Oswego Clay Pipe Company sold $45,300 of pipe to Southeast Water District 45 on April 12 of the current year with terms 2/15 , n/60 . Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 12?
Q: What basis should he use for computing gain or loss on these general accounting question?
A: Step 1: Define Tax BasisThe tax basis is the book value of an asset, which is used to calculate any…
Q: provide short answer
A: Step 1: Overview of Hobby Loss RulesHobby expenses can be deducted only to the extent of hobby…
Q: Carrie D'Lake, Reed A. Green, and Doug A. Divot share a passion for golf and decide to go into the…
A: 2024: Ordinary Income and Separately Stated ItemsOrdinary IncomeSales Revenue: 1,214,000Cost of…
Q: All details check and provide solution
A: Serebin Company, using the FIFO method, has valued its ending inventory of cameras, DVD players, and…
Q: I won't this question solution please provide correct answer not use ai..
A: The preferred stockholders' total dividend can be calculated by first figuring out the annual…
Q: General accounting question
A: To value the record collector's collection today we use the PV concept where we dis-count the future…
Q: At an activity level solve this question solution accounting
A: Step 1: Define Cost Per UnitThe amount spent by the company to manufacture one unit of the product…
Q: the first example #3 and #4 are incorrcet. im submitting the problem again with blank boxes.
A: To correct the error, let's follow the given steps and adjust for the correct cost, depreciation,…
Q: 14 A company reported total assets of $300,000 as of December 31, 2018, and $500,000 as of December…
A: Step 1: Identify the ROA FormulaStep 2: Calculate the Average Total AssetsStep 3: Apply the ROA…
Q: How much cash did Magnolia collect from customers in 2016 on these general accounting question?
A: Step 1: Define Accounts ReceivablesOn the balance sheet, accounts receivable (AR) is reported as a…
Q: Haj
A: To calculate income before taxes, we use the formula for the times interest earned ratio:…
Q: 35 A company had 100,000 shares of stock outstanding and repurchased 20,000 of those shares as…
A: To increase shares available for stock compensation.Companies often repurchase shares to have them…
Q: Need General Accounting Question Solution
A: Step 1: Define Ratio AnalysisRatio analysis is essential in management accounting. It helps evaluate…
Q: Financial Account
A: To calculate the book equivalent of taxable income, you need to adjust the pretax book income by the…
Q: account tutor please find out solution
A: Explanation for a: Book value of total assets will be the sum of book value of fixed assets and book…
Q: Want accurate solution to both part
A: Explanation of Absorption Costing: Absorption costing is a method where all manufacturing costs,…
Q: Please see attachment for details
A: Explanation of Process Operations System: This is a manufacturing system where products move through…
Q: Financial accounting
A: Step 1: Define Discounted Present ValueThe discounted present value is a financial computation that…
Q: Answer this with full explanation
A: Based from my stock knowledge in getting the answer for White Corp.'s next year's dividend, I…
Q: Helo tutor Answer with calculation
A: Sales for December: 15,000 chairsDesired ending inventory for December: 25% of January sales = 25%…
Q: Hii expert please given answer Accounting question
A: Step 1: Define Retained EarningsThe amount that a firm retains after paying all of its financial…
Q: If Interval Railway's fixed costs total $40,000 per month, the variable cost per passenger is $30,…
A: Contribution Margin per Unit (CMU):CMU=Selling Price per Unit−Variable Cost per UnitContribution…
Q: I need this question answer general accounting question
A:
Q: You have found the following historical information solve this question accounting
A: Step 1: Define Target Stock Price Using PEThe price-earnings ratio is important in assessing the…
Q: check all details carefully for accurate answer this account questions
A: Step 1: Understand the LCM RuleUnder the Lower-of-Cost-or-Market (LCM) rule, inventory is valued at…
Q: Variable costing is?
A: Total variable cost per unit = Direct materials + Direct labor + Variable manufacturing overhead +…
Q: need answer to the general accounting Q
A: Explanation of Transaction Flow MappingTransaction flow mapping is a method of visually representing…
Q: Bolka Corporation a merchandising company... Please provide answer the general accounting question
A: Step 1: Define Variable CostsThe variable costs should include product and period variable costs…
Q: Hello tutor please provide answer general accounting
A: Step 1: Define After-Tax ReturnThe after-tax rate of return on a given investment is dictated by the…
Q: The Malcolm Company stands tam in which 隐 manufacturing overhead costs are applied to products on…
A: Let's break down the problem step by step to calculate the fixed component of the predetermined…
Q: Use the NeoZone Calculations Template and FNSACC414_NeoZone Bank Statement to calculate the amounts…
A:
Q: ajt
A: The question you've provided involves understanding the available education tax credits for a…
Q: Need full details answer with explanation
A: Step 1: Define Factory OverheadIt is the cost which is incurred during the year for the…
Q: Futures are available on theee month solution general accounting
A: Step 1: Define GainIn the economics concept, the gain is described as an increase in the asset or…
Q: coursehero.com/qa/wait/72332969/?question_id=72332969 Question: Need Answer of this Question with…
A: Turnover = Sales / Average Operating AssetsWe are given:Sales = $11,520,000Average Operating Assets…
Q: __
A: Solution= selling price per unit x (100% - contribution margin ratio)= $40 x (1 - 0.40)= $40 x 0.60=…
Q: Skysong Corporation had the following 2025 income statement. Sales revenue $186,000 Cost of goods…
A: Let's work through these calculations based on the available data:Data Provided:Sales Revenue:…
Q: I need typing clear urjent no chatgpt used i will give 5 upvotes pls full explain
A:
Q: Financial accounting question
A: Explanation: Present value of tax shield will be calculated using the following formula:Present…
Q: Don't give AI generated solution otherwise I will give you downward
A: 1. Common-Size Percents CalculationTo compute common-size percents, divide each line item by total…
Q: General accounting
A: Step 1: Promissory NoteA promissory note is a written promise to pay a debt at a certain time in the…
Q: fill empty space with correct answer
A: Step 1: What Are Variable Costs?Variable costs are costs that change in total in direct proportion…
Q: Please provide answer the financial accounting question
A: Step 1: Define Cash Coverage RatioThe cash coverage ratio shows whether a business generates enough…
Q: Altira Corporation provides the following information related to its inventory during the month of…
A: First, we need to calculate the total cost of goods available for sale. This includes the beginning…
Q: Mackenzie is considering conducting her business, Mac561, as either a single-member LLC or an S…
A:
Q: Note. Account. need simple answer
A: Step 1: Define Total Cost EquationsThe total cost (TC) for each machine is the sum of fixed costs…
Q: 3 A company placed an asset costing $200,000 into service on Day 1 of Year 1. The company estimates…
A: Calculate the depreciation rate:The straight-line depreciation rate is 1 / useful life = 1 / 8 =…
Q: How does replacement cost depreciation differ from historical cost methods? a) Uses longer life…
A: Option a: This option is incorrect because the asset's useful life is determined independently of…
Q: Assignment 12-37: Financial Accounting Emerald Valley Golf Club's progressive membership data is…
A: Explanation of Membership BracketsMembership brackets refer to the segmentation of members into…
Q: Beckinsale Inc. ROA
A: The formula for Return on Assets (ROA) is:ROA=Net Income/Total Assets×100 Step 1: Calculate Net…
Oswego Clay Pipe Company sold $45,300 of pipe to Southeast Water District 45 on April 12 of the current year with terms 2/15 , n/60 . Oswego uses the gross method of accounting for sales discounts.
What entry would Oswego make on April 12?
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- On July 18, 2021, Philly Furniture Factory sold 20 reclining rockers to Dave's Discount Furniture for $8,000, subject to terms 2/10, n/30. Philly uses the net method of accounting for sales discounts. Required: 1. Prepare the journal entry to record the sale. 2 & 3. Prepare the journal entries to record receipt of the payment, assuming the correct amount was received on July 26, 2021 and August 15, 2021.On November 10 of the current year, Flores Mills sold carpet to a customer for $7,900 with credit terms 4/10, 1/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date?On July 5, Feather Company recorded sales of merchandise inventory on account, $20,000. The sales were subject to sales tax of 9%. On August 15, Feather Company paid $1,200 of sales tax to the state. Requirements 1. Joumalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Prepare a single compound entry for this transaction.) Date Accounts and Explanation Jul. 5 Accounts Receivable Sales Revenue Sales Tax Payable To record sales revenue on account and the related sales tax. Requirement 2. Journalize the transaction to record the payment of saltax to the state. Date Aug. 15 Accounts and Explanation Debit Credit 21,800 20,000 1,800 Debit Credit
- on july , family company recorded merchandise inventory on account , $50,000. the sales were subject to sales tax on 5% on august 15 family company paid the sales tax owed to the state from the july 5 transaction . requirements:- (A) journalize the transaction to record the sale on july 5. ignore the cost of goods sold. (B) journalize the transaction to record the sales tax to state on august 15.On July 5, Bramley Company recorded sales of merchandise inventory on account, $45,000. The sales were subject to sales tax of 8%. On August 15, Bramley Company paid the sales tax owed to the state from the July 5 transaction. Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15 Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound entry for this transaction.) Accounts and Explanation Date Jul. 5 Debit CreditDuring the month of December, Hexon steels made a 676,000 credit sale. The state sales tax rate is 6% and the local sales tax rate is 1.5%. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
- Prudential Company sold 30 air conditioning units, on January 15, 2020; sale price for each unit is P40,000.All of the sales are subject to terms 2/10, n30; the entity used the net method of accounting for accounts receivable.Required;1. prepare journal entry to record the sale.2. prepare the journal entry to record receipt of the payment assuming the correct amount was received on January 25, 2020.3. prepare the journal entry to record receipt of the payment, assuming the correct amount was received on February 10, 2020.On July 5, Brenner Company recorded sales of merchandise inventory on account, $25,000. The sales were subject to sales tax of 10%. On August 15, Brenner Company paid the sales tax owed to the state from the July 5 transaction. Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15. Requirement 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold.On January 1, 2018, Wright Transport sold four school buses to the Elmira School District. In exchange for thebuses, Wright received a note requiring payment of $515,000 by Elmira on December 31, 2020. The effectiveinterest rate is 8%.Required:1. How much sales revenue would Wright recognize on January 1, 2018, for this transaction?2. Prepare journal entries to record the sale of merchandise on January 1, 2018 (omit any entry that might berequired for the cost of the goods sold), the December 31, 2018, interest accrual, the December 31, 2019,interest accrual, and receipt of payment of the note on December 31, 2020.
- Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). April 3 (b) Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30. April 4 Issued Check Number 587 to World View for advertising expense of $904. April 5 Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500). April 6 Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. April 9 Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30. April 11 Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100). April 12 Issued Check Number 588 to Noth Company in payment…Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). April 3 (b) Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30. April 4 Issued Check Number 587 to World View for advertising expense of $904. April 5 Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500). April 6 Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. April 9 Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30. April 11 Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100). April 12 Issued Check Number 588 to Noth Company in payment…Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.b. Paid $39,650 to the state sales tax department for taxes collected.