q: Question Content Area Schedule of Cash Payments for a Service Company SafeMark Financial Inc. was…
A: March April May March Expenses: Paid in March $ 86,925 Paid in…
Q: Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone…
A: The cost of goods sold is referred to as the total direct cost which is incurred in order to prepare…
Q: The allowable deduction for depreciation for the year 2014 is:
A: Depreciation is the amount of expenses which reduces the net income which means it is a expense…
Q: Webworks purchases supplies worth $120 on account. At the beginning of September, Webworks had 19…
A: As per Bartleby guidelines, in the case of multipart questions, we are only allowed to answer the…
Q: ORANGE Company and its divisions are engaged solely in manufacturing. The following data pertain to…
A: IFRS 8 Operating Segments requires particular class of entities to disclose information about their…
Q: A corporation bought a machine for RP 8,000 with a commercial useful life of 4 years and a fiscal…
A:
Q: On January 2, 2021, Power Company acquired 90% of the outstanding shares of Solar Inc. at book…
A:
Q: In Japan, the government has laws on how much fish a fisher can catch. By limiting the number of…
A: Japan's fish policy restricts a fisher for catching the fish in a season or day to ensure their…
Q: As a result of the G&G work, Shane Company decided to lease the following properties: Lease Acres…
A: Lease is legal agreement between two party to agree use of assets and rent of assets at certain…
Q: Given the following data, calculate product cost per unit under absorption costing. dir labor:…
A: Formula: Product cost under Absorption costing: = Direct materials + direct labor + Variable…
Q: a. Under Normal Costing Method, how shall material over-application or under-application of factory…
A: We know that in Costing over application and under application of overhead is the difference between…
Q: Do normal valuation metrics work like P/E, P/B etc., in tech companies or do investment bankers…
A: A startup is a firm that is in its early phases of operation. These businesses usually start with…
Q: Contrast the effects that LIFO vs. FIFO would have on ending inventory, net income and cash flow in…
A: Under LIFO(Last in first out) method: Inventory is valued at using the costs incurred for the…
Q: Question 25 The minimum cash balance may be set based on the desired number of days' of operations…
A: Minimum Cash Balance is the Cash reserved to meet the operational expenses of the organization. It…
Q: Question 7 The annual requirement for materials AB of Amor Company total 21,000 units. The cost to…
A: Economic Order Quantity is optimal order quantity to minimize total cost related to holding cost and…
Q: 3: Quantity and Lead times Quantity 1-200 201-550 551-999
A: Given as,
Q: Please give solution to this #1 Total cost of the work in process at the end using Average Method…
A: As per the weighted average method Weighted average method takes cost of both prior period and…
Q: veloped an oil at an initial cost of $ 50,000,000. What is the depletion charge during the year…
A: Half million barrel = 500000 barrels of oil Initial cost = $500,000,000
Q: You have taken a loan of $88,000.00 for 30 years at 4.1% compounded quarterly. Fill in the table…
A: Solution:- Given, Loan = $88,000 Life time = 30 years Compounded quarterly at 4.1%
Q: ouse is $(Round to the nearest dollar.)
A: Cost capacity factor= 0.88, Construction cost= $900,000, Square foot= 17,000, Warehouse square foot=…
Q: which of the following transactions will result in the increase and decrease in liability? a.…
A: Liability is increased when the amount is borrowed when the liability is paid it is decreased by…
Q: not yet recorded by Sandhill, $25. 3. Balance per books, July 31, $9,192. 4. Deposits in…
A: Bank Reconciliation reconciles the cash balance of the books with the company bank account. It is…
Q: P262,500; Nov. 17, 2021
A: Calculating the due date and maturity amount of note payable
Q: stion 8 Golden Corporation have the following information from its books: Sales P1,600,000 Credit…
A: The average days sales tells about the number of days taken to convert inventory into sales. Average…
Q: Define the following: A) Resident Citizen B) Non-Resident Citizen C) Resident Alien D) Non-Resident…
A: Definition of the above mentioned topics are given in the following steps for your reference.
Q: Shown below are comparative statements of financial position for Blue Spruce Corporation. BLUE…
A: Cash flow statement- A cash flow statement is an important aspect of a company's financial…
Q: I. PFRS 15 provides that where a contract with a customer has multiple performance obligations, an…
A: As per PFRS 15 revenue from contract with customers, it is based on 5 step model. Identify the…
Q: b. What is Melissa's basis in the distributed assets? Basis Cash 8,000 Accounts receivable Stock…
A: Solution:- Given, Melissa, Nicole and Ben are equal partners in the Opto Partnership (a…
Q: Companion Computer Company has been purchasing carrying cases for its portable computers at a…
A: Variable factory overhead costs per unit = Direct labor costs x 16% Fixed factory overhead per unit…
Q: SB (Static) Patel and Sons ... Skip to question [The following information applies to the questions…
A: This analysis determines the variance between, budgeted, actual and planned criteria. Based on the…
Q: Blackmon Corporation’s December 31, 2018, balance sheet disclosed the following information relating…
A: A journal entry is being used to record any business transaction in a company's accounting records.…
Q: Question 16 Covidfree Corp. has a credit line of P1,500,000. The bank requires compensating balance…
A: A compensating balance is the balance a borrower must keep with a lender, usually when taking out an…
Q: Rita owns a sole proprietorship in which she works as a management consultant. She maintains an…
A: The operating expenses include the salary of employees, insurance exp.,travel exp.,office exp.…
Q: Principles of Accounting 1 Chapter 10 Homework Problem 1– Entries for notes payable On January 26,…
A: The process of recording business transactions in the books of accounts for the first time is…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Screpcap Co. had the following transactions during the first week of June: June 1Purchased merchandise on account from Acme Supply, 2,700, plus freight charges of 160. 1Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, 720, less 1% discount. 1Sold merchandise on account to F. Colby, 246, plus 5% state sales tax plus 2% city sales tax. June 2Received cash on account from N. Dunlop, 315. 2Made cash sale of 413 plus 5% state sales tax plus 2% city sales tax. 2Purchased merchandise on account from Permon Co., 3,200, plus freight charges of 190. 3Sold merchandise on account to F. Ayres, 211, plus 5% state sales tax plus 2% city sales tax. 3Issued Check No. 220 to Ellis Co. for merchandise purchased on account, 847, less 1% discount. 3Received cash on account from F. Graves, 463. 4Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, 950, less 1% discount. 4Sold merchandise on account to K. Stanga, 318, plus 5% state sales tax plus 2% city sales tax. 4Purchased merchandise on account from Mason Milling, 1,630, plus freight charges of 90. 4Received cash on account from O. Alston, 381. 5Made cash sale of 319 plus 5% state sales tax plus 2% city sales tax. 5Issued Check No. 222 to Acme Supply for merchandise purchased on account, 980, less 1% discount. Required 1. Record the transactions in a general journal. 2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, design the following special journals for Screpcap: (a) Sales journal (b) Cash receipts journal (c) Purchases journal (d) Cash payments journal
- Bell Florists sells flowers on a retail basis. Most of the sales are for cash; however, a few steady customers have credit accounts. Bells sales staff fills out a sales slip for each sale. There is a state retail sales tax of 5 percent, which is collected by the retailer and submitted to the state. The balances of the accounts as of March 1 have been recorded in the general ledger in your Working Papers or in CengageNow. The following represent Bell Florists charge sales for March: Mar. 4Sold potted plant on account to C. Morales, sales slip no. 242, 27, plus sales tax of 1.35, total 28.35. 6Sold floral arrangement on account to R. Dixon, sales slip no. 267, 54, plus sales tax of 2.70, total 56.70. 12Sold corsage on account to B. Cox, sales slip no. 279, 16, plus sales tax of 0.80, total 16.80. 16Sold wreath on account to All-Star Legion, sales slip no. 296, 104, plus sales tax of 5.20, total 109.20. 18Sold floral arrangements on account to Tucker Funeral Home, sales slip no. 314, 260, plus sales tax of 13, total 273. 21Tucker Funeral Home complained about a wrinkled ribbon on the floral arrangement. Bell Florists allowed a 30 credit plus sales tax of 1.50, credit memo no. 27. 23Sold flower arrangements on account to Price Savings and Loan Association for its fifth anniversary, sales slip no. 337, 180, plus sales tax of 9, total 189. 24Allowed Price Savings and Loan Association credit, 25, plus sales tax of 1.25, because of a few withered blossoms in floral arrangements, credit memo no. 28. Required 1. Record these transactions in the general journal. 2. Post the amounts from the general journal to the general ledger and accounts receivable ledger: Accounts Receivable 113, Sales Tax Payable 214, Sales 411, Sales Returns and Allowances 412. 3. Prepare a schedule of accounts receivable and compare its total with the balance of the Accounts Receivable controlling account.The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach, as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Aging Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts? If using QuickBooks or general ledger, ignore Steps 2, 3, and 4.The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- Smoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Following is a trial balance prepared just before you were hired. Two accounts are missing, and the amount for Sales is off. Here are a few facts to consider. Our business is in a state that collects sales tax. I ran some totals, and we collected 1,800 in sales tax. Customers returned 900 in goods, which would reduce the above sales tax by 70. Our books need to reflect these events. The former accounting clerk said that she recorded everythingsomewhere. She said that she may have credited the 1,800 sales tax to Sales and not to Sales Tax Payable. And she looked confused when Sales Returns and Allowances was mentioned. She asked, Why not just debit Sales? Determine the two missing accounts and correct the accounts that are off. 1. Think about where these amounts might have been put, think about what accounts are missing, and use T accounts to solve the problems. 2. Prepare a corrected trial balance.Block Foods, a retail grocery store, has agreed to purchase all of its merchandise from Square Wholesalers. In return. Block receives a special discount on purchases. Over recent months, Square noticed that purchases by Block had been falling off. At first, Square simply thought that business might be down for Block and was hopeful that their purchases would pick up. When business with Block did not return to a normal level, Square requested financial statements from Block. Squares records indicate that Block purchased 300,000 worth of merchandise during 20-1, the most recent year. Selected information taken from Block's financial statements is as follows: REQUIRED Compute net purchases made by Block during 20-1. Does it appear that Block violated the agreement?
- At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?