Problem #2 - On January 13, 2022, Ramos Enterprises sold tool sets to Home Depot for cash, f.o.b. shipping point. Ramos allows Home Depot to return any unused tool sets within 60 days of purchase. Ramos estimates the cost of recovering the products will be mmaterial, and the returned tools sets can be resold at a profit. On January 28, 2022, Home Depot return some tool sets. Information concerning the sale and returns follows: Number of tool sets sold 42,750 Selling price of each tool set $85.75 Cost of each tool set $61.25 Number of sets estimated to be returned 2,138 Number of tool sets returned by Home Depot 1,283 nstructions: )Prepare journal entries for Ramos to record (1) the sale on January 13, 2022, (2) the return on January 28, 2022, and (3) any djusting entries required on January 31, 2022 (when Ramos prepares financial statements). Ramos believes the original estimate of

Problem #2 - On January 13, 2022, Ramos Enterprises sold tool sets to Home Depot for cash, f.o.b. shipping point. Ramos allows Home Depot to return any unused tool sets within 60 days of purchase. Ramos estimates the cost of recovering the products will be mmaterial, and the returned tools sets can be resold at a profit. On January 28, 2022, Home Depot return some tool sets. Information concerning the sale and returns follows: Number of tool sets sold 42,750 Selling price of each tool set $85.75 Cost of each tool set $61.25 Number of sets estimated to be returned 2,138 Number of tool sets returned by Home Depot 1,283 nstructions: )Prepare journal entries for Ramos to record (1) the sale on January 13, 2022, (2) the return on January 28, 2022, and (3) any djusting entries required on January 31, 2022 (when Ramos prepares financial statements). Ramos believes the original estimate of

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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May 21st Transaction: Bought a laptop, paying $15751 cash as a down payment and signed a 8 month $52501, 7% note payable for the balance. The company paid $901 to have its company logo painted on the side of the van. The residual value is $12001. The old laptop was sold for $12001; it cost $67501 and accumulated depreciation until the date of disposal was $60001. Produce a journal entry for this transaction.
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Rizio Co. purchases a machine for $9,500, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $95 discount. Transportation costs of $215 were paid by Rizio. The machine required mounting and power connections costing $657. Another $310 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $210 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.
Stilton Ltd purchases a new delivery truck for $80,000 . The logo of the company is painted on the side of the truck for $1,000 . The truck registration is $500 , and a 12 -month accident insurance policy is $1,500 . The truck undergoes safety testing for $660 . What does Stilton Ltd record as the cost of the new truck? Select one: a. $81,660 . b. $80,000 . c. $83,060 . d. $81,000
Show the solution in good accounting form
The following costs pertain to a new delivery truck that was purchased on March 31, 2020. All costs were paid in cash. Calculate how much the truck will be capitalized as an asset for the truck. How much will be expensed? You are not required to prepare a journal entry. Cost of Truck $30,000 Delivery charges $1,300 Ongoing gasoline purchases each week $ 200 Sales Tax $2,100
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Bought a van, paying $11550 cash as a down payment and signed a 10 month $38500, 9% note payable for the balance. The company paid$770 to have its company logo painted on the side of the van. The residual value is $6050. The old van was sold for $8800; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. what is the journal entry and how did you calculate it?
A company decides to purchase a new delivery vehicle. The cost, in dollars, is $104,500. They takes out a 5-year "note" to pay for the vehicle, with 4% interest due at the beginning of each year. If I were to journalize this entry, would it be debit to equipment, and credit to accounts receivable for 104,500/5 + 0.04*104500? Or is it credited to something else?
A company sells an office desk. You are provided with the following information: The original cost of the desk was $3,000. The desk is sold for $1,000. . . The value of the desk is $1,500. The opening UCC balance in Class 8 is $18,000 A new desk is purchased for $2,000. What amount is recorded as a disposition in Class 8? • O O a. $3,000 O b. $1,000 O c. $1,500 O d. d. $18,000 $2,000