Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold $ 65,000 $ 8,600 31,000 33.140 b 44,000 $ 16,490 2,600 20.000 51,000 5,000 8,800 d 7,600 45,000 7,500 $ 24,400 4,520 5,200 7.400

Hitzu Co. sold a copier (that costs $4,800) for $6,000 cash with a two-year parts warranty to a customer on August 16 of Year 1. Hitzu expects warranty costs to be 4% of dollar sales. It records warranty expense with an adjusting entry on December 31. On January 5 of Year 2, the copier requires on-site repairs that are completed the same day. The repairs cost $209 for materials taken from the repair parts inventory. These are the only repairs required in Year 2 for this copier. 1. How much warranty expense does the company report for this copier in Year 1? 2. How much is the estimated warranty liability for this copier as of December 31 of Year 1? 3. How much is the estimated warranty liability for this copier as of December 31 of Year 2? 4. Prepare journal entries to record (a) the copier’s sale; (b) the adjustment to recognize the warranty expense on December 31 of Year 1; and (c) the repairs that occur on January 5 of Year 2.

During December, Rainey Equipment made a 676,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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. <<…

Clayco Company completes the following transactions during the year. July 14 Writes off a $750 account receivable arising from a sale to Briggs Company that dates to 10 months ago. (Clayco Company uses the allowance method.) 30 Clayco Company receives a $1,000, 90-day, 10% note in exchange for merchandise sold to Sumrell Company (the merchandise cost $600). Aug. 15 Receives $2,000 cash plus a $10,000 note from JT Co. in exchange for merchandise that sells for $12,000 (its cost is $8,000). The note is dated August 15, bears 12% interest, and matures in 120 days. Nov. 1 Completes a $200 credit card sale with a 4% fee (the cost of sales is $150). The cash is transferred immediately from the credit card company. 3 Sumrell Company refuses to pay the note that was due to Clayco Company on October 28. Prepare the journal entry to charge the dishonored note plus accrued interest to Sumrell Company’s accounts receivable. 5 Completes a $500 credit card sale with a 5% fee (the cost of sales is…

Florida Keys Construction installs swimming pools. It calculates that warranty obligations are 3% of sales. For the year just ending, Florida Keys' sales were $1,450,000. Previous quarterly entries debiting Product Warranty Expense totaled $28,700. Determine the estimated warranty expense for the year?       Journal entry necessary to bring the account to the needed balance at December 31. If an amount box does not require an entry, leave it blank. Dec. 31   fill in the blank  fill in the blank      fill in the blank  fill in the blank

Seacost Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each Apply the revenue recognition principle to determine A. when seacost magazine should record revenue for this situation B. the amount fo revenue seacost magazine should record for eight issues

Lyon County Bank agrees to lend the Grimwood Brick Company $100,000 on January 1. Grimwood Brick Company signs a $100,000, 8%, 9 month 33. The entry made by Grimwood Brick Company on January 1 to record the rmation below for questions 33 and 34 flower shop follows GAAP and applies the revenue recognition principle. When is b. when the performance obligation is satisfied. A flower shop makes a large sale for $1,000 on November 30. The customer is the $1.000 considered to be recognized? d. in the period that income taxes are paid sent a statement on December 5 and a check is received on December 10. The note. on proceeds and issuance of the note is a. Interest Expense. Cash 6,000 94,000 Notes Payable b. Cash 100,000 100,000 Notes Payable c. Cash Interest Expense Notes Payable d. Cash. Interest Expense Notes Payable Interest Payable 34. What is the adjusting entry required if Grimwood Brick Company prepares financial statements on June 30? a. Interest Expense. Interest Payable b. Interest…

Consider the following situations for Shocker: 1. On November 28, 2021, Shocker receives a $1,800 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. 2. On December 1, 2021, the company pays a local radio station $2,160 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited. 3. Employee salaries for the month of December totaling $6,200 will be paid on January 7, 2022. 4. On August 31, 2021, Shocker borrows $52,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2022. Required: Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) View transaction Usi Journal entry worksheet 2…

Consider the following situations for Shocker:1. On November 28, 2021, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited.2. On December 1, 2021, the company pays a local radio station $2,700 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited.3. Employee salaries for the month of December totaling $8,000 will be paid on January 7, 2022.4. On August 31, 2021, Shocker borrows $70,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2022.Required:Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year.