Macy of New York sold LeeCo. of Chicago office equipment with a $5,600 list price. Sale terms were 5/10, n/30 FOB New York. Macy agreed to prepay the $80 freight. LeeCo. pays the invoice within the discount period. What does LeeCo. pay Macy?
Q: PR 15-2A Entries for Equity Investment of between 20%-50% Ownership OBJ. 2 Forte Inc. produces and…
A: An equity investment is money that is invested in a company by purchasing shares of that company in…
Q: short-term investments
A: Journal entries are the starting point of preparing financial statements. They let you prepare…
Q: Under the NBA deferred compensation plan, payments made at the end of each year accumulate up to…
A: When an investor wants to know the present value of an investment, annual payments or receipts, and…
Q: The administrative offices and manufacturing plant of Billings Tool & Die share the same building.…
A: Total Manufacturing Cost :— It is the sum of direct material used, direct labour and manufacturing…
Q: 5. The trial balance below is for Company L. Cash Inventory Unearned Revenue Paid-in Capital…
A: Total assets of a company is the sum of all of the company's physical and financial resources that…
Q: EXERCISE 3: DEPRECIATION AND CAPITAL COST ALLOWANCE On its statement of financial position, a…
A: The straight-line method of depreciation is one of the common methods used to allocate the cost of…
Q: On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59…
A: Trade discount is given at the time of selling goods and cash discount is given at the time of…
Q: What will be the Compensation for officers in the 1120, 2020 form? Please show the calculation as…
A: Shareholder: we can also acknowledge this term as stockholders. Any person, company, or institution…
Q: What needs to be journalized as adjusting entry for this bank reconciliation? a. No adjusting…
A: Bank reconciliation statement An accounting record prepares to reconcile the balances as per bank…
Q: As of December 31, Year 2, Moss Company had total cash of $151,000, notes payable of $85,100, and…
A: An accounting equation is one of the important formulas in accounting. As per the accounting…
Q: Beta Corporation reported the following amounts at the end of the first period of operations. All…
A: The assets equal to the sum of liabilities and shareholders equity as per the accounting equation.…
Q: Examples: Example 1: Purchased a building for $1,000,000 in cash Example 2: Issued shares of common…
A: e) Debtors (asset)--- increase-- $5000 Inventory (asset)--- decrease-- $3000 Profit…
Q: The machining department of Tamarisk Manufacturing had a busy year! Management evaluated the stage…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Imprest amount Coins and currency Petty cash receipts Required: Prepare all the necessary journal…
A: Imprest Petty cash method is a method wherein petty cash expense incurred which is supported by…
Q: 1. At the date of an acquisition which resulted to either goodwill or gain on bargain purchase, the…
A: Acquisition method refers to the method of accounting for the purchase of the assets and when the…
Q: An entity purchases $5,000 of inventory with terms 2/10, n/45 on December 28, 2018. The entity…
A: Gross Method - Under the Gross Method of recording accounts company has to record the purchase…
Q: [The following information applies to the questions displayed below.] Jaguar Plastics Company has…
A: Balance Sheet - Balance Sheet is a part of Financial Statement. It includes Assets, Liabilities and…
Q: Paciano Company had the following balances at December 31, 2023: Cash in checking account Cash in…
A: Cash and cash equivalents reported in the statement of financial position includes the cash, balance…
Q: The following information pertains to Mapa Company on December 31, 2023: Correct cash balance in…
A: The head “Cash” under current assets includes cash, bank balance, and other equipment equivalent to…
Q: Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a…
A: Activity-based costing offers a more accurate method of figuring out how much products and services…
Q: elect one: following ents is FALSE? Managerial accounting information includes both historical and…
A: Management Accounting prepared the reports which helps the management in its decision making., On…
Q: LO.3 Liz and Doug were divorced on December 31, 2020, after 10 years of marriage. Their current…
A: California City operates on a community system of property, which means that every property would…
Q: refund liability a
A: Refund liabilities – A company may receive consideration that it’ll have to refund to the…
Q: for $1,580, and a new model, the Majestic, which sells for $1,270. The production cost computed per…
A: Lets understand the basics. There are two costing systems are followed which are, (1) Traditional…
Q: Bally Manufacturing sent Intel Corporation an invoice for machinery with a $15,400 list price. Bally…
A: Trade discount is given at the time of selling goods on list price. Cash discount is given at the…
Q: For each of the following, compute the present value: (Do not round intermediate calculations and…
A: Please fallow the answer below: Solution:
Q: 2-61. Yolo Windows, a manufacturer of windows for commercial buildings, reports the following…
A: Working : Cost of goods manufactured = Beginning WIP inventory + Total manufacturing cost - Ending…
Q: Arlene is single and has taxable income of $19,000. Her tax liability is currently $2,075. She has…
A: The marginal tax rate is the amount of additional tax that must be paid for each additional dollar…
Q: Janice acquired bitcoin in 2018 and 2020. This year, she used a portion of her bitcoin holdings to…
A: As per IRS, digital assets are the digital representation of value on a cryptographically secured…
Q: 1. Use the accounting equation to compute the missing financial statement amounts. 2. Use the…
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…
Q: An optional step in the account cycle is the preparation of:
A: The accounting cycle is a comprehensive procedure for locating, evaluating, and documenting a…
Q: Perkasa Catering Sdn Bhd entered into a business agreement with Teguh Canopy Sdn Bhd in January…
A: Company is an Artificial Person created by law which has enjoy a separate legal status from its…
Q: USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: The records of a company show the…
A: RETAINED EARNINGS Retained Earning is the amount of Accumulated Profit over the Period left after…
Q: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial…
A: Employee compensation can take any forms, wages and salaries as well as retirement benefit plans.…
Q: st .fhm K The following information is needed to reconcile the cash balance for Gourmet Catering…
A: Bank Reconciliation Statement :— It is a document that reconcile balance as per bank statement with…
Q: Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: please help me with the following questions? 1. Determine the total amount of an investment of…
A: You have asked multiple questions, that are not interlinked to each other. So we can able to solve…
Q: General Journal for the following: On July 1, 20Y1, Danzer Industries Inc. issued $40,000,000 of…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The following income statements were drawn from the annual reports of Toner Sales Company: Net sales…
A: Calculation of Percentages of Income statement items: Particulars Year 2 % Year 3 % Net sales…
Q: Fitness Express sells three different types of elliptical machines. They have manufactured 50 of…
A: Break even sales is the dollar amount of revenue at which a business earns a profit of zero. In…
Q: According to IFRS, a parent company need not prepare group accounts if: A. The parent company is…
A: Parent Company A company is classified as a parent company when it has some influence over the other…
Q: A Canadian public company has income tax payable of $62,000 in 2020, $95,000 in 2021, and $75,000 in…
A: Income Tax - Income Tax represents tax on income earned for the period for the income earned by the…
Q: The multiplier for a futures contract on a stock market index is $75. The maturity of the contract…
A: Initial future price (F0) = C0(1+r-y)n = $1,850*(1+0.005-0.003)12 = $1,850*1.02426 = $1,894.89 In…
Q: was purchased four years ago for $925,000. Over the last four years, your company has allocated…
A: Depreciation - Depreciation is the continuous, ongoing, and gradual reduction of the book value of…
Q: Q Here is Finished Ltd.'s year-end statement of financial position as at December 31, 2016, which is…
A: The technique of modifying financial accounts in accordance with price indices is known as inflation…
Q: e insurance policy. The annual premium is P100,000 and the policy is dated January 1, 2021 urrender…
A: Insurance contracts for life insurance are the contracts which are obtained to secure from the…
Q: Concord Corporation made the following purchases of investments during 2023, the first year in which…
A: Equity securities refer to the claim of ownership on the net assets of the company. There are three…
Q: Coronado Ltd. is a private company that follows ASPE. It is authorized to issue an unlimited number…
A: Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…
Q: Lacey Inc. manufactures hair products that it sells to multiple distributors.
A: Revenues and expenses are reported in the income statement of the company. The net income is…
Q: At December 31, 2020, Carla Vista Company has $520,000 of $100 par value, 7%, cumulative preferred…
A: EARNING PER SHARE Earnings per share is the monetary value of earnings per outstanding share of…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Macy of New York sold LeeCo. of Chicago office equipment with a $5,600 list price. Sale terms were 5/10, n/30 FOB New York. Macy agreed to prepay the $80 freight. LeeCo. pays the invoice within the discount period. What does LeeCo. pay Macy? Payable amount
- Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due?Bell Corporation sold merchandise on account with a list price of $18,000 and a cost of $10,000. Payment terms were 1/10, n/30. Bell shipped the goods FOB destination and paid $600 in freight costs. Prior to payment of the invoice, the customer returned merchandise with a list price of $1,800 and a $1,000 cost. The customer paid the amount due within the discount period. What is Bell Corporation's net sales amount as a result of these transactions?Oliver Valenzuela Traders purchased merchandise from San Jose suppliers for P3,600 list price, subject to a trade discount of 25%. The goods were purchased on terms 2/10,n/30, F.O.B. destination. Valenzuela paid P100 transportation costs. Valenzuela return P400 (list price) of the merchandise to San Jose and later paid the amount due within the discount period. What is the amount of payment?
- On June 1, Compassion Company sold merchandise with a list price of P 1,000,000 to a customer. The entity allowed trade discounts of 20% and 10%. Credit terms were 5 / 10; n/30 and the sale was made FOB shipping point. The entity prepaid P50,000 of delivery cost for the customer as an accommodation. The customer paid in full on June 11. What amount is received from the customer as full remittance?J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are 3/10, n/30 FOB Boston. J.C. Penney has agreed to prepay freight $300. Assuming Lee's pays within the discount period, how much will Lee's pay J.C. Penney?Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $35,200, terms n/30. The cost of the merchandise sold is $21,100. Showcase Co. issues a credit memo for $6,000 as a price adjustment prior to Balboa Co. paying the original invoice. a. Journalize Balboa Co.’s entry for the purchase. b. Journalize Balboa Co.’s entry for the credit memo. c. Journalize Balboa Co.’s entry for the payment of the invoice.
- On June 1, 2021, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on account. Pitt allowed trade discounts of 30% and 20%. On June 11, 2021, the customer paid in full. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P200,000 of delivery costs for Burr as an accommodation. 1. What amount should be reported as sales revenue? a. 5,000,000 b. 2,800,000 c. 3,500,000 d. 2,500,000 2. What amount was received by Pitt from Burr as remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,000Barans Company purchased merchandise on account from a supplier for $9,200, terms 1/10, n/30. Barans returned $1,500 of the merchandise and received full credit. A. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. $________________ B. What account is debited by Barans Company to record the return? Options are: 1. Accounts Payable 2. Accounts Receivable 3. Cash 4. Merchandise Inventory 5. Purchases 6. Sales 7. Sales Returns and AllowancesHumble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on April 15 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?Required to answer. Single choice.