Last year, Harley-Davidson sold $14,200 in bikes for a total of $48,900 in account. This transaction most likely would result in a debit to for and a credit to for O COGS, $48,900, sales $48,900 O cash, $48,900, sales, $48,900 O cash, $14,200, inventory, $14,200 O COGS, $14,200, inventory, $14,200

Last year, Harley-Davidson sold $14,200 in bikes for a total of $48,900 in account. This transaction most likely would result in a debit to for and a credit to for O COGS, $48,900, sales $48,900 O cash, $48,900, sales, $48,900 O cash, $14,200, inventory, $14,200 O COGS, $14,200, inventory, $14,200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The companys products include such brands as Polo by Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren, Polo Jeans Co., and Chaps. Polo Ralph Lauren reported the following (in thousands) for two recent years: Assume that accounts receivable (in millions) were 607,000 at the beginning of Year 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round to two decimal places. b. Compute the days sales in receivables for Year 2 and Year 1. Use 365 days and round to one decimal place. c. What conclusions can be drawn from these analyses regarding Ralph Laurens efficiency in collecting receivables?
Last year, Harley-Davidson sold $14,200 in bikes for a total of $48,900 in account. This transaction most likely would result in a debit to ______________ for ______________ and a credit to _____________ for ____________ COGS, $48,900, sales $48,900 cash, $48,900, sales, $48,900 cash, $14,200, inventory, $14,200 COGS, $14,200, inventory, $14,200
The following transactions occurred for Donaldson Inc. during the month of July. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $6,500 on July 1, and issued invoice #12 on account #312. Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,650 cash on July 5, and issued invoice #13. Jul. 8 Sold 30 what-is to Smith Mfg. for $8,000 and offered terms of 2/10, n/30; issued invoice #14 on account #178. Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount period. Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. If an amount box does not require an entry, leave it blank. SALES JOURNAL Page: 22 Date Account InvoiceNo. Ref. DR Accts.ReceivableCR Sales DR COGSCR MerchandiseInventory 2019 Jul. 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 fill in the blank 5 Jul. 8 fill in the blank 7 fill in the blank 8…
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Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). March 1 Purchased $32,000 of merchandise from Van Industries, terms 1/15, n/30. March 2 Sold merchandise on credit to Min Cho, Invoice Number 854, for $12,800 (cost is $6,400). March 3 (a) Purchased $960 of office supplies on credit from Gabel Company, terms n/30. March 3 (b) Sold merchandise on credit to Linda Witt, Invoice Number 855, for $6,400 (cost is $3,200). March 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. March 9 Purchased $16,000 of office equipment on credit from Spell Supply, terms n/30. March 10 Sold merchandise on credit to Jovita Albany, Invoice Number 856, for $3,200 (cost is $1,600). March 12 Received payment from Min Cho for the March 2 sale less the discount of $128. March 13 (a) Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $320.…
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