Course: 11D ACCT 1Introduct XA Not secure | alphacollege.ddns.net:5056/moodle/course/view.php?id%328Apps M GmailO YouTubeМapsE-Alpha* My Coulehat are themerchandise inventoryAccess Pascodeentries of the followingstatements?Assignment#51) Sep1 Business sold $2400 inventory to ACE Inc., the cost is $600, Terms 2/5, n/15 FOB2)Sep1 Business purchased $3600 of inventory from Westelm, Terms 1/10, n/20 FOB3)Sep3 Business purchased $3000 of inventory from Citylight Inc. paid in cash4)Sep6 Business Received ACE Inc's money.5) Sep9 business purchased inventory $2700 from SilentSolar Ltd, Terms: 1/5, n/10, FOB6)Sep11 Business paid Westelm in full7)Sep30 paid SilentSolar Ltd for the Sep9 purchaseAlpha College of Business and TechnologyAlpha E-Learning 2020You are logged in as Harmanpreet Kaur. 4303546 (Log out)HomeP Type here to searchASUS立

Merchandise inventory means goods are purchased with intention to sale. It is a cost of sales on…

1) Sep1 Business sold $2400 inventory to ACE Inc., the cost is $600, Terms 2/5, n/15 FOB 2) Sep1 Business purchased $3600 of inventory from Westelm, Terms 1/10, n/20 FOB B) Sep3 Business purchased $3000 of inventory from Citylight Inc. paid in cash 4) Sep6 Business Received ACE Inc's money. 5) Sep9 business purchased inventory $2700 from SilentSolar Ltd, Terms: 1/5, n/10, FOB

1) Sep1 Business sold $2400 inventory to ACE Inc., the cost is $600, Terms 2/5, n/15 FOB 2) Sep1 Business purchased $3600 of inventory from Westelm, Terms 1/10, n/20 FOB B) Sep3 Business purchased $3000 of inventory from Citylight Inc. paid in cash 4) Sep6 Business Received ACE Inc's money. 5) Sep9 business purchased inventory $2700 from SilentSolar Ltd, Terms: 1/5, n/10, FOB

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Fay Company reported the following transactions: . • Bought $115 of inventory • Sold $60 of inventory for $190 cash • Sold $55 of inventory for $100 on credit • Received a $50 prepayment Enter your answer What effect do these transactions have on Net Income? $ such that increases in net income are positive and decreases in net income are negative.
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Kelton Inc. purchases inventory for $2,000 and incurs shipping costs of $100. To record this transaction, the company debits Inventory for $2,000, debits Selling Expenses for $100, and credits Cash for $2,100. Which of the following statements is correct? O Revenues are understated. O Assets are understated. O Expenses are understated. O Net income is overstated. All accounts are accurately stated.
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Required information [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $11,000 cash plus 4 percent sales tax. The clock had originally cost GCI $7,000. Assume GCI uses a perpetual inventory system. Saved 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Assets Liabilities ++ Stockholders' Equity
An S corporation distributes inventory with a basis of $30,000 and a value of $60,000 to its three shareholders who have a total basis of $200,000 in their stock before this distribution. What is the total basis of the shareholders' stock after this transaction is completed? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!! Answer: 110000
ABC Corp purchased goods on account from XYZ Corp for P10,000. Terms: 10%, 2/10, n/30 FOB Shipping point. Freight is P200, freight prepaid. If ABC uses the net method, the amount of inventory to be debited is: 10,000 X 10% X 2% 10,000 X 10% X 2% plus 200 10,000 X 90% X 98% 10,000 X 90% X 98% plus 200
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Assessment 1 Amerlllo Company experlenced the following. Amarlo Company experienced the following events during its first accounting perlod. ) Purchased $5,000 of Inventory on account under terms 1/10in30. (2) Returned $1,000 of the Inventory purchased in Event 1. (3) Pald the remaining balance in account payable within the discount perlod for the inveritory purchased in Event 1. Based on this Information, which of the followMng shows how the recognition of the cash discount (Event 1) will affect the Company's financial statements?
1. Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $150,000 on December 31, 20X2. During the year 20X2, the corporation purchased additional inventory of $375,000. If cost of goods sold for 20X2 is $470,000, what was the beginning inventory at January 1, 20X2? a.$255,000 b.$245,000 c.$55,000 d.$310,000 e.None of these choices are correct. 2. Martin has a home office for his business as an agent for rock-and-roll bands. The business shows a loss of $2,000 before home office expenses. How should the home office expenses be treated? a. Because of the business loss, home office expenses (other than mortgage interest and property taxes allocated to the office) cannot be deducted in the current year but can be carried forward to the next year. b. Because of the business loss, home office expenses cannot be deducted and are lost forever. c. The home office expenses increase the business loss in the year they are incurred and are 50 percent deductible in that…