On April 6, Year 1, Home Furnishings purchased $25,200 of merchandise from Una Imports, terms 2/10 n/45. On April 8, Homereturned $2,400 of the merchandise to Una Imports for credit. Home paid cash for the merchandise on April 15, Year 1.Requireda. What is the amount that Home Furnishings must pay Una Imports on April 15?b. Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA forinvesting activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cellblank.c. How much must Home Furnishings pay for the merchandise purchased if the payment is not made until April 20, Year 1?d. Record the payment of the merchandise in Requirement (c) in a horizontal statements model. In the Cash Flow column, use OA todesignate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the element is notaffected by the event, leave the cell blank.

The objective of the question is to calculate the amount Home Furnishings must pay Una Imports on…

Answered: On April 6, Year 1, Home Furnishings…

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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Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.
Req A, B, C, D
Explainations would be apprectiated and I would also like help with formating.
Use the Adjusted Trial Balance Lion Consulting. (Note: I am including the Adjusted Trial Balance below in this question to use for questions 18-23 and 40-46, but it would be easier if you refer to the separate file I provided.)On the Income Statement, what would the Gross Profit be for Lion Consulting? Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T.…
During an accounting period, a business sells goods on credit for a total selling price of £3,000. At the start of the accounting period there are receivables of £400. At the end of the accounting period there are receivables of £500. What amount will appear in the cash flow statement as cash inflow from sales? a) £3,100 b) £3,500 c) £3,400 d) £2,900
Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records of Marx: Accounts receivable, January 1 $ 106,000 Accounts receivable, December 31 75,000 The cash received from customers was: Multiple Choice $545,000. $651,000. $589,000. $620,000.
Using the three column cash book, show the closing balances for; a) Cash b) Bank c) Discount allowed d) Discount Received
What's the journal entry for sold services for $41,400 in cash and $4,600 on credit?
6. Indicatewhichjoumal would beusedto record the following transactions. Select from the followirng Cash Receipts Joumal Cash Disbursements Joumal, Sales Joumal Purchases Jourmal, and General Journal. a. Sold inventory for cash b.Sold inventory on account c Received cash a week after selling items on credit d Paid cash to purchase inventory e.Paid a cash dividend to shareholders £Sold sharesofstock for cash a. b. C. d. e. f. 2. Bought equipment forcash h Recorded anadjusting entry for supplies iPaid for a purchase of inventory on accontwithin the discount period i j Paid for a purchase ofinventory on account after the discount period haspassed, k. Bought inventory and agreed to paywithin the next 30 days 1 Receivedbut didnot pay the phone bill. Will pay in 20 days. m Retumed defective goods purchasedon credit to the supplier. The companyhadnotyet paid for them n. Jook out a loan fromthe bank o. Paid employeewages h. k. 1. 1. theconetinumalt
The following journal entry was included in the accounting records of Ostrosky Corporation on March 20: Debit Accounts payable $4,000, Credit Merchandise Inventory $40, Credit Cash $3,960 Based on this journal entry, it is likely that the company: A. Sold inventory for cash B. Collected cash for the inventory sold on credit and recorded a 1% sales discount C. Purchased inventory for cash D. Paid for the inventory purchased on credit and took advantage of the 1% purchase discount

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