JANUARY FEBRUARY MARCH ABBOT MERCHANDISE Purchases Returns $21,948 $14,576 $12,945 $4,367 $987 $2,398 Discounts $2,000 $100 $1,156 CABOT FARMS Purchases $12,978 $9,567 $14,503 Returns $1,298 $876 $904 Discounts $100 $400 $250 DIVERSITY SERVICES Purchases $18,756 $15,678 $12,987 Returns $257 $125 $359 Discounts $25 $75 $250 displayed information, what was the total amount paid to Diversity Service $46,330

JANUARY FEBRUARY MARCH ABBOT MERCHANDISE Purchases Returns $21,948 $14,576 $12,945 $4,367 $987 $2,398 Discounts $2,000 $100 $1,156 CABOT FARMS Purchases $12,978 $9,567 $14,503 Returns $1,298 $876 $904 Discounts $100 $400 $250 DIVERSITY SERVICES Purchases $18,756 $15,678 $12,987 Returns $257 $125 $359 Discounts $25 $75 $250 displayed information, what was the total amount paid to Diversity Service $46,330

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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Cash receipts Cash payments For inventory purchases For S&A expenses January $ 107,000 February $113,000 March $ 133,000 93,500 34,500 75,500 35,500 88,500 30,500 Franklin Medical had a cash balance of $11,500 on January 1. The company desires to maintain a cash balance of $6,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 2 percent per month. Repayments may be made in any amount available. Franklin pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. Note: Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign. > Answer is complete but not entirely correct. Cash Budget Section 1: Cash Receipts Beginning cash balance January February March $ 11,500 $ 6,700 $ 6,000 Add:…
The following information is available from the inventory records of columbia hoodies company for January: Units Unit Cost Total Cost Balance at Jan 1 3,000 $9.77 $29,310 Purchases: Jan 6 2,000 $10.30 $20,600 Jan 26 2,700 $10.71 $28,917 Sales: Jan 7 (2,500) $14.00 $35,000 Jan 31 (4,000) $14.00 $56,000 All sales are made at 14.00 unit price. Q: Compute the ending inventory on Jan 31 using perpetual moving-average cost. A: I have Ending Inventory at 1,200 units with a value of $12,284.73, is this correct? DO NOT GIVE SOLUTION IN IMAGE FORMAT
Presented below is information related to lamarisk Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $17,400 $17,516 $19,720 $16,240 Inventory at LCNRV 16,820 14,616 18,096 15,428 Purchases for the month 19,720 27,840 30,740 Sales for the month 33,640 40,600 46,400 (a) From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be shown separately (using a valuation account). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) February March April > > > $ $ $
What is the balance of accounts payable at May 31st?
eview - Google Chrome od/quiz/review.php?attempt3D208064&cmid-184726 Moodle January February Inventory purchases budget in units 000 0000 Each unit costs $10 and all purchases are made on credit. ABC pays 20% in the month of purchase and 80% in the month following the purchase. December inventory purchases totalled $70,000. How much cash will be disbursed for inventory purchases in January? Select one: none of these 0000 $176,000 000'08$ e to search
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,500 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,800 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Pukchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr. 19 June 30 Sept. 2
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