displayed below.] On July 15, 2021, the Nixon Car Company purchased 2,200 tires from the Harwell Company for $45 each. The terms of the sale were 2/1O, n/30. Nixon uses a perpetual inventory system and the gross method of accounting for purchase discounts. lixon instead una

displayed below.] On July 15, 2021, the Nixon Car Company purchased 2,200 tires from the Harwell Company for $45 each. The terms of the sale were 2/1O, n/30. Nixon uses a perpetual inventory system and the gross method of accounting for purchase discounts. lixon instead una

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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Bramble Corp. uses the perpetual inventory and the gross method. On March 1, it purchased $ 54000 of inventory, terms 2/10, n/30. On March 3, Bramble returned goods that cost $ 5400. On March 9, Bramble paid the supplier. On March 9, Bramble should credit a) purchase discounts for $ 1080. b) purchase discounts for $ 972. c) inventory for $ 972. d) inventory for $ 1080.
Star Company recognized $500 of cost of goods sold. Note that Star is only recording the cost of goods sold part of the transaction and not the sales revenue. Star uses the perpetual inventory system. Which of the following answers reflects the effect of recognizing the cost of goods sold on the financial statements? Balance Sheet Income Statement Assets = A. 500 B. (500) C. (500) D. (500) Multiple Choice O O оо Liabilities + - Option B Option A Option C Option D (500) Stockholders' Equity 500 (500) n/a (500) Revenue n/a n/a n/a n/a - Expense 500 500 500 n/a Net Income (500) (500) (500) n/a Statement of Cash Flows n/a n/a 500 Operating Activity n/a
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please avoid handwritten
Baris Company had no inventory at the beginning of 2023. Baris bought two identical electric bicycles on credit with terms 3/10, n/30 for $2,400 on January 1, 2023. On January 6, Baris paid for both bicycles. On January 20, Baris sold one bicycle to E. Burke for $1,700 on credit, with terms 2/10, n/30. Burke paid for the bicycle on January 28. Required: Provide the balances that would appear in each of the following accounts related to the transactions described above as of January 31, 2023: Account Balance as of Jan. 31, 2023 Accounts payable Accounts receivable Cost of goods sold Sales revenue Sales discounts Inventory How much net cash did Baris pay or receive as a result of the transactions described above? In other words, by how much did cash change as a result of the transactions? What would be the change in current assets as a result of these transactions? What would be the change in current liabilities as a result of these transactions? What would be the following reported…
HI, may i know why didn't record cost , $5000?
Please do not provide answer in image formate thank you. Suppose that on October 21, 2019, both Company A and Company B sold inventory with a cost of $61,700. The updated balance of inventory as at October 1 for both companies was $146,900. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at October 21 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on October 21 A Perpetual $Answer B Periodic $Answer
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[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 $13,500 cash plus 4 percent sales tax. The clock had originally cost GCI $9,500. Assume GCI uses a perpetual inventory system. 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
Please do not give image format
Kk.96.
Gorge Dealers is not registered for VAT and uses a periodic inventory system. Gorge Dealers entered into the following transactions during July 2021. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discount discounts are therefore incidental in nature. Day Transaction 1 Paid the rent for July 2021 to GB Properties via EFT, R15 000. 3 Sold goods on credit to A. Apple, for R8 000, cost of sales was R6 000. Invoice CNV1025 was issued. 4 Send inventory that was bought from a creditor on 28 June worth R2 000 back to Bargain Wholesalers, CN201 was issued. Bought inventory on credit from Bulk Traders for R15 000.Invoice BT105 was received. 7 The owner took stationery worth R120 for his own use. JV301 was issued. 12 Send office furniture bought on credit on 25 June for R25 000 back to the supplier, The Office, CN202 was issued. 13 Paid R14 500 via EFT to a creditor, Bulk Traders, towards settlement of the…