During the month, the company had $28,000 in revenue from products it provided to customers. All sales were on account. The amount HI Palms paid its suppliers for these products was $9,250. In addition, HI Palms had revenue from services it provided to customers in the amount of $1,800, on account. Customers had paid a total of $4,500 for these transactions by the end of January. In addition, customers paid $26,000 of the balance owed as of January 1 st (from previous months transactions) during the month of January. The company uses the perpetual inventory method. The terms of the Long Term Note Payable are as follows: 6% annual interest rate, interest payments payable monthly on the first day of the month for the previous month, full amount of principal due on November 30, 2025. the amount of this long term is 175,000. can you please make a journal entries of these?
Q: (b) Assume that at the end of 2022, Blossom used $3,100 cash to pay off $3,100 of accounts payable.…
A: Impact of Accounts Payable Payment on Ratios (Assuming No Other Changes)(b) Changes in Current Ratio…
Q: On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of…
A: Van, Bakel, and Cox Partnership - Proposed Schedules of LiquidationJanuary 31st:Description Amount…
Q: Denger
A: Bandar Industries Berhad - Material Cost Analysis1. Standard quantity of kilograms allowed…
Q: Exercise 9-21 (Static) Part 1 Required: 1-a. If the market rate is 8%, calculate the issue price.…
A: Step 1:1a. The computation of the issue price is as follows:Computation of bond price Table values…
Q: None
A: Requirement 1: 1st Quarter2nd Quarter3rd Quarter4th QuarterYearBudgeted direct labor…
Q: Required: Compute for the net taxable estate and the tax due
A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…
Q: Problem 16-57 (Static) Find Data for Profit Variance Analysis (LO 16-4) McCoy Industries has…
A: Part 2: ExplanationStep 1: Calculate the reported income statement based on actual sales volume.-…
Q: Vinubhai
A: Certainly! Let's break down the scenario step by step: 1. **Background and Terms of the Note:**…
Q: P13.29A (LO 1, 2, 5) Magenta Inc. is considering modernizing its production facility by investing in…
A: Magenta Inc. Equipment Replacement Analysisa. Cash Payback PeriodCalculate the annual benefit from…
Q: Wage and Tax Statement Data on Employer FICA Tax Ehrlich Co. began business on January 2, 20Y8.…
A: Part 2: Explanation:Step 1: Calculate Gross Earnings- For Arnett: $3,800 * 12 = $45,600- For Cruz:…
Q: Within a relevant range, fixed costs per unit: Group of answer choices Decrease as the level of…
A: The objective of the question is to understand the behavior of fixed costs per unit within a…
Q: None
A: Part 2: ExplanationStep 1: Materials Inventory- Debit the Materials Inventory account for the total…
Q: 1. Mr. Dacanay is a minimum wage earner (MWE) with a following date in a year: Compensation…
A: Income tax in the Philippines is a tax imposed on individuals, corporations and businesses based on…
Q: Manufacturing overhead data for the production of Product H by Jennifer Company, assuming the…
A: To calculate the total overhead variance, we will be using the following formula: Total overhead…
Q: Current Attempt in Progress Blossom Company purchased an electric wax melter on April 30, 2025, by…
A: Current Attempt in ProgressBlossom Company purchased an electric wax melter on April 30, 2025, by…
Q: Problem 5: A Company has a capital of Rs. 400000 divided into shares of Rs. 10 Each. It has major…
A: The objective of the question is to calculate the effect of different modes of financing on the…
Q: Ramos Company provides the following budgeted production for the next four months. Units to produce…
A: Step 1:Direct materials budget is presented hereunder:…
Q: Darling Petrol Corp. granted stock options to executives in early 20X1. The stock options vest over…
A: Journal Entries for Darling Petrol Corp. Stock Options**Grant Date (assumed to be December 31,…
Q: Exercise 10-38 & 10-39 (Algo) (LO 10-3, 4) [The following information applies to the questions…
A: WES: Indifference Point between SuppliersWe can find the percentage of late deliveries by Bacon…
Q: Compute the Cash Collected in March. Total Sales January 40,000 February 50,000 March 70,000 The…
A: Sure, let's display only the calculations: 1. **Cash Sales in March**: \[ \text{Cash Sales} =…
Q: None
A: The provided information describes the physical flow and costs associated with the production of…
Q: Sally is in the business of purchasing accounts receivable. Last year, Sally purchased an account…
A: Step 1: Sally's basis in the accounts receivable is $60,000. Why? The basis of the accounts…
Q: Delta Southwest Delta Southwest Delta Southwest Delta Southwest Delta 113 49 142 66 16 138 80 120 49…
A: Solution:- a.) b.)from given data":sample mean for Delta =65.20 sample mean for Southwest flights:…
Q: Flounder Hardware Limited reported the following amounts for its cost of goods sold and Inventory:…
A: Step 1: Step 2:
Q: Case-in-brief - Chapter 6 - Argentina Currency Devaluation Your company is currently operating in…
A: The objective of the question is to calculate the additional sales revenue needed in Argentina to…
Q: 1. Mr./Mrs. Tonu (Female students consider herself as male assessee and male students consider…
A: Tax liability and incomeThe amount of money paid by the government on the income or gains earned by…
Q: None
A: Hello student! When Percentage of Sales method is used to estimate the uncollectible accounts, the…
Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…
A: To calculate the total unemployment taxes the employer must pay, we need to find the amounts for…
Q: None
A: Step 1: b. Accelerate deductions from the profit-making activity into the current tax year.Step 2:…
Q: Special Order Total cost data follow for Greenfield Manufacturing Company, which has a normal…
A: Greenfield Manufacturing: Special Order Analysisa. Differential Analysis for Special OrderItem Per…
Q: NOVEMBER 1995. #2, PARTS 91-105 - QUESTION Number 2 (Estimated time-15 to 25 minutes) Page 1 of 2…
A: Items 91 through 105 represent excerpts from an auditor's working paper file [1].An auditor's…
Q: Gadubhi
A: REQUIREMENT 1Here's a breakdown of the necessary journal entries for each year:2022:On January 1,…
Q: Perez Company is considering an investment of $26,945 that provides net cash flows of $8,500…
A: The image you sent is a question about calculating the internal rate of return (IRR) of an…
Q: Crane Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an…
A: Calculating the total inventory value for Crane Company based on the provided information.Here's the…
Q: Dengar
A: Of course, let's go through each situation with a detailed explanation: a. **Insurance Policy:**…
Q: None
A: Part 2: Explanation:Step 1: Determine the Principal Amount BorrowedThe principal amount borrowed is…
Q: THIS IS A CASE STUDY ANALYSIS. Read the instructions and answer these questions: 1. How might the…
A: Benefit of Trade Terms like 2/15, n/30: These trade terms provide incentives for customers to pay…
Q: Ochoa Bros. received $2 million as loan proceeds from a large bank on April 30, 2015. The market…
A: Journalizing is the process of recording all the relevant financial information in the form of…
Q: Bright Spark Trading has the following transactions in the last month of its year ending 31 December…
A: DateAccountDebitCredit Accounts Receivable 500 Service Revenue 5,100 Cash 5,60029th DecUtilities…
Q: Philip Inc. has provided the following sales and cost data: Sales and Costs Data Sales and Costs…
A: The objective of the question is to determine the change in operating income if sales increase by…
Q: Hansaben
A: To calculate the capital gain recognized on the sale and distributions from Lone Star, we need to…
Q: On May 9, 2021, Calvin acquired 600 shares of stock in Hobbes Corporation, a new startup company,…
A: The objective of this question is to determine the tax consequences for Calvin as a result of the…
Q: None
A: AMOUNT($)New level of consumer surplus 80.86 billionNew level of producer surplus21.84 billionCost…
Q: How much should be the income tax withheld on compensation income? * Mr. B, married, is a citizen…
A: The income tax can be defined as the taxes levied by the government on the income earned by…
Q: Marty's Mart paid $270,000 to acquire Turbo Gas, a corner store and gas station. At the time of the…
A: Step 1:Requirement 1 ParticularsAmount($)Amount($)Explanation Purchase price to acquire Turbo…
Q: My Courses Discussions List - ACC-31 x D2L 6-1 Problem Set - ACC-31 × WileyPLUS Course Resour x…
A: In considering the replacement of an old asset with new equipment, Sheffield Corp. assesses several…
Q: It says -2.39 is not correct, what is the correct solution
A: In hypothesis testing, we're trying to determine whether there is enough evidence to reject the null…
Q: None
A:
Q: 1 Question You are given: • Px+t = 0.9 for 0 ≤ t ≤ 3. • i = 8%. Calculate 2:31.
A: The question involves calculating the present value of a life annuity due, payable annually, for a…
Q: GTO Incorporated is considering an investment costing $210,720 that results in net cash flows of…
A: Step 1: The calculation of the IRR AB1Initial Investment $210,720.00 2Annual cash flow $…
Step by step
Solved in 2 steps
- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.A business sells $100,000 of products to a customer on account and collects 6% sales tax. Cost of the merchandise sold was $70,000. At the end of the month, the company pays the total sales tax collected ($185,000) to the state department of revenue. Required: Record the entries for (a) 'the sale' and for (b) 'the payment of the sales tax.' Indicate Dr. or Cr. in front of each account.On July 8, Azure Corporation enters into an agreement with one of its customers, Madsen, Inc. to provide them with 4,500 units at a cost of $500 per unit. Madsen sends a cash deposit of $225,000 on the same day. Azure sends the first 2,700 units on August 31, with an invoice for $675,000 due September 15. The remaining 1,800 units are delivered on October 15, along with an invoice for the remaining amount of the total $2,250,000 purchase price, due October 31. Madsen made all payments on the invoice due dates. Assume that Azure Corporation had no uncertainties about its own ability to meet the terms of the contract or about Madsen, Inc.'s ability and willingness to pay. Prepare the journal entries to record the events (leaving out the accounting for Azure's costs). Date July 8 August 31 September 15 October 15 October 31 Account To record the deposit. To record initial delivery of units. To collect cash on account. To record delivery of remaining units. To collect cash on account. <<…
- Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax’s sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $300,000. During 2021, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year.Required:1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end.2. What is the amount of…Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax’s sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $300,000. During 2021, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year.Required:1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end.2. What is the amount of…Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $340,000. During 2021, Halifax sold merchandise on account for $11,600,000. Halifax's merchandise costs it 75% of merchandise selling price. Also during the year, customers returned $575,000 in sales for credit, with $319,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end.2. What is the amount…
- Krux sends its mobiles amounting P2,400 each to their customers on Sale on Return basis. These are treated like actual sales and recorded through the Sales Day Book. Two months before the end of financial year it sent 300 mobiles at an Invoice Price of P3,000 each, of which 40 mobiles are accepted by customers at P2,800 each. Rest of the goods sent no further report is available. Prepare necessary entries at the end of the accounting year for Krux mobiles.Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $390,000. During 2021, Halifax sold merchandise on account for $12,400,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $368,000 in sales for credit, with $203,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 2. What is the amount of the year-end refund liability after the adjusting entry is recorded?Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $390,000. During 2021, Halifax sold merchandise on account for $12,400,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $368,000 in sales for credit, with $203,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. a) Record the year-end adjusting entry for estimated returns. b) Record the adjusting entry for the estimated return of merchandise to inventory. c) What is the amount of the year-end refund liability after the adjusting entry is recorded?
- Peterson Company billed its customers a total of $840,000 for the month of November. The total includes a 5% state sales tax. (a) Determine the proper amount of revenue and sales taxes to report for the month. (b) Prepare the general journal entry to record the revenue and related liabilities for the month.Ivanhoe Company had cash sales of $77,328 (including taxes) for the month of June. Sales are subject to 8.00% sales tax. Prepare the entry to record the sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditCabanes Factors provides financing to other companies by purchasing their accounts receivable on a non-recourse basis. Cabanes charges a commission to its clients of 15% of all receivables factored. In addition, Cabanes withholds 10% of receivables factored for protection against sales returns or adjustments. Cabanes credits the 10% withheld to Client Retainer and makes payments to clients at the end of each month so that the balance in the retainer is equal to 10% of unpaid receivables at the end of the month. Cabanes recognizes its 15% commissions as revenue at the time the receivables are factored. Also, experience has led Cabanes to establish allowance for bad debts of 4% of all receivables purchased. On January 2, 2021, Cabanes purchased receivables from Cabana Company totaling P3,000,000. Cabana has previously established an allowance for bad debts for these…