Please record the entries for the inventory purchase transactions below (Perpetual Inventory System)
Q: Merchandising Business using Periodic Inventory System Instruction: Prepare journal entries for ...
A: The journal entries are prepared to record day to day transactions of the business in regular basis.
Q: What is the income tax still due after foreign tax credits?
A: RCIT is the acronym of regular corporate income tax which is the tax rate which is charged on the ta...
Q: The following powers are classified as primary powers of the Commissioner of the BIR. Which of these...
A: The Bureau of internal revenue is considered to be an agency of department of finance. The Bureau of...
Q: Mara Company reported the following accounts on December 31, 2021: 50,000 180,000 Premium on bonds p...
A: Introduction Bonds are investment securities that is issued by company and in which investor invest ...
Q: Which of the following costs is most Ilikely to be classlfled as a fixed cost? Multiple Cholce Direc...
A: Fixed costs are costs which do not vary with production and remains fixed in total .On the other han...
Q: Is it true or false that corporations muse issue common stock, but may or may not decide to issue pr...
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If ...
Q: Californian Wave Inc. is now at the end of the final year of a project. The equipment originally cos...
A: Given information, Original cost =P17,500 Depreciated=65% Tax rate =25% Selling price =P6,000
Q: Answer number 11 to 26 only.
A:
Q: Barton Company is a publicly held corporation whose $1 par value stock is actively traded at $33 per...
A: Solution: When shares are issued in exchange for a consideration other than cash such as any assets ...
Q: Mr. Tom purchased 3 x GPS Cat Collar from Firestorm.com store. The total item value of his order is ...
A: A cancellation fee is a sum of money paid to the seller if the buyer cancels the order. Cancellation...
Q: Cycle Time, Conversion Cost per Unit, MCE Lander Parts, Inc., produces various automobile parts. In...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: hich of the following are characteristics of the unified tax system that are common to both testamen...
A: The UTC (Unified tax credit) provides the dollar amount which individual or person could gift during...
Q: E9-8 (Algo) Computing and Recording Double-Declining-Balance Depreciation [LO 9-3] Turquoise Asso...
A:
Q: Given the below assumptions, what is the level of sales required for a two department (food and beve...
A: The return on investment is calculated with the help of following formula Return on Investment = Op...
Q: Empl Hrs OT Rate Gross FIT FICA Health Dental Net 0010 40 5 $12 $570 $57 $43.61 $15 $5 0011 40 0 $16...
A: Federal Insurance Contributions Act: The Federal Insurance Contributions Act is a United States gove...
Q: P4.3A (LO 1, 2, 4) Financial Statement The completed financial statement columns of the work- sheet ...
A: 1. Closing Entries - Before making balance sheet some temporary accounts needs to be closed. Hence c...
Q: cion's contribution format income statement for last P 2,000,000 ble Costs 1400.000 ribution Margin ...
A: Contribution margin ratio is the ratio of the contribution margin to sales revenue Breakeven point i...
Q: Raine Company has a machine that originally cost $170,000. Depreciation has been recorded for five y...
A: Depreciation as per straight line method = (Cost - Salvage value) /useful life = ($170, 000 - $12, 5...
Q: 4. Several items are omitted from the income statement and cost of goods manufactured statement data...
A: The statement which shows the income and expenditures of the company during the particular period is...
Q: A taxpayer gives the following reasons in refusing to pay a tax. Which of these reasons is not accep...
A: An Individual who is eligible to pay taxes on his) her income towards the government, as being the r...
Q: Mr. S sold a pig named Peachy to Ms. B for P5,000. No condition or period was contemplated. After th...
A: Mr. S sold the pig to Ms. B without any condition. After the completion of sale but before delivery ...
Q: Where must earnings per share be disclosed in the financial statements to satisfy generally accepted...
A: Generally accepted accounting principles are the guideline issued by the financial accounting standa...
Q: RUE OR FALSE? Tax assessments made by the BIR must be in writing containing the law and facts as th...
A: Taxation- Taxation refers to the imposition of a tax on persons and other types of organizations, as...
Q: What amount of RGP should be reported for the current year if the percentage of completion method is...
A: Answered:
Q: Indicate the effect that each transaction/event listed here will have on the financial ratio listed ...
A: Introduction Financial ratios are used for the interpretation of the financial and results of the op...
Q: The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two c...
A: Solution: When equipments are disposed off without realizing any amount, the book value of equipment...
Q: On Feb, 5, 2017, an employee filed a P 2,000,000 lawsuit against Sans Co. for damages suffered when ...
A: When their are two amounts between the range and the entity cannot provide a better estimate between...
Q: A new electric saw for cutting small pieces of lumber in a furniture manufacturing plant has a cost ...
A: Modified Accelerated Cost Recovery System: Modified Accelerated Cost Recovery System is a tax deprec...
Q: Calgate Company had the following shares outstanding and retained earnings at the end of the current...
A: Cumulative Preference Share: When a corporation goes into liquidation, cumulative preference shares ...
Q: Current Attempt in Progress Concord Manufacturing owns equipment that cost C66400 when purchased on ...
A: Journal entries should not be used to record routine transactions such as customer billings or suppl...
Q: On December 31, 2020, Dow Steel Corporation had 610,000 shares of common stock and 301,000 shares of...
A: EPS termed as Earnings per share which states that how much amount of money that business makes from...
Q: 1. Multiple-step and single step income statement. Holler, Inc. has the following data for the year ...
A: Net income is the excess of revenues over total expenses.
Q: Question Content Area Cost of Production Report Mochaccino Express Coffee Company roasts and pac...
A: The total cost of producing a product, including raw materials and operating costs, is detailed in a...
Q: 3. Below is information pertaining to The Lime Green Wasp Corporation for the current year. On a sep...
A: Income statement shows the net income of the company and it is the difference between total revenue ...
Q: Why is it important that a manufacturer disclose the cost of each classification of ending inventory...
A: Solution:- answer in the step-2 .
Q: The normal loss of production process A is 10%. The scrapped units are sold at $4.5 each. The detail...
A: Calculation Of Units of Production Normal loss = 9000 x 10% = 900 Normal Units that need to be tr...
Q: 1.) On Janaury 31, 2016, Large Corp. issued P 3,000,000 maturity value 12% bonds for P 3,000,000 cas...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Office Outfitters Inc. which uses a perpetual inventory system, experienced an inventory shrinkage o...
A: Introduction Inventory shrinkage is the loss in inventory due to various reasons such as theft, dam...
Q: Cash payments to suppliers of merchandise
A: Cost of goods sold: it is the cost of the goods that are sold by the company Cost of goods purchased...
Q: Consider a project with inflows of $20,000 and outflows of $13,000. If the tax rate is 33%, and if t...
A: Depreciation The purpose of calculating the depreciation which is known the factors how much amount...
Q: 9. the BIR is under the supervision of the: A. Department of Budget B. Bureau of Customs 10. Which o...
A: 9.Answer: C. Department of Finance. The Bureau of Internal Revenue (Filipino: Kawanihan ng Rentas In...
Q: Yellow. Arrow Construction. Co. has consistently used the percentage-of-completion method of recogni...
A: According to percentage method, the revenue is recognized in the period on the basis of percentage o...
Q: P12,000 is borrowed now at 12% interest. The first payment is P4000 and is made 3 years from now. Th...
A: The interest is the cost of debt levied in order to hold the time value of money and inflation adjus...
Q: units In its first year of operations: direct materials, $14 per unit, direct labor, $10 per unit, v...
A: Solution: Under variable costing, product cost per unit includes only variable manufacturing costs a...
Q: apar int tenancy with right of At the time of the purcha hetter financial nosition .
A: So in present case Answer is option 1) $ 0 Explanation given below When one of the original owners...
Q: Call Systems Company, a telephone service and supply company, has just completed its fourth year of ...
A: Bad debts expense results from the goods sold on credit and payment not received till the due date.
Q: Required information [The following information applies to the questions displayed below.] The Town ...
A: Journalizing the entry is the recording of entry at the time of occurrence of the transaction.
Q: The following information is available for SAN JOSE CORP.'s new product line: Sale price per unit Va...
A: The direct costing is similar to variable costing where only direct variable costs are added to prod...
Q: ad assets with a book value of $240,000 and a market value of $195,000, outside liabilities of $70
A: Book value=$240,000 market value= $195,000outside liabilities =$70,000 partner Able =$20,000 Able ...
Q: quivalent Units of Materials Cost The Filling Department of Ivy Cosmetics Company had 3,500 ounces ...
A: Equivalent Units of Materials used is a term used where there is work in progress. Work in progress ...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Please record the entries for the inventory purchase transactions below (Perpetual Inventory System) 1. Apr1, business bought $6,300 inventory from the BNC Inc. Term 1/10, n/30 FOB 2. Apr3, Business purchased $7,650 inventory from PPL's Inc. Term 2/15, n/30 FOB 3. Apr7. Business paid $150 shipping charges for the inventory purchased on Apr3 4. Apr11, business paid BNC Inc in full 5. Apr12, business found $270 defective units from the Apr3 purchase, returned them back to PPL's Inc. 6. Apr13, business bought $2,300 inventory from TriStar Inc. paid in Cash 7. Apr 25, Business paid PPL's Inc in full 8. Instead of paying PPL's Inc on Apr25, What would be the entry if the business was paying PPL's Inc on Apr18.Delta Company buys merchandise on account from Larks Company for $580. Delta sells the goods to Eagleton for $900 cash. Use a tabular summary to record the transactions for Delta Company using a perpetual inventory system. Assets = Liabilities + Stockholders' Equity Accts. Common Retained EarningsYou are given the following transactions for an entity that uses the periodic inventory system: Transaction Details of 1 Credit sales for the week, R30 705(VAT inclusive). 2 3 Electronic funds transfer (EFT) payment received from of R3 540 Green Wholesalers in full settlement of account. Settlement discount granted R690. Bought equipment for cash from Capital Equip for R23 000(VAT inclusive). Instructions: For each transaction, you must indicate which subsidiary journal the transaction will be entered. ■You must then indicate whether the VAT Input account or the VAT Output account in the general ledger must be debited or credited. You must then calculate the VAT amount and enter it in the amount column. Transaction Subsidiary journal General ledger account Amount 1 3
- Requlred Information (The following information applies to the questions displayed below.] Grandpa Clocks, Inc. (GCI). is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $12,500 cash plus 4 percent sales tax. The clock had originally cost GCI $8,500. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, llabilitles, or stockholders equity with a mlnus sign.) Assets Liabilities Stockholders' Equity 主 (8,500) Prev 1. 2. of 5 Next > 1:41 PM 94°F Partly sunny 22 8/13/2021 here to search DELL PgUp PgDn PrtScr Insert Delete F10 F11 F12 近The followings are the merchandise transactions happened under perpetual inventory system 1)Sep1 Business sold $2400 inventory to ACE Inc., the cost is $600. Terms 2/5, n/15 FOB 2)Sep1 Business purchased $3600 of inventory from Westelm. Terms 1/10, n/20 FOB 3)Sep3 Business purchased $3000 of inventory from Citylight Inc. paid in cash 4) Sep6 Business Received ACE Inc's money. 5) Sep9 business purchased inventory $2700 from SilentSolar Ltd, Terms: 1/5, n/10, FOB 6) Sep11 Business paid the Westelm in full. 7) Sep30 paid SilentSolar Ltd for the Sep9 purchase. Please make entries for the above transactions. If there is any calculated related entry, please also show the detailed calculations.Consider the following financial statement information for the Hop Corporation: Item Inventory Accounts Receivable Accounts Payable Net Sale COGS O 13.44 days O 20.83 days What is the payable period for Hop Corporation? O 27.16 days Beginning $16,200 14,000 11,000 O 17.52 days $219,000 168,000 Ending $19,100 16,000 14,000
- Smith Ltd purchased inventory for $1,200 (GST exclusive), on credit. The company is registered for GST (15% rate) and uses the perpetual inventory system. Which is the correct recording of this transaction? Select one Ob Dr Inventory $1,200. Or GST Collected $180 Cr Accounts Payable $1,380 Dr Purchases $1,200, Dr GST Collected $180, Or Accounts Payable $1.380 O Dr inventory $1.200 Dr GST Paid $180, Or Accounts Payable 1360 Od Dr Purchases $1.200, Dr GST Paid $180 Cr Accounts Payable $1,380Middleton Company uses the perpetual inventory system. The company purchased an item of inventory for $130 and sold the item to a customer for $200. How will the sale affect the company's Inventory account?1. Business purchased $3600 inventory from westlem terms 1/10,n/20 FOB . what is the merchandise inventory entry? 2. Business paid westlem in full. what is the merchandise inventory entry?
- A company purchased inventory for $1,400 per unit. The company later sold one unit of the inventory for cash of $2,100. Under the perpetual inventory system, which accounts will be debited to record the sale?A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 3/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.) A. a debit to Accounts Payable for $2,910 and a credit to Cash for $2,910 B. a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $100, and a credit to Cash for $2,900 C. a debit to Accounts Payable for $2,910, a debit to Merchandise Inventory for $90, and a credit to Cash for $3,000 D. a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $90, and a credit to Cash forA corporation which uses a perpetual inventory system. The company purchased $5000 of merchandise on account on May 8th. Credit terms were 2/10, n/30. The company returned $500 of the merchandise on May 11th. The company paid off the bill on May 16th. The amount credited to inventory to record the apymet would equal $____ (Expressed on whole dollars)