Rahull E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card SalesLO6-1The following transactions were selected from among those completed by Bennett Retailers in November and December:Sold 20 items of merchandise to Customer B at an invoice price of $5,800 (total); terms 3/10, n/30.sold two items of merchandise to Customer C, who charged the $600 (total) sales price on her visacredit card. Visa charges Bennett Retailers a 2 percent credit card fee.Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms3/10, n/30.November 20November 25November 28November 29Customer D returned one of the items purchased on the 28th; the item was defective and credit wasgiven to the customer.December 6Customer D paid the account balance in full.December 20 Customer B paid in full for the invoice of November 20.Required:Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute netsales for the two months ended December 31.Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.

The company offers sales on account to its customers and the objective is to increase sales and…

E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1 The following transactions were selected from among those completed by Bennett Retailers in November and December: Sold 20 items of merchandise to Customer B at an invoice price of $5,800 (total); terms 3/10, n/30. Sold two items of merchandise to Customer C, who charged the $600 (total) sales price on her visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 3/10, 1/30. November 20 November 25 November 28 November 29 December 6 December 20 Customer B paid in full for the invoice of November 20. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.

E6-3 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1 The following transactions were selected from among those completed by Bennett Retailers in November and December: Sold 20 items of merchandise to Customer B at an invoice price of $5,800 (total); terms 3/10, n/30. Sold two items of merchandise to Customer C, who charged the $600 (total) sales price on her visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 3/10, 1/30. November 20 November 25 November 28 November 29 December 6 December 20 Customer B paid in full for the invoice of November 20. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your intermediate calculations. Round your answer to the nearest whole dollar amount.

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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Wright Company reports the following information for the year ended December 31, 2016: Pretax income from continuing operations (a) $160,000 Pretax income from operations of discontinued Division M 27,000 Pretax loss on disposal of Division M (45,000) Pretax correction of error in understating depreciation in 2015 (8,000) Retained earnings, January 1, 2016 410,000 Cash dividends during 2016 48,000 Income tax payable (b) 41,000 a: Of this amount, revenues are $400,000 and expenses are $240,000. b: Of this amount, $6,750 relates to the pretax income from the operations of discontinued Division M; pretax loss on the disposal of Division M resulted in an income tax savings of $11,250; and pretax correction of the depreciation error resulted in an income tax savings of $2,000. Required: 1. Prepare the year-end journal entry necessary to record the 2016 intraperiod income tax allocation. 2. Prepare Wright’s 2016 income statement and statement of retained…
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