Marigold Jewelry shop buys three different rings: a one carat diamond solitaire at a cost of $1,570, a one carat oval sapphire at a cost of $2,150, and a two-carat pear shaped emerald at a cost of $2,840. During the month, the shop sells two of the rings, at the selling price of $2,460 for the diamond ring and $3,650 for the emerald. At December 31, the sapphire ring is still on hand. Calculate the cost of goods sold using specific identification. Cost of goods sold $ 3
Q: Winona's furniture received an invoice dated September 27 for five bedrooms sets at $3,000 each. The…
A: The question is based on the concept of Financial Accounting.
Q: Magical Memories sells Florida theme park vacation packages to various customers throughout the…
A: Commission amount = Total sales x commission rate = $15000 x 5% = $750
Q: 1. The buyer plans to purchase $25,000 (retail) worth of children's coats for a back-to-school sale.…
A: "Since you have asked multiple questions, we will solve the first question for you". If you want any…
Q: Over the winter months, Oriole Co. pre-sells fertilizing and weed control lawn services to be…
A: The revenue recognition concept means how a corporation reports revenue in its financial…
Q: The Katie's Card Shop sells calendars with different Colonial pictures shown for each month. The…
A: Solution:-The question is about Katie's Card Shop sells calendars with unique colonial images for…
Q: Shadee Corporation expects to sell 600 sun shades in May and 800 in June. Each shade sells for $180.…
A: Lets understand the basics.Budget is an estimate of future profit and loss of the business. The…
Q: Target sells sets of pots ($30) and dishes ($20). On the July 4 weekend, Target’s total sales were…
A: Number of pots sold = X Number of dishes Sold = Y Total Units Sold = 30 X + Y = 30 X = 30 - Y…
Q: ere 2/10, n/30. On May 14, Leon's sent a check to Lambert f make a profit of 12% of the selling…
A: Answer : a) Selling price : List price $108 Less : Trade discount ($108*35%) ($37.8) Price…
Q: Over the winter months, Sheridan Lawns Co. pre-sells fertilizing and weed control lawn services to…
A: It is given that lawn services are to be performed May through September. As per accrual concept ,…
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: Last in first out (LIFO) is a system used for inventory accounting that first reports the most newly…
Q: Dawes Designs buys T-shirts for clubs, teams, and other organizations. Dawes takes the shirts and…
A:
Q: MarkosLabs, Inc. sells tattoupées – tattooable toupées for balding men. In 2021, it sold 200…
A: In accordance with IFRS 15, a company recognizes revenue to represent the transfer of promised goods…
Q: Dawes Designs buys T-shirts for clubs, teams, and other organizations. Dawes takes the shirts and…
A: PRODUCTION BUDGETProduction Budget is a Forecast of the Production for the Budgeted Period of an…
Q: The store sold 28 gift cards for $100 per card. at year-end, 23 of the gift cards are redeemed.…
A: Unearned revenue: It is the amount that a company receives in advance from clients. It is a…
Q: Brandin Grocers gives one loyalty point to its customers for every dollar spent in the store. The…
A: The sales revenue is the amount that is received by the company from the sales. The sales revenue is…
Q: Record the journal entry for each of the following transactions. Glow Industries purchases 750…
A: Purchase price=Units bought×Per unit price=750×$23=$17,250
Q: Erie Jewelers sells gold earrings. Its beginning inventory Model 407 gold earrings consisted of 150…
A: FIFO Method: It is the method used by the entity where the cost of goods sold and ending inventory…
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: There are various types of inventory methods.
Q: Prepare a cash budget for the four months ending December 31, 2016, for two alternatives: weaving…
A: Master Budget: It is the budget that shows the budget of all the - a) interconnected sales b)…
Q: Shadee Corporation expects to sell 600 sun shades in May and 800 in June. Each shade sells for $180.…
A: The sales budget is the plan of the expected units a company intends to sell over a period of…
Q: Prepare Flint’s December 31, 2017, adjusting entry
A:
Q: Bally Manufacturing sent Intel Corporation an invoice for machinery with a $15,400 list price. Bally…
A: Trade discount is given at the time of selling goods on list price. Cash discount is given at the…
Q: Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items.…
A: FIFO refers to first-in, first-out, indicating that the earliest stock unit is first registered as…
Q: Shadee Corporation expects to sell 560 sun shades in May and 320 in June. Each shade sells for…
A: Purchase Budget -Purchase Budget is one of the schedules of the Budgeting System. It includes the…
Q: The owner of the business, Roger Lightfoot, has stated that his objective is to cut back on his tax…
A: There are a number of reasons why it is important to have accurate inventory valuation methods.…
Q: Dawes Designs buys T-shirts for clubs, teams, and other organizations. Dawes takes the shirts and…
A: A financial plan called a "merchandise purchases budget" lists the total estimated costs or the…
Q: Over the winter months, Carla Vista Lawns Co. pre-sells fertilizing and weed control lawn services…
A: We know that as per accrual basis of accounting transactions are recorded as and when they occur.…
Q: The Cold Foods Corp. launched a sales promotion of its new product, Cold Candy. For every six (6)…
A: Journal is known as the first book of entry or the original book of entry Given in the question:…
Q: Dawes Designs buys T-shirts for clubs, teams, and other organizations. Dawes takes the shirts and…
A: Inventory includes all the items, merchandise, and raw materials that are used by the business…
Q: Escargot Inc. is a 5-star restaurant in Cincinnati. The restaurant sells 500 gift cards during…
A: Revenue Recognition means the recording of revenues of an entity in its books. It is an accrual…
Q: A musical group plans to sell T-shirts bearing their logo at an upcoming concert. They find a…
A: Formula: Logo charges = ( Number of T shirts ordered x Per T shirt charge ) + Set up charge
Q: On January 1 of the current year, Herkimer & Co. purchases, a group of 7 laptops for its new hires.…
A: Given: Purchased amount = $2,300 Residual value = $500 Laptop sold amount = $1700 each
Q: Webworks purchases supplies worth $120 on account. At the beginning of September, Webworks had 19…
A: As per Bartleby guidelines, in the case of multipart questions, we are only allowed to answer the…
Q: Clarks Incorporated, a shoe retailer, sells boots in different styles. In early November the company…
A: Performance Obligations:A clear commitment to provide products or services to the client seen in a…
Q: Carissa receivesacommission of 2.1% on her monthly sales up to $4,800. The rate then increases to…
A: Commission is one form of revenue being earned on sales made by the business. This is calculated as…
Q: Heartstrings Gift Shoppe sells an assortment of gifts for any occasion. During October, Heartstrings…
A: Accounting is done with two methods:Cash basis accounting: Under the cash basis accounting all cash…
Q: Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package,…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Shadee Corporation expects to sell 630 sun shades in May and 400 in June. Each shade sells for $138.…
A: Lets understand the basics. Management prepares master budget and various budgets based on the…
Q: Shadee Corporation expects to sell 600 sun shades in May and 800 in June. Each shade sells for $180.…
A: Budgeted Income Statement can be prepared with the help of other budget such as sales…
Q: Shadee Corporation expects to sell 540 sun shades in May and 310 in June. Each shade sells for $166.…
A: The budgeted income statement is prepared with the help of other budgets such as cost of goods sold…
Q: On January 1 of the current year, Herkimer & Co. purchases, a group of 8 laptops for its new hires.…
A: Depreciation is a amount by which an assets get under valued with passage of time.
Step by step
Solved in 3 steps
- Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 230 strobe lights at $50 per light to a customer on May 9. The cost to Glow is $20 per light. The terms of the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights, less the allowance. Assume the gross method () and a periodic inventory system is used. If an amount box does not require an entry, leave it blank. May 9 May 13 May 21 Accounts Receivable Accounts Payable Cash Sales Discounts Sales Returns and Allowances II II III II II IINoneBelvedere Bricks manufactures bricks for the construction industry. It estimates that in June, it will sell 70,000 bricks at a retail price of $6.40 per brick. All sales are cash sales. Each brick costs $4.40 to produce. In addition, Belvedere Bricks estimates it will pay in cash $19,000 of general and administrative expenses. The opening cash balance on 1 June is $48,000.Calculate the ending cash balance for Belvedere Brick's cash budget for the month of June. Group of answer choices $121,000 $73,000 $140,000 $169,000 None of the other options
- Brandin Grocers gives one loyalty point to its customers for every dollar spent in the store. The loyalty points will not expire. Customers can redeem these points and are eligible to receive a box of cookies if they redeem 100 points. Brandin Grocers purchase these cookie boxes from the baker @ $3 a box. Because the offer is so popular, 98 per cent of the customers redeem their loyalty points to get the box of cookies.In the month of December 20x1, the total sales recorded in the Store were $ 442,000. You are required to calculate the liability amount and provide the necessary entries.XYZ Inc offers a gift set to customers who send in $1.11 plus three coupon codes obtained from the purchase of the company's standard products. That is, a customer purchases three standard products which come with a coupon each, sends everything in along with the cheque for the amount above, and receives the gift set in the mail a few weeks later. During the year, the company acquired an adequate number of gift sets for $2.63 each using cash to meet the promotion's demand. During the year, the company sold 1,062,960 of its standard products for $4.15 each. The company estimated that 10% of the sales amount received from customers would relate to the gift set to be awarded. The company would expect 34.31% of the coupons to be sent in eventually, and, during the year, 255,110 coupons were redeemed. If the company followed IFRS using the revenue approach, how much unearned revenue would be shown as a liability at the end of the year for the coupons yet to be redeemed? a. $139,185 b.…Over the winter months, Pharoah Co. pre-sells fertilizing and weed control lawn services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 275 customers took advantage of the discount and purchased the summer lawn service package for $760 each. In June, 225 customers purchased the package for $800, and in July, 84 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the Pharoah Co. in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275. Do not leave any answer field blank. Enter O for amounts.) March $ April $ May $ June $ July August September $
- Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items. Chipolo began January with an inventory of 200 tags purchased from its supplier in November last year at a cost of $12 per tag, plus 100 tags purchased in December last year at a cost of $15 per tag. Chipolo sells the tags at a price of $30 per tag, on account with terms n/30, FOB destination. Chipolo uses a perpetual inventory system to account for the following transactions. Jan. 8 Chipolo gave 250 tags to a courier company (FedEx) to deliver to customers. Jan. 9 FedEx confirmed that all 250 tags were delivered today to customers. Jan. 11 Chipolo ordered 350 tags from its supplier. The supplier was out of stock but promised to send them to Chipolo as soon as possible. Chipolo agreed to a cost of $21 per tag, n/30. Jan. 17 Chipolo received cash payment from customers for 125 of the tags delivered 8 days earlier. Jan. 21 The 350 tags ordered on January 11…On July 1, 2021, Sansrival Company started a sales promotional campaign. In each box of cereal sold, Sansrival inserted a coupon redeemable for a premium. To receive a premium, each customer must submit five coupons. Sansrival’s cost for each premium is P6. Sansrival estimated that 60% of the coupons issued would be redeemable. For the six months ended December 31, 2021, the following information is available: Boxes of cereal sold 800,000 Coupons Redeemed 200,000 How much should be the estimated liability for premium claims outstanding at December 31, 2021?Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package, and $80 for a large package. The sales tax rate is 6%. During the month of May, Stork delivers 38 small packages and 22 large packages. PLEASE NOTE: All dollar amounts will be rounded to two decimal places using "$" with commas as needed (i.e. $12,345). What is the total tax charged to the customer per small package? $2.70 What is the overall charge per small package? $47.70 What is the total tax charged to the customer per large package? $4.80 What is the overall charge per large package? __________ How much sales tax liability does Stork Enterprises have for the month of May? __________
- For Mardi Gras, Sassy Southerner Boutique purchased 700 sets of boxed jewelry sets to sell for $19.99. 150 boxes were sold at the regular price. Then, to encourage more customers to purchase the boxed sets, the remaining sets were marked down to $14.99, and 208 boxes were sold. The week of Mardi Gras, the buyer was concerned that she would still have boxes leftover, so she took another markdown to $9.99, and moved them to the cash register for a prominent display, and she sold 300 boxes at this price.In June 2017, a single commercial customer orders 60 M612 storage units, priced at $ 9,600 each (with a cost per unit of $ 6,600). Pearl provides customers ordering more than 20 M612 units during a 12-month period a 4% volume discount on their entire order. On July 19, 2017, Pearl delivered all 60 M612 units. Pearl received payments for the units on August 5, 2017. Prepare the journal entries for Pearl on July 19, 2017 and August 5, 2017. Assume the company records sales transaction net. (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 0 for the amounts.)Shadee Corporation expects to sell 620 sun shades in May and 440 in June. Each shade sells for $137. Shadee's beginning and ending finished goods inventories for May are 60 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. Each shade requires a total of $50.00 in direct materials that includes 4 adjustable poles that cost $10.00 each. Shadee expects to have 120 in direct materials inventory on May 1, 90 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $12 per hour. Additionally, Shadee's fixed manufacturing overhead is $12,000 per month, and variable manufacturing overhead is $14 per unit produced. Additional information: . Selling costs are expected to be 8 percent of sales. . Fixed administrative expenses per month total $1,400. Required: Prepare Shadee's budgeted income statement for the months of May and June. Note: Do not round…