In 2017, Sunny Times Corp. makes the following purchases of solar panels, its only product. Assume Sunny Times had noinventory on hand to start the year.DateQuantityUnit Cost ($)Total Cost ($)1/15100757,5003/303009027,0006/147510/1075951007,1257,500On July 1st, Sunny Times makes its only sale of the year of 300 panels at a price of $150 per panel.REQUIRED: If the company uses the LIFO and perpetual method of inventory reporting, what is Sunny Times inventory.balance (in dollars) at December 31, 2017?O $23,375O $28,125$23,625$21,750$21,000O None of the above

Last-in, first-out (LIFO), and perpetual: The last purchased inventory is sold first under the LIFO…

Answered: In 2017, Sunny Times Corp. makes the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 11EA: Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the...

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Nov 17. Record the purchase of air conditioners. Nov 26. Record payment on November 26 using the net method of accounting for purchase discounts. Dec 15. Alternatively, record payment on December 15 using the net method of accounting for purchase discounts.
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On July 1st. Comfort Furnishings purchased all the remaining inventory of a competitor for $100,000 when their competitor, Lazy Days, went out of business. The products and their estimated selling price for each listed below. Estimated Selling Price Per Unit Sofas Recliners Tables Chairs Maku 200 600 100 Qty 150 $400 $220 $130 $85 1. What is the amount of Gross Profit that Comfort will realize if they sell half of the sofas (100 units) in July? 2. What should the chairs be valued at in Comfort's ending inventory as of 7/31 if 100 chairs were sold during July?
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es Required information [The following information applies to the questions displayed below.] Tracy Company, a manufacturer of air conditioners, sold 125 units to Thomas Company on November 17, 2024. The units have a list price of $720 each, but Thomas was given a 30% trade discount. The terms of the sale were 2/10, 1/30. 3-a. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. 3-b. Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on December 15, 2024, assuming that the net method of accounting for cash discounts is used. Complete this question by entering your answers in the tabs below. Req 3A Req 3B Prepare the journal entries to record the sale on November 17 (ignore cost of goods) and collection on November 26, 2024, assuming that the net method of accounting for cash discounts is used. Note:…
During April, Firestone purchased-goods from BF Goodrich. The sequence of events was as follows: April 1: Firestone orders 2,500 tires from BF Goodrich. BF Goodrich agrees to sell the wheels for $200 each on account under shipping terms FOB shipping point and payment terms 5/10, n45. The tires initially cost BF Goodrich $125 each on February 17th. J.B. Hunt Trucking Company will be responsible for transporting the inventory for $2,125. All shipping costs must be paid on the day of shipment. April 4: BF Goodrich loads the 2,500 tires into JB Hunt's truck. April 8: Firestone receives the shipment of tires. April 25: Firestone pays BF Goodrich for the tires previously purchased. A Accounts Payable Cash B Cash 500,000 500,000 Accounts Receivable 500,000 Event April 1 April 4 April 8 April 25 500,000 Buyer Inventory Seller Accounts Payable C Inventory Cash Accounts Receivable Sales Revenue 500,000 D Cost of Goods Sold Inventory 2,125 500,000 2,125 500,000 500,000 Required: For each Buyer…
Crane Company sells goods on credit that cost $320,000 to Paul Company for $404,500 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $44,000. The standalone selling price of the goods is $360,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Your answer is correct. Prepare the journal entries (if any) to record the sale on January 2, 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) (b) Date Account Titles and Explanation Jan. 2, 2025 Accounts Receivable Sales Revenue Unearned Service Revenue (To record sales on account) Jan. 2, 2025 Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts Your answer is incorrect. Debit 404500…
Cullumber Company sells goods on credit that cost $306,500 to Gary Company for $400,500 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $47,000. The standalone selling price of the goods is $353,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Jan. 2, 2025 Account Titles and Explanation Debit Credit
Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018:
Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
Crane Company sells goods on credit that cost $320,000 to Paul Company for $404,500 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $44,000. The standalone selling price of the goods is $360,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Jan. 2, 2025 Jan. 2, 2025 (To record sales on account) (To record cost of goods sold) Debit Credit
Legend Company sold $87,000 worth of goods on account to Destiny Inc. on June 20. It cost Legend $60,900 to make these goods. Destiny has 30 days to return the goods for any reason. On July 1, Destiny returns $8,000 worth of goods that had cost Legend $5,600. Legend expects to be able to resell these goods for a profit. Prepare the following entries on the books of Legend Company: Journal entries to record the initial sales on June 20 if a perpetual inventory system is used

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