Forest View Paper Supply receives bulk paper deliveries. Last shipment shows: standard boxes 240 at $35 each, premium boxes 160 at $45 each, with shipping $420. Determine the total invoice amount.
Q: Michael and Petunia have lived in a home from 1973 to today. They purchased the home for $180,000…
A: Step 1: Determine the gain on the sale: • Gain = Selling Price − Purchase Price Step 2: Check…
Q: Account question please give me answer
A: Earning Per Share = Net Income/No. of shares outstanding Earning Per Share = 400,000/40,000 Earning…
Q: Can you please give answer the general accounting question?
A: Step 1: Define Activity Cost Pools and RatesThe pillars of activity-based costing are activity cost…
Q: Accounting Problem
A: 1. Marginal income per unit (also known as Contribution Margin Per unit) is the sales remaining…
Q: Hello tutor please give me answer this question general accounting
A: Step 1: Definition of Cash InflowCash inflow refers to the money that enters a business and can…
Q: finance Accounting
A: Step 1: Define Inventory ManagementThe inventory for a firm is usually categorized into raw…
Q: Sunny corporation this question solution general accounting
A: Step 1: Define Long-term DebtsLong-term debts refer to the amount of debt that a corporation holds…
Q: Need help with this question solution general accounting
A: Step 1: Define Absorption CostingUnder absorption costing, the fixed manufacturing overhead cost is…
Q: ABC Company is beginning the process of liquidation. ABC has prepared a statement of financial…
A: Detailed explanation:Assets pledged with secured creditors, $210,000Secured liabilities,…
Q: Hi expart Provide solution for this general accounting question
A: Step 1: Define Standard CostThe standard cost of the product is the expected expense that will be…
Q: I need answer of this question solution general accounting
A: Step 1: Define Accounts ReceivableAccounts receivable is the total amount of money the customer owes…
Q: Follow the table & give solution
A: Explanation of Total Manufacturing Costs:Total manufacturing costs refer to the total expenditure…
Q: Rusell enterprises acquired Accounting question
A: Step 1: Introduction to accountingAccounting is defined as the process of recording business…
Q: Managerial accounting
A: To determine Noble Co.'s overall liability for the loan on December 31, Year 1, we need to calculate…
Q: Given answer financial
A: Step 1: Define Gross SalesIn accounting, the gross sale is an important account. It is a measure of…
Q: Financial
A: Step 1: Total LiabilitiesThe total liabilities are classified into current liabilities and long-term…
Q: Please solve this accounting question don't use ai
A: Initial Investment = $1,500Net Present Value (NPV) = $400Internal Rate of Return (IRR) = 9%Present…
Q: On January 1, 2023, Concord Limited paid $415,744 for 10% bonds with a maturity value of $385,000.…
A: Step 1:First calculate the premium on bond receivable: Premium on bond receivable = Issue price -…
Q: Phoenix Corp's
A: Explanation of Credit Sales: Credit sales represent the total value of goods or services sold by a…
Q: I need answer
A: Explanation: In the given case, we are required to calculate the amount of inventory shortage from…
Q: ??
A: Detailed explanation:According to generally accepted accounting principles (GAAP) and International…
Q: I want correct answer general accounting
A: Step 1: Define Absorption CostingFor the financial reporting purpose, the income statement of a…
Q: The following information. . Please provide answer
A: Profitability Index = (Net Present Value + Initial Investment)/Initial Investment Profitability…
Q: Please provide this question solution accounting
A: To compute the desired profit, let us use the formula given in the problem, that the desired…
Q: Tack, Inc., reported a Retained earnings balance of $150,000 at December 31, 20X0. In June 20X1,…
A: Inventory Error CorrectionEnding inventory affects the cost of goods sold (COGS) and, consequently,…
Q: Solution need
A: Explanation of Book Value: Book value is the net amount of a fixed asset on a company's balance…
Q: Please Given answer Accounting
A: Step 1: Define Operating Cash FlowThe operating cash flow is the cash flow generated from regular…
Q: Question accounting
A: Step 1: Define GoodwillGoodwill is an intangible asset that arises when a company acquires another…
Q: Assume is Elaine is in the 37% marginal income tax bracket and the 20% bracket for long-term capital…
A: #1. Like-Kind Exchange (Section 1031)Recognize Gain? Generally, exchanges of like-kind business or…
Q: Give true answer this general accounting
A: Step 1: Total Revenues Calculation• Total Revenues = Division A Revenues + Division B Revenues Step…
Q: Given answer Accounting
A: Step 1: Define Times Interest Earned RatioIf a company only used its earnings before interest and…
Q: General Accounting
A: Step 1: Define Cash cycleCash cycle refers to the full period of payment of cash to acquire the raw…
Q: answer??
A: Explanation of Job Costing: Job costing is an accounting method used to track and accumulate the…
Q: The total factory overhead for Norton Company is budgeted for the year at $300,000, divided into…
A: Understanding the QuestionActivity-Based Costing (ABC) → This is a costing method where overhead…
Q: Select accurate Option
A: Explanation of Professional Judgment: Professional judgment refers to the ability of accountants to…
Q: I need answer of this question general finance
A: Step 1: Define Statement of Cash FlowsA cash flow statement is an important aspect of a company's…
Q: General accounting vii
A: Definitions 1. Debt Issuance Costs:Debt issuance costs, also known as bond issuance costs, are fees…
Q: I need answer of this question general accounting
A: Step 1: Define Account ReceivableMoney due by a firm to a company on selling goods on credit is…
Q: General Accounting Question please answer do fast
A: Step 1:Ratio analysis is a process of comparison of data with previous year and with compatitive…
Q: Hello tutor please provide this question solution accounting
A: Step 1: Define Predetermined Overhead RateAs manufacturing overhead cannot be directly traceable to…
Q: Give me answer of this accounting Question
A: Explanation of Fungibility Principle: The fungibility principle refers to the interchangeability of…
Q: Financial Accounting
A: Step 1: Define Residual IncomeResidual income is the excess income earned over the minimum required…
Q: Par Industries owns 7,000,000 shares of Sub Corporation’s outstanding common stock (a 70 percent…
A: In this scenario, Par Industries owns 70% of Sub Corporation's outstanding common stock, which means…
Q: Financial Accounting
A: Step 1: Define Net Profit MarginThe net profit margin is a profitability ratio used to measure the…
Q: Provide this question solution general accounting
A: Step 1: Determine the months for the interest to grow for each cash flow Since, the cash flows…
Q: Clemente Inc. incurs the following costs to produce 10,000 units of a subcomponent: please provide…
A: Step 1: Define Opportunity CostIn a make-or-by decision, the relevant opportunity cost can include…
Q: ?!
A: Explanation of Prudence Convention: The prudence convention is an accounting principle that requires…
Q: Need answer the accounting question not use chatgpt
A: Step 1: Define Direct MaterialsDirect Materials are a component of the total manufacturing cost.…
Q: What distinguishes constructive obligations from legal obligations in accounting? a) They arise from…
A: Explanation of Constructive Obligations: Constructive obligations are commitments that arise from…
Q: Hello tutor please provide answer financial Accounting
A: Step 1: Define Returns on a StockA firm may raise funds by issuing stocks or bonds to investors. The…
Subject financial accounting
Step by step
Solved in 2 steps
- on june 3, concord comoany sold to chester merchandise having a sale price of $5,500 with terms 2/10,n/60,F.O.B. shipping point. An invoice totalling $99, terms n/30, was received by chester on june 8 from john booth transportservice for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the concord company books to record all the events noted above under each of the following basis. (1) sales and receivable are entered at gross selling price. (2). sales and receivable are entered at net cash discounts.On June 3, Sunland Company sold to Chester Company merchandise having a sale price of $5,200 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totalling $98, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company.Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is $4,000. Purchase terms are 2/10, n/30 and the invoice is paid one week after it was received. The shipping terms are FOB destination and the shipping costs are $300.
- 1. On February 5, the company purchased $50,000 of merchandise at FOB shipping point. shipping costs $5,000 and will arrive 6 days later. there is an agreement with the seller that the seller prioritizes transportation costs. 2% discount terms for 10 days. Journalize this transaction. 2. the same data make a journal using fob destination 3. when the goods receipt report is made. 4. What is the contents of the invoice that will be received from the seller?.Home office shipped merchandise costing $120,000 to branch at a billed price of $168,000. Assume at the end of the accounting period, the branch reports its inventories (at billed price) at $28,000. Instructions: Prepare the working paper for a home office to analyze the flow of merchandise to the branch.An invoice for accessories is dated December 27 and this paid on January 10. The trade discount is 30%, 20%, and 5% with terms of 2/10 as of April 1, FOB retailers distribution center, and shipping charges of $30 pre-paid by the vendor. There is a quantity discount of 1% on orders of $5000 and a 2% discount on orders of $7500 or more. What amount should be paid if the buyer purchase $10,000(list price) worth of merch ?
- The invoice price of goods purchased is $10,000 with purchase terms of 4/7, n/30 and FOB shipping point. The invoice is paid within the week of receipt and shipping costs are $200. By what amount should the purchaser's Inventory be increased?Record the following selected transactions in the general journal of Lee’s TV & Electronics Repair. Assume that the company uses a periodic inventory system, Scotiabank charges merchants $0.50 per debit card transaction, PayPal charges 1% of sales as service fees and MasterCard charges 4% of sales as service fees. Mar. 4 Recorded Scotiabank debit card sales of $12,000, consisting of 150 transactions. 10 Recorded MasterCard credit card sales of $10,000. 15 Credit sales of $14,600 were recorded, 2/10, n/30. Apr. 1 AeroPlan card was accepted for $3,100 of payments. This card requires that receipts are submitted for payment manually. A 2% fee applies. May 8 PayPal sales of $35,000 was received. 18 Wrote off $700 of accounts receivables. 31 Bad debts were estimated to be 2% of the $750,000 accounts receivable balance. There was a $900 credit balance in the allowance for doubtful accounts.Prepare journal entries for the following transactions from Lumber Wholesale. Aug. 9 Sold 48,320 pounds of lumber with a sales price of $5.50 per pound to customer Homes Unlimited. Homes Unlimited paid with cash. The cost for this sale is $1.35 per pound. Aug. 10 Sold 34,700 pounds of lumber with a sales price of $6.75 per pound to customer Barry Njegren. Njegren paid using his in-house credit account. Terms of the sale are 4/15, n/35. The cost for this sale is $1.20 per pound. Aug. 11 Sold 50,330 pounds of lumber with a sales price of $4.60 per pound to customer Goodson Houses. Goodson paid using its American credit card. The cost for this sale is $1.40 per pound. American Credit Card Company charged Lumber Wholesale a 2.5% usage fee based on the total sale per transaction. Aug. 14 American Credit Card Company made a cash payment in full to Lumber Wholesale for the transaction from August 11, less any usage fees. Aug. 25 Barry Njegren paid his account in full with a cash…
- Sansomite Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Sansomite’s inventory consisted of suitcases costing $1,200. During the month of July the following merchandising transactions occurred. July 1 Purchased suitcases on account for $1,800 from Trunk Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 3 Sold suitcases on account to Satchel World for $2,000.The cost of suitcases sold is $1,200. 9 Paid Trunk Manufacturers in full. 12 Received payment in full from Satchel World. 17 Sold suitcases on account to The Going Concern for $1,500. The cost of the suitcases sold was $900. 18 Purchased suitcases on account for $1,700 from Kingman Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 20…en June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,881. The retailer receives a 24% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar.
