DISCUSSION 3 - Professional Conduct - DUE END OF WEEK 9On December 1, 2016, Cardinal Company, a garden retailer, purchased $10,000 of corn seed, terms 2/10, n/30,from lowa Farm Co. Even though the discount period had expired, Sandi Kurtz subtracted the discount of $200when she processed the documents for payment on December 15, 2016.In just a few sentences, discuss whether or not Sandi Kurtz behaved in a professional manner and the possibleconsequences that might result because of the way that she processed the payment.

In the given question, LF Company offered that if the C’s company makes the payment of corn seed…

Answered: DISCUSSION 3 - Professional Conduct -…

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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9. Robin Suen shopped at Walbank Department Store during the end-of-summer sale. All luggage was marked down 35%. She purchased a suitcase that regularly sells for $44.95, a garment bag that regularly sells for $80.00, and a tote bag that regularly sells for $35.95. What is the total sale price Robin paid? *10. During a Fall Clearance Sale, Watoria Cyclery has marked down all bicycles 20% and all accessories 25%. You purchese a su ort 24-inch10- ike
Activity 2: The transsactions for DEF Company for the month of April, 2021 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.) Date Transactions April 2 DEF sold and shipped merchandise worth P250,000 to AM Company terms 1/15, n/30. 4 AM Company reported P5,800 of merchandise damaged in shipment, and a credit memo was issued for this. 6 Purchased office supplies for P3,568 cash. 7 Sold P120,000 of merchandise to Lily Company, terms: 2/10, n/30. Purchased merchandise for P244,000 cash. 8 10 Cash sales for the first 15 days is P188,000. 12 Purchased merchandise worth P300,000, terms: 20% downpayment, balance 2/10, n/30. 14 Returned defective merchandise worth P30,000 purchased on April 12. 16 Received full payment from AM Company for sale of April 2. Received full payment from Lily Company. 17 22 Paid commission of salesmen, P60,000. 22 Paid in full the purchase dated April 12. Cash sales for the last 15…
Adrian the owner of a brewery in Toronto recieve a shipment of barley on August 24, 2014 with an invoice dated August 20, 2014 valued at $30,200 and cash discount payment terms 2.5/10, n/30, R.O.G. What cash discount would she receive of the invoice is settled on the following dates ? A August 29 ? B September 3? C september 17 ?
Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200 hair dryers from Hot Aire Corporation for $30 each, terms n/30. 5 Sold 50 hair dryers purchased on January 3 for $50 each, terms n/30. 15 Returned five of the hair dryers purchased on January 3 because they were defective. 22 A customer returned two hair dryers purchased on January 5 because they were defective. Given the information above, with the perpetual inventory system, the entry to record the January 15 transaction would include a Oa. credit to inventory of $150. Ob. credit to purchase returns of $150. Oc. debit to purchases of $150. Od. credit to purchases of $150.
A " S Activity No. 4 A builder gets a trade discount of 1.25% and (3% -10days) on goods retailing for QR173,400. How much does he pay if paid after 12 days Activity No. 5 At September,5,2019 A builder gets a trade discount of 2.5% and (2/10) on goods retailing for QR550,000. How much does he pay if paid in Sep,15,2019? Activity No. 6 At 1/2/2021 A builder gets a trade discount of 2.25% and (3.5/8) on goods retailing for QR40,400. How much does he pay in 10/2/2021?
Assignment Problem Six - 1 (Reserves) Olivia Smith is the owner of an unincorporated business that does landscaping. The business began operations on January 2, 2019 and has a December 31 year end. The 2019 and 2020 results for the business can be described as follows: 2019 During its first year, the business had sales of delivered merchandise and services totaling $185,000. Of this total, $65,000 had not been collected on December 31, 2019. Olivia anticipates that $5,000 of these sales will be uncollectible. In addition to these sales of delivered merchandise and services, she received $23,000 in advances for merchandise to be delivered in 2020o. Olivia purchased a large supply of landscaping materials from the trustee of a bank- rupt landscaping business at a very good price. Since she is unlikely to use them in the next few years, she has arranged to sell these materials for $50,000. These materials have a cost of $40,000, resulting in a total gross profit of $10,000. Because of the…
Problem 8 - Revier Company's records were destroyed by fire. The controller was able in ascertain that sales for the nine month period ending September 30 were P1,250,000. The company's suppliers indicated that merchandise costing P500,000 was delivered for the period. The company's statement indicated that the ending inventory for the previous accounting period was P260,000. The company was reimbursed by its insurance company for P200,000 worth of inventory destroyed by the fire. Insurance companies pay 80% of the cost for casualty of this nature. There were no other inventories on hand. REUQIRED: 1.Estimate the cost of goods for this period 2.Amount of loss to the company
Practice Exercise 14-04 (Part Level Submission) On January 1, 2017, Windsor Inc. borrowed and received $360,000 from a major customer, Swifty Corp. The debt is evidenced by a zero-interest-bearing note due in 4 years. Windsor, as consideration for the zero-interest-bearing feature of the note, agrees that it will supply inventory to Swifty for the loan period at a below-market price. The appropriate rate at which to impute interest is 8%. Prepare the journal entry to record the initial transaction on January 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a…
how corporate social responsibility influence the financial position of smes in terms of accountability?
8
Exercise 5-16 (Algo) Record notes payable and interest expense (LO5-7) On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,600. In payment for the services, Whole Grain Bakery signs a 10% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
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