I originally got help from the schools tutors but my answers are still showing incorrect. **Accounts Payable and Cash Discounts****Instructions**Byrd Company had the following transactions during 2016 and 2017:1. On December 24, 2016, a computer was purchased on account from Computers International for $60,000. Terms of the sale were 2/10, n/30. Byrd calculated that to forgo the discount for the computer would be the equivalent of paying 36% interest annually for the extra 20 days. Therefore, Byrd went to First Local Bank and signed a $60,000, 30-day note at 12% in order to take advantage of the discount terms. This transaction took place on December 29, 2016. (The account payable was paid on January 2, 2017, and the note was paid at maturity. Assume a 360-day year.)2. On December 30, 2016, Byrd declared a $2.00 cash dividend to the common shareholders. Ten thousand shares were outstanding on this date. The dividend is to be paid on January 5, 2017. (Byrd Company charges dividends directly to retained earnings.)**Required:**1. Prepare the journal entries for Byrd for both 2016 and 2017. Assume that the net price method is used to account for the credit terms.2. Show how the preceding items would be reported in the current liabilities section of Byrd's December 31, 2016, balance sheet.3. **Next Level** Assuming Byrd's current assets were $1,200,000 and its current ratio was 2.4 at the end of 2015, compute the current ratio at the end of 2016 (based solely on the effects of the preceding transactions).

The question is based on the concept of Financial Accounting.

Byrd Company had the following transactions during 2016 and 2017: 1. On December 24, 2016, a computer was purchased on account from Computers International for $60,000. Terms of the sale were 2/10, n/30. 2. Byrd calculated that to forgo the discount for the computer would be the equivalent of paying 36% interest annually for the extra 20 days. Therefore, Byrd.went to First Local Bank and signed a $60,000, 30-day note at 12% in order to take advantage of the discount terms. This transaction took place on December 29, 2016. (The account payable was paid on January 2, 2017, and the note was paid at maturity. Assume a 360-day year.) 3. On December 30, 2016, Byrd declared a $2.00 cash dividend to the common shareholders. Ten thousand shares were outstanding on this date. The dividend is to be paid on January 5, 2017. (Byrd Company charges dividends directly to retained earnings.) Required: 1. Prepare the journal entries for Byrd for both 2016 and 2017. Assume that the net price method is used to account for the credit terms. 2. Show how the preceding items would be reported in the current liabilities section of Byrd's December 31, 2016, balance sheet.

Byrd Company had the following transactions during 2016 and 2017: 1. On December 24, 2016, a computer was purchased on account from Computers International for $60,000. Terms of the sale were 2/10, n/30. 2. Byrd calculated that to forgo the discount for the computer would be the equivalent of paying 36% interest annually for the extra 20 days. Therefore, Byrd.went to First Local Bank and signed a $60,000, 30-day note at 12% in order to take advantage of the discount terms. This transaction took place on December 29, 2016. (The account payable was paid on January 2, 2017, and the note was paid at maturity. Assume a 360-day year.) 3. On December 30, 2016, Byrd declared a $2.00 cash dividend to the common shareholders. Ten thousand shares were outstanding on this date. The dividend is to be paid on January 5, 2017. (Byrd Company charges dividends directly to retained earnings.) Required: 1. Prepare the journal entries for Byrd for both 2016 and 2017. Assume that the net price method is used to account for the credit terms. 2. Show how the preceding items would be reported in the current liabilities section of Byrd's December 31, 2016, balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sorry, to bother you but I am not sure where you came up with these numbers. They don't seem to be the same numbers in the question. I guess I am just really confused. Thank you for your help.
I need the answer as soon as possible
What did you guys get for the last two blank spots. The other question didn't give me a full answer for it.
Sharon is an intern with a local CPA firm. Prior to returning to school, her supervisor goes on sick leave and asks her to do some complicated reconciliation work for him. She is given what seems to her to be an unrealistic deadline. Sharon looks at the workpapers and supporting documentation and realizes she doesn’t have the skills to complete the work without help. She contacts her supervisor who tells her to talk to Holly, a good friend of Sharon and former intern at the firm, for help. Holly returned to school one semester ago. What ethical considerations do you have in this matter? What would you do and why?
I received an answer but I'm still unclear on how he got the answer
My online quiz advises this amount is incorrect.
Lindyn is in possession of a check which contains the following indorsement, “Jules Grant, without recourse, for collection only. “ The indorsement would be classified as blank, qualified and restrictive, why?
Which of the following MOST likely indicates a clear violation of an NFPO’s code of conduct? John Adams, a volunteer for the local pet shelter, also owns a pet store and has offered a discount on pet food to the local shelter. Cecilia Lam used inappropriate language on her Facebook page when referring to the NFPO for which she worked. Mark Adams, an employee for a legal society, used the organization’s computer to research a new job. Hanpreet Kaur, the accountant for a sports rehabilitation society, offered the society’s services to his sister free of charge without her needing to qualify.
I don’t know how to solve for this
Zara wants to export her estimates report into an Excel spreadsheet. Once Zara exports the report, what limitation will she have? Select an answer: She will not be able to export the Excel spreadsheet back into QuickBooks. She will not be able to save the Excel spreadsheet to her computer. She will not be able to make any additions to the Excel spreadsheet.
* no trial balance was given along with case study just tables typed out below or featured in the images* Trying this again... We were asked to calculate the missing values (which I have written down on my copy of the table in the image attached). After attending the lecture with hopes to get a better understanding of how the numbers we obtained, I ended up coming home and copying the answers down as my professor did not review as to how he calculated them. I copied all the numbers down onto excel with hopes to see if I can understand where the numbers came from but to no avail. There are no requirements asked for other than to simply calculate and input the missing values which I have noted down from the answer sheet. I am hoping to get an understanding as to how the numbers were computed for the income statement for now. Table 1: given values 1997 1998 1999 net sales 26820 28966 30703 cogs 21216 23550 26140 gross profit 5604 5416 4563 admin and selling expenses…
Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: Hi and thanks for your question! It looks like you're asking for help with using the site. You can reach our support team at the Contact Bartleby link at the bottom of the page. We've credited a question back to your account. Apologies for the inconvenience. Ask Your Question Again 13 of 30 questions left until Nov 14, 2021 Question complete a horizontal analysis for brown company. (negative answers should be indicated by a minus sign. leave no cells blank - be certain to enter "0" wherever required. round the "percent" answers to the nearest hundredth percent.) Current assets: 2020 2019 Increase (decrease) amount? Percent? Cash $14,150 $9,300 ?? Accounts receivable 16,950 12,800 ?? Merchandise inventory 18,050 21,450 ?? Prepaid advertising 52,600…