E6-1 (Static) Reporting Net Sales with Credit Sales and Sales Discounts LO6-1 During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as follows: January 6 January 6 January 14 February 2 Sold goods for $1,500 to S. Green and billed that amount subject to terms 2/10, n/30. Sold goods to M. Munoz for $850 and billed that amount subject to terms 2/10, n/30. Collected cash due from S. Green. Collected cash due from M. Munoz. February 28 Sold goods for $400 to R. Reynolds and billed that amount subject to terms 2/10, n/45. Required: Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28. Net sales

E6-1 (Static) Reporting Net Sales with Credit Sales and Sales Discounts LO6-1 During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as follows: January 6 January 6 January 14 February 2 Sold goods for $1,500 to S. Green and billed that amount subject to terms 2/10, n/30. Sold goods to M. Munoz for $850 and billed that amount subject to terms 2/10, n/30. Collected cash due from S. Green. Collected cash due from M. Munoz. February 28 Sold goods for $400 to R. Reynolds and billed that amount subject to terms 2/10, n/45. Required: Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28. Net sales

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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Information on Monty Corp., which reports under ASPE, follows: July 1 Dec. 29 3 5 9 Monty Corp. sold to Sandhill Ltd. merchandise having a sales price of $9,200, terms 2/10, n/60. Ignore cost of goods sold entry. Sandhill returned defective merchandise having a sales price of $900. The merchandise was not saleable and was scrapped. Accounts receivable of $20,200 are factored with Pronghorn Corp. without recourse at a financing charge of 8%. Cash Is received for the proceeds and collections are handled by the finance company. Specific accounts receivable of $15,700 are pledged to Landon Credit Corp. as security for a loan of $10,700 at a finance charge of 3% of the loan amount plus 8% Interest on the outstanding balance. Monty will continue to make the collections. All the accounts receivable pledged are past the discount period and were originally subject to a 2% discount. Sandhill notifies Monty that It Is bankrupt and will be able to pay only 10% of its account. Prepare the entry to…
Show Journal entries 3/1/22 Purchased $10,000 merchandise on account. Terms were 2/10, n/30, FOB Shipping Point. Sales taxes were 6% not included in the price. The shipping cost was $100. 3/3/22 Sold $20,000 merchandise to WG Company. Credit terms were 2/10, n/30, FOB Destination. The cost of goods sold was $8,000. Sales tax was 7% not included in the price. Paid $100 to UPS to ship the merchandise to WG Company 3/6/22 Bought back 500 shares of its own common stock at $14 per share from an unsatisfied stockholder 3/10 Collected from WG Company for the above sales.
Anjelina wants to purchase an annuity that will pay her the $2,000 she needs at the end of every six months to support her shoe collection. If she plans to do this for the next 4 years and if money is currently worth 3.2% compounded semi-annually, what would her initial investment have to be? Refer to the "?"s in the table and considering inflows and outflows of cash, enter the appropriate values in the blanks below. Round dollar answers to 2 decimal places. Mode ? Mode = N = PV = PMT= FV= Previous Page N ? I/Y 3.2 A N A Next Page P CY 2 PV ? PMT ? PY 2 FV ?
EE 6-5 Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
Calculate the gross profit percentage for the sale to Sarah’s cycles
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Hh1. calculate net sales, cost of goods sold and gross profit from sales
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Exercise 7-2 (Static) Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. April 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental- charges a 2.5t fee. Prepare journal entries to record the above credit card transactions of Levine Company. View transaction list View journal entry worksheet No Date General Journal 1 April 08 Credit card expense 2 April 08 Cost of goods sold Merchandise inventory 3 April 12 Cash Credit card expense Sales Debit Credit 336 6,000 6,000 140 4 April 12 Cost of goods sold 3,500 Merchandise inventory 3,500
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,450; terms 2/5, n/15, FOB destination (cost of sales $6,600). 2 Purchased $4,850 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,300; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,900; terms 3/5, n/15, FOB destination (cost of sales $7,650). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale.. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions.
BES-2 Prepare the journal entries to record the following transactions on Rowen Company's books: (a) On March 2, Hunt Company sold $900,000 of merchandise to Rowen Company, terms n/30. The cost of the merchandise sold was $600,000. (b) On March 6, Rowen Company returned $130,000 of the merchandise purchased on March 2 The cost of the returned merchandise was $90,000. The merchandise was returned to inven- tory for future resale. (c) On March 31, Hunt Company received the balance due from Rowen Company.