. A journal entry with a debit to cash of $980, a debit to Sales Discounts of $20, and a credit to Accounts Receivable of $1,000 means that a customer has taken a 2% cash discount for early payment.  What could Sales of $550,000 and net sales of $523,000 reflect? (Not looking just for a $ amount here but also why is there a difference, what does the difference mean.)

Restaurants do a large volume of business by credit and debit cards. Suppose Cityside Collection restaurant had these transactions on January 28, 2024: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Suppose Cityside Collection's processor charges a 4% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the credit sales net of the fee, first. X Date Accounts and Explanation Requirements 1. 2. Debit Print Suppose Cityside Collection's processor charges a 4% fee and deposits sales net of the fee. Journalize these sales transactions for the restaurant. Suppose Cityside Collection's processor charges a 4% fee and deposits sales using the gross method. Journalize these sales transactions for the restaurant. Credit Done C Data table National Express credit card sales ValueCard debit card sales Print Done…

Part A: If Stacy Lynn wants to show the bank the maximum profit over the previous 2-year period, which costing method should be presented? Part B: However, the bank requires that all financial statements conform to Generally Accepted Accounting Principles (GAAP). Based on that requirement, which costing method should be presented? Part C: The bank has delivered a memo in preparation for the meeting to negotiate the Credit Line; the memo states that they will expect a significant Net Income. Based on your responses to Parts A and B, what are some of the legal and ethical issues that may be of importance to Stacy Lynn?

Flash Running Shoes reports the following: (Click the icon to view the information.) Journalize all entries required for Flash Running Shoes. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Feb. 2, 2024: Recorded credit sales of $110,000. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2024 Feb. 2 More info Nov. 1, 2024: Loaned $18,000 to Tess Parker, an executive with the company, on a one-year, 7% note. 2024 Date Accounts and Explanation Debit Credit Feb. 2 Recorded credit sales of $110,000. Ignore Cost of Goods Sold. 2024 Nov. 1 Loaned $18,000 to Tess Parker, an executive with the company, on a one-year, 7% note. Nov. 1 Dec. 31 Accrued interest revenue on the Parker note. 2025 Nov. 1 Collected the maturity value of the Parker note. Dec. 31, 2024: Accrued interest revenue on the Parker note. Print Done Date Accounts and Explanation Debit Credit 2024 Dec. 31 Nov. 1, 2025: Collected the maturity value of the…

Allocating Transaction Price to Performance Obligations and Recording Sales Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $196) for cash at the usual selling price of $280 and earns 280 points redeemable for $56 off future purchases of goods or services. The retailer expects redemption of 252 points or 90% of points earned. Required a. How should the transaction price be allocated among the performance obligation(s)? *Note: Carry all decimals in calculations; round the final answer to the nearest dollar. Performance Obligations Product purchase s Loyalty rewards Total Transaction Price as stated Account Name To record sale of product. 280 ✔ S To record cost of sale of product. 280 S b. Prepare Maximum's journal entry to record the $280 sale to the customer and the cost of that sale where the customer earned 280 loyalty points. *Note: If a…

DO IT IN EXCEL AND SHOW FORMULAS DO IT IN EXCEL AND SHOW FORMULAS Jorge Del Llano, a start-up merchant, needs $360,000.00 liquid to invest in inventory and pay certain start-up expenses for his business. The Bank has investigated him and considers him eligible for credit. The Bank authorizes an unsecured credit facility, subject to the provision of a line of credit appropriate to your needs, charging 18% interest for a term of 60 days. The origination fee is 1.25%. For what amount was the loan signed for Del Llano to receive the $360,000 free of charge?

Allocating Transaction Price to Performance Obligations and Recording Sales Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned.   a. How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. Performance Obligations TransactionPriceas Stated StandaloneSellingPrice AllocatedTransaction Price(rounded) Product purchase Answer   Answer   Answer   Loyalty rewards Answer   Answer   Answer     Answer   Answer   Answer   b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400…

Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a.) How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points.

Concord Bank and Trust is considering giving Alou Company a loan. Before doing so, management decide that further discussions with Alou's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of £277,500. Discussions with the accountant reveal the following. 1 2 3. 4. 5. Alou sold goods costing £38,500 to Comerico Company, FOB shipping point, on December 28. The goods are not expected to arrive at Comerico until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing £94,700 that were shipped to Alou FOB destination on December 27 and were still in transit at year-end. Alou received goods costing £22,100 on January 2. The goods were shipped FOB shipping point on December 26 by Grant Co. The goods were not included in the physical count. Alou sold goods costing £33,400 to Emerick Co., FOB destination, on December…