On June 1, Meadow Company sold merchandise with a list price of $40,000. For each of the sales terms below, determine the proper amount of cash received:Credit Terms Date Paid2/10, n/30June 81/10, n/30June 15June 141/15, n/30n/30June 281 $2 $3 $4 $

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Answered: On June 1, Meadow Company sold…

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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Selected information from the statement of financial position of MR Company at November 30 and December 31 is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit. November 30 Credit Debit 20,000 10,000 14,000 Accounts receivable Prepaid insurance Inventory Accounts payable Wages payable The following cash flow information is also available: 24,000 10,000 a. Cash collected from credit customers - P160,000 b. c. 16. How much is MR company's sales for the month of December? a. P174,000 P147,000 b. P164,000 P146,000 Cash paid for insurance - P 10,000 Cash paid to suppliers of inventory - P 120,000 (the entire accounts payable relate to inventory purchases. d. Cash paid to employees for wages - P 20,000 c. d. 17. How much is the MR company's December cost of goods sold? a. P182,000 c. b. P128,000 d. December 31 Debit Credit 6,000 15,000 12,000 P121,000 P112,000 30,000 6,000 18. How much is MR company's insurance expense for the…
Question: During the current year, merchandise is sold for $194,200 cash and $454,200 on account. The cost of the merchandise sold is $505,800. What is the amount of the gross profit?
On January 8, FDN Trading sold merchandise with an invoice price of P72,000 on terms 3/10, n/30. Two days after, P22,000 worth of merchandise returned was received. The account was paid on January 18. How much was the sales discount?
February 1, Adams Company sold merchandise on credit with a list price of $8,400. Terms were 3/15, n/45. Which of the following entries correctly applies the indicated method to receive the appropriate customer payment on February 12? Gross Price Method Cash 8,148 Accounts Receivable 8,148 Net Price Method Cash 8,400 Sales Revenue 252 Accounts Receivable 8,148 Gross Price Method Cash 8,400 Accounts Receivable 8,400 Net Price Method Cash 8,148 Accounts Receivable 8,148
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The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000
Ali Co. purchased $2,600 of merchandise from Murad Co. on April 10 with terms 2/10, n/30. On April 27, it retumed S300 worth of merchandise. On May 6, it paid the full amount due to Murad Co. The journal entry to record the payment on May 6 is Debit Accounts Payable S2,300; credit Cash $2,300 A O Debit Accounts Payable $2,600; credit Cash $2,600 .B O Debit Merchandise Inventory $2.300; credit Cash S2,300 .C O Debit Accounts Payable $2,300; credit Merchandise Inventory $46; credit Cash $2,254.D O
an invoice dated oct 15 shows list price of $82 for the merchandise plus $30 shipping and handling. the terms are : trade discount of 20/10 and cash discount 2/10,1/20,n/30. invoice is paid Oct 24 calculate the amount needed to pay the invoice in full
ES-1A. Cash Discount Calculations On June 1, Meadow Company sold merchandise with a list price of $40,000. For each of the sales terms below, determine the proper amount of cash received: 1. 2. 3. 4. Credit Terms Date Paid 2/10, n/30.... June 8 1/10, n/30.... June 15 1/15, n/30... June 14 n/30.... June 28
Make a Journal Entry to each transactions below: Date June 2, 2020 Purchased 250 units of merchandise at P30 per unit and paid P7,500 in cash June 7, 2020 Sold merchandise for P1,000 June 10, 2020 Sold merchandise for P2,000 on account June 14, 2020 Paid rent in advance P5,000 as downpayment and the remaining balance of P5,000 to be paid at the end of the month. June 19, 2020 Received electricity bill amounting to P1,500. June 21, 2020 Sold goods amounting to P3,000 June 24, 2020 Sold goods on account for P5,000 June 27, 2020 Purchased supplies worth P500. June 29, 2020 Paid salary to employees of P1,000 June 30, 2020 Paid the remaining balance of P5,000 for rent.
sournal entry? Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330.

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On June 1, Meadow Company sold merchandise with a list price of $40,000. For each of the sales terms below, determine the proper amount of cash received: Credit Terms Date Paid 2/10, n/30 June 8 1/10, n/30 June 15 June 14 1/15, n/30 n/30 June 28 1 $ 2 $ 3 $ 4 $