On July 15, Oriole Company sells merchandise on account to Sandhill Co. for $4700, terms 2/10, n/30. On July 20, Sandhill Co. returns merchandise worth $1700 to Oriole Company. On July 24, payment is received from Sandhill Co. for the balance due. What is the amount of cash received?
Q: Need help with this question solution accounting
A: Step 1: Define Price Earnings RatioThe price earnings ratio multiple is a method to value companies…
Q: Do fast and step by step calculation with explanation for these accounting question Do not use Ai
A: Step 1: Define Variable Vs. Absorption CostingThere is a difference in the pre-tax income under the…
Q: On January 1, 2018. Orangewood Industries bought a new cash register for $7,500.
A: Step 1: Define Advantages of Straight-line Depreciation MethodThe straight-line depreciation method…
Q: I need answer of this question solution general accounting
A: Step 1: Define Notes ReceivableA notes receivable is classified as a current asset account if the…
Q: On May 1, a company sells inventory on account to a customer for $30,000, with terms of 1/15, n/30.…
A: the net method of accounting or sales discounts assumes that customers will take advantage of the…
Q: Need help with this question solution general accounting
A: Step 1: Define Units of ProductionThe units of production method calculate depreciation considering…
Q: Subject: General Account The Vogelson Company accumulates the following cost and market data at…
A: Given Data:The following cost and market data are provided for Vogelson Company's inventory at…
Q: Requirements Subject: account
A: Step 1:1. The amount of fixed manufacturing overhead included in company's inventory is calculated…
Q: Lynn Bishop placed $10,000 in a money market account that pays 5.5% interest compounded monthly. How…
A: In this problem, we are given the following values:Principal amount (P) = $10,000Annual interest…
Q: Accounting question
A: Step 1: Given Value for Calculation Required Rate of Return = r = 14%Cash Flow for Year 0 = cf0 =…
Q: Provide correct answer general accounting
A: Step 1: Define Account ReceivableThe account is opened after selling goods and services to the buyer…
Q: Ronan, Inc. is a U.S. corporation and Becker, Inc. is its foreign subsidiary. In 2017, Ronan earned…
A: Step 1: Identify the dividend distribution from Becker to Ronan ($80,000).Step 2: Recognize that the…
Q: In 1994, Coronado Limited completed the construction of a building at a cost of $1.59 million; it…
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: Tip top corp. Produces a product that requires solution this question
A: Detailed explanation:a. Direct Labor Rate Variance = (Actual Hourly Rate − Standard Hourly Rate) ×…
Q: Financial accounting question
A: Step 1: Define Income StatementThe income statement of a firm can be prepared by using the…
Q: Targo company manufacturers a single product solve this question
A: Step 1: Define Manufacturing Overhead BudgetIn order to prepare the manufacturing overhead budget, a…
Q: Smead Manufacturing Company The Smead Manufacturing Company's costing system has two direct-cost…
A: To prepare the schedule of total standard manufacturing costs for the 7,600 output units produced in…
Q: I need answer of this question solution general accounting
A: Step 1: Define ExpensesExpenses are costs that are incurred during a financial period. Only expenses…
Q: Give true solution for these general accounting question
A: Step 1: Operating ExpensesThe charges incurred to administer and execute the routine activities of…
Q: Financial Accounting
A: Step 1: Annual credit sales.= total annual sales x 75%= $4,387,500 Step 2: Daily credit sales.=…
Q: General accounting
A: Step 1: Define Asset TurnoverAsset turnover is a ratio that indicates the company's efficiency in…
Q: Total Expense?
A: Based on the problem, kids' pool uses $240 worth of chemicalsKids' Pool = $240 The main pool uses…
Q: general account expert solve this
A: To determine the total value of the ending inventory under the lower of cost or market (LCM) method,…
Q: What is ABCs asset turnover on these accounting question?
A: Step 1: Define Asset Turnover RatioAsset turnover measures how much revenue a company generates for…
Q: Banele had a taxable estate of $18.0 million when they died this year. Calculate the amount of…
A: Key Details for 2024:Estate Value: $18,000,000Exclusion Amount (2024): $13,610,000Taxable…
Q: Need help with this general accounting question
A: To calculate the Return on Assets (ROA) for Nordstrom, we follow a step-by-step process based on the…
Q: Need answer to this accounting question
A: Key Definitions:Traditional Assets and Liabilities: The conventional accounting classifications for…
Q: Please solve these requirements a and b and give correct answer these general accounting question
A: Step 1: Define Collection PeriodThe time it takes for an entity to collect payments from customers…
Q: A driver started a business please rihgt answer
A: Step 1: Total License Cost = $6-month Expense=666.67×6=4,0006,000 Step 2: Useful Life = 24 months (2…
Q: Please given answer Accounting question not use ai...
A: Step 1: Define Total Manufacturing Costs"Total Manufacturing Costs" is the cost incurred on…
Q: Standard Intercompany Accounting?
A: Explanation of Reciprocal Accounting: This is a specialized accounting method used specifically for…
Q: Need help
A: To compute the fixed asset turnover ratio for Amuse Yourself Parks (AYP) for the year 2010, we will…
Q: follow this account questions and give proper answer
A: Step 1:Inventory value using the LCNRV on an individual item basis can be calculated by using the…
Q: Get correct answer accounting
A: Calculate the book value of the machine:The book value of an asset represents its value on the…
Q: The assembly department started solve this question
A: Step 1: Define Processing departmentThe processing department is one of the departments in the…
Q: 19 A journal entry records an estimate of uncollectible accounts using the allowance method with…
A: To determine the correct journal entry for estimating uncollectible accounts using the allowance…
Q: Gerry company has a gross profit solve this question general accounting not use ai
A: Step 1: Define Cash FlowThe cash flow related to the business includes inflows through cash sales…
Q: Since the SUTA rates change at the end of each year, the available 2023 rates were used for FUTA and…
A: Final Answers:a. Net FUTA tax = $2,772.00b. Net SUTA tax = $13,398.00c. Total unemployment taxes =…
Q: Under which basis should companies record donated assets in their books?
A: Explanation of Donated Assets:Donated assets refer to physical or intangible items given to a…
Q: Samson chemical corporation has three divisions solve this question
A: Step 1: Define Capital TurnoverA company's capital can also refer to the investments made using…
Q: Financial Accounting
A: Step 1: Define Debt to Equity ratioA firm uses debt and equity in order to raise capital for its…
Q: I need this accounting question
A: Step 1: Define Variable CostingThe variable costing income statement is prepared only for internal…
Q: Solve these general accounting question answer do fast
A: Step 1: Define Process CostingProcess costing is an accounting system used by manufacturers of…
Q: None
A: 1. Bond Issuance (November 1, 2025)Culver issued bonds with:Face value (Par) = $530,400Issue price =…
Q: Please provide correct answer financial account not use aii
A: Step 1: Define Manufacturing Overhead CostThe term "manufacturing overhead cost" refers to the…
Q: Question: 4 points general accounting
A: Explanation of Percentage IncreasePercentage increase refers to how much more one quantity is…
Q: Aaron Heath is seeking part-time employment while he attends school. He is considering purchasing…
A: Problem AnalysisAaron is evaluating the net present value (NPV) of an investment,…
Q: I want to correct answer general accounting
A: Step 1: Define Labor VarianceA labor variance measures the effectiveness of a company in using labor…
Q: I need answer of this question solution general accounting
A: Given:FCFF0: $1.7 billionWACC (Weighted Average Cost of Capital): 11%Growth rate of FCFF (gFCFF):…
Q: Record the amount
A: Explanation of Basic Rate: Basic rate is the standard or predetermined cost assigned to materials or…
Get correct answer general accounting
Step by step
Solved in 2 steps
- Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
- Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalThe following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
- On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.Nieman Company purchased merchandise on account from Springhill Company for $12,100, terms 2/10, n/30. Nieman returned merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Nieman Company to record the return?Barans Company purchased merchandise on account from Springhill Company for $10,600, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,200 and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Barans Company to record the return?
- Sheffield Company on July 15 sells merchandise on account to Pharoah Co. for $4500, terms 2/10, n/30. On July 20 Pharoah Co. returns merchandise worth $1500 to Sheffield Company. On July 24 payment is received from Pharoah Co. for the balance due. What is the amount of cash received? O $2940 $3000 O $2790 O $4500Consider the following transactions for Z-Container Co.: April 4 Z-Container Co. buys $30,400 worth of merchandise from Can Makers Corp. on account with credit terms of 2/10, n/30. April 10 Z-Container Co. returns $4,800 of the merchandise to Can Makers Corp. What is the net amount of Accounts Receivable due if Z-Container Co. makes payment withing the discount period? $30,400 $25,088 $25,600 $29,792 Consider the following transactions for Grote's Shipping Materials: April 6 Grote's Shipping Materials buys $149,600 worth of merchandise inventory on account with credit terms of 3/10, n/30. Assuming Grote's Shipping Materials uses the periodic inventory system, which is the correct journal entry for this transaction? Accounts Payable $149,600 Debit Purchases $149,600 Credit Inventory $149,600 Debit Accounts Payable $149,600 Credit Purchases $149,600 Debit Accounts Payable $149,600 Credit Accounts Payable $149,600 Debit Inventory…Cosmos Company on July 15 sells merchandise on account to Cajon Co. for $40,000, terms 10/10, n/30. On July 24 payment is received from Cajon Co. for the balance due. Calculate the amount of cash received by Cosmos.
