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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Assignment
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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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- ?? Commissiona. Beginning cash balance on March 1, $73,000. b. Cash receipts from sales, $309,000. c. Cash payments for direct materials, $137,000. d. Cash payments for direct labor, $70,000. e. Cash payments for overhead, $42,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110o (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,00o. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance, end of monthUsing the following information: a. Beginning cash balance on March 1, $82,000. b. Cash receipts from sales, $308,000. c. Cash payments for direct materials, $132,000. d. Cash payments for direct labor, $76,000. e. Cash payments for overhead, $40,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $200 (1% of beginning loan balance of $20,000) h. Cash repayment of loan, $20,000. Prepare a cash budget for March for Gado Company. Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity GADO COMPANY Cash Budget March 0 0 0
- 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…Answer all Questions. Ch.5-1Provide the journal enteies with subsidairy record
- Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. __?__ Paid the amount due on the note to Locust at the maturity date. __?__ Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.Journalize the transactions shown below in the two-column general journal that follows. Calculate HST (13%) on all sales transactions. | Oct. 2 Cash Sales Slip No. 102 to S. Stewart, $102.50 plus taxes. 6 Sales Invoice No. 617 to Jack Morrison, $250.90 plus taxes. Cheque Copy 10 No. 910 to Industrial Suppliers, $500 on account. Cash Receipt From Jack Mahoney, $322.50 on account. 12 18 Purchase Invoice From Grand's Stationers, S60.50 for office supplies taxes. 20 Cheque Copy No. 911 to Jack Whitcombe, $525 for personal use. 24 Bank Debit Memo $31.90 for bank service charge. Cash Sales Slip No. 103 to J. Beck, $450 plus taxes. 31Help During December, Far West Services makes a $3,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5% Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction lit View journal entry worksheet Debit General Journal Credi No 1 Accounts Receivable Sales Revenue Sales Tax Payable 7 Transaction 3.000 Seve&a Check my work
- General accountingReplace all taxes given in the question with HST of 13%An invoice received from Royal Exporters totaled $ 695.50$695.50, was dated October 33, and offered terms of 2 divided by 12 ROG.2/12 ROG. The shipment was received November 2727. If the invoice was paid on December 1313, find the net amount due. Round to the nearest cent.