Assignment Q. - 1.1.87 (Financial Accounting) Phoenix Art Gallery records commission on sales. Weekly sales: paintings $4,800, sculptures $3,200, prints $2,000. Commission rate 25%. commission earned. is the
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- AssignmentUsing the following information: Beginning cash balance on March 1, $75,000. Cash receipts from sales, $302,000. Cash payments for direct materials, $134,000. Cash payments for direct labor, $70,000. Cash payments for overhead, $36,000. Cash payments for sales commissions, $8,000 Cash payments for interest, $180 (1% of beginning loan balance of $18,000) Cash repayment of loan, $18,000. Prepare a cash budget for March for Gado Company.a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…
- Compute commission and gross payOn December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Problem 2 December 31, 2019, after closing, the ledgers of Golden Shower Company contained these accounts and balances: Cash Accounts Receivable Finished Goods Work in Process P 94,000 100,000 65,000 Materials Machinery Accounts Payable Common Stock Retained Earnings Details of the three inventories are: Finished goods inventory: Item A - 2,000 units at P 12.50 Item B - 4,000 units at P 10.00 15,000 44,000 70,600 118,750 200,000 69,850 P 25,000 40,000 P. Total Work in process inventory: 65,000 Job 102 Job 101 Direct materials: 1,000 units at P 5.00 P 5,000 400 units at P 3.00 P 1,200 Direct labor: 4,000 1,000 hours at P 4.00 400 hours at P 5.00 2,000 Factory overhead: Applied at P 2.00/hour 2.000 Total Materials inventory: 800 PL1,000 P 4,000 Material X - 4,000 units at P 5.00 Material Y - 8,000 units at P 3.00 Total P 20,000 24,000 P 44,000Need general journal
- General Accountingqw.15. Transactions for July, 2022 Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%) July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%) Batch 2 July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15 July 17 Paid for the July 2 purchase on cheque #20. Batch Number: 001 Batch Description: Transaction Batch #1 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Batch Totals Batch Number: 002 Batch Description: Transaction Batch #2 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description:…Hi teacher please help me this question
- Please help me with this question general Accounting1. During December, A Company started doing business and had gross credit trade sales of $800,000, terms 2/10 Net 30. The cost of goods sold of $480,000, selling general administration costs of $100,000, Interest Expense of $10,000; and an income tax rate of 30%. a. Prepare an income statement b. Prepare journal entries Assuming gross method and all payments for the trade sales were made within 10 days.5555- Please I want solution of all sub-part questions. Thanks