Qd 225. Given below are several accounts from Cunningham, Inc.'s trial balance at December 31, 2004.Sales Revenue$24,000Accounts Payable600Dividends750Fees Collected in Advance400Supplies500CashWages ExpenseCost of Goods SoldSelect one:4,5002,80012,500a. $950b. $2,100c. $1,350d. $1,700Accounts ReceivableRent ExpenseInterest RevenueWhat is the net income for the year ended December 31, 2004?Depreciation ExpenseSupplies ExpensePrepaid RentWages PayableRetained Earnings, Jan. 1, 2004$ 4,8504,0009501,5502,0001,1501,6006,000

Net Income = Total Revenues - Total Expenses

Given below are several accounts from Cunningham, Inc.'s trial balance at December 31, 2004. Sales Revenue $24,000 $ 4,850 4,000 Accounts Payable 600 Dividends 750 950 Fees Collected in Advance 400 1,550 Supplies 500 2,000 Cash 1,150 Wages Expense 1,600 Cost of Goods Sold 6,000 What is the net income for the year ended December 31, 2004? Select one: a. $950 b. $2,100 c. $1,350 d. $1,700 4,500 2,800 12,500 Accounts Receivable Rent Expense Interest Revenue Depreciation Expense Supplies Expense Prepaid Rent Wages Payable Retained Earnings, Jan. 1, 2004

Given below are several accounts from Cunningham, Inc.'s trial balance at December 31, 2004. Sales Revenue $24,000 $ 4,850 4,000 Accounts Payable 600 Dividends 750 950 Fees Collected in Advance 400 1,550 Supplies 500 2,000 Cash 1,150 Wages Expense 1,600 Cost of Goods Sold 6,000 What is the net income for the year ended December 31, 2004? Select one: a. $950 b. $2,100 c. $1,350 d. $1,700 4,500 2,800 12,500 Accounts Receivable Rent Expense Interest Revenue Depreciation Expense Supplies Expense Prepaid Rent Wages Payable Retained Earnings, Jan. 1, 2004

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Sales-related transactionsSayers Co. sold merchandise on account to a customer for $80,000 terms2/10, n/30. The cost of the goods sold was $58,000. Journalize Sayers' entries to record (A) the sale, (B) the receipt of payment within thediscount period, and (C) the receipt of payment beyond the discountperiod of ten days.
Webber Co. uses the gross method to record sales made on credit. On June 1, 20X5, it made sales of $59,000 with terms 4/15, n/45. On June 12, 20X5, full payment for the June 1 sale was received. The journal entry to record the sale would include a debit to sales discounts of $2,360 O credit to sales revenue of $56,640 debit to accounts receivable of $56,640 credit to sales revenue of $59,000
MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIOn: 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. . 3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS... 1)Merchandise acquired cost is 114.000 +10 % VAT. Freight In was 6.000 TL +10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2) Machinary is purchased for 326.000 TL + %10 VAT, Note is endorced for purchase . Transportation and Installations invoice is 94.000 TL + %10 VAT half paid by check balance is on account. 3) Merchandise sold for 64.000 USD (rate 7.05 TL/ USD) + 10% VAT received note for sale. VAT paid cash. Cost of good Sold is 235.000 TL 4) Bank Credit Memorandum states that , 95.000 TL issued check is collected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for 384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid (cash) by the customer for USD Merchandise sale. Rate is 7.15 TL/USD. 7) Customer transferred 85 .000 TL to the Bank, to close the open account 8) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .…
Please answer the question correctly. Thank you.
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS: Questions 10/11/12
Presented are transactions of Lei Electrical Supplies for the month of June. Record all transactions using the Periodic Inventory assuming credit terms on sales extended to customers are 2/10, n/30. June 4 Cash Purchases from Colombia Manufacturing, P1,000,000. 8 Cash sales to various customers, P125,000. 9 Refunded P11,000 for merchandise returns. 10 Sold Merchandise to Heir Supply, P55,000. 11 Granted 10% allowance to Heir Supply due to wrong specifications. 12 Sold Merchandise to Viber Co., P300,000. 15 Cash Sales to Architect Kate P220,000. 16 Purchased Merchandise on Account from Kenny Logs, P100,000. 18 Heir Supply Settled its account in full. 24 Viber Co. settled its account in full. 30 Settled account with Kenny Logs in full. REQUIREMENTS: Using this Account Titles Cash, Accounts Receivable, Accounts Payable, Purchases, Sales, Sales Returns and Allowances, Sales Discount, Income Summary and Lei, Capital 1. PREPARE JOURNAL ENTRIES AND CLOSING ENTRIES. 2. POSTING JOURNAL ENTRIES…
Accounts selected from the Dec. 31. 2020 trial balance of the VICTORIANO NAVARETTE COMPANY are listed below: В. P 9,630,000 4,720,000 Sales Purchases Merchandise Inventory, 1/1/2019 Merchandise Inventory, 12/31/2020 Salaries Expense 2,170,000 1,430,000 2,060,000 Supplies Expense Depreciation Expense 540,000 480,000 Sales Returns and Allowances 280,000 Insurance Expense 55,000 Sales Discounts 210,000 Freight Out 170,000 Purchase Returns and Allowances 110,000 Purchase Discounts 70,000 Freight In Miscellaneous Expenses 50,000 30,000 Required: Prepare a Statement of Comprehensive Income using the the multi-step general format. 9/30/2021
The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $94,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $35,040. The cost of the merchandise sold was $20,610. 5 Purchased merchandise on account from Papoose Creek Co., $50,800, terms FOB shipping point, 2/10, n/30, with prepaid freight of $850 added to the invoice. 6 Returned $12,000 ($16,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $14,030 with terms n/15. The cost of the merchandise sold was $9,130. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $243,720. The cost of the merchandise sold was $148,260. 15 Paid Papoose Creek Co. on account for purchase of…
JBL undertook the following transactions for the month of Nov Purchased merchandise or $80,000 less 5-5 on terms 3/10 n/30. The entity paid freight for $2,500 and returned defective goods worth $7,000. JBL paid this account in full within the discount period. How much was the purchase discount?
On December 28, 20Y3, Silverman Enterprises sold $20,000 of merchandise to Beasley Co. with terms n/30. The cost of the goods sold was $12,000. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,000 and the merchandise originally cost Silverman Enterprises $2,350. Question Content Area a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3, sale. If an amount box does not require an entry, leave it blank. b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank.
The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $93,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $35,370. The cost of the merchandise sold was $23,670. 5 Purchased merchandise on account from Papoose Creek Co., $44,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6 Returned $13,300 ($19,000 list price less trade discount of 30%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $17,080 with terms n/15. The cost of the merchandise sold was $10,010. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $246,980. The cost of the merchandise sold was $152,530. 15 Paid Papoose Creek Co. on account for purchase of…

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