Rashotte Company shipped out an order on February 14th (FOB destination) for a total of $18,367.23. The terms of payment are 5/10 net 30. The order arrived on February 15th. $1,595.61 worth of inventory was returned on February 16th since the customer was not happy with these units. On February 18th, a credit was granted for $3,502.04 since these items were not the right colour, but the customer kept them anyways. On February 20th, the customer paid Rashotte. What is the balance in the AR account on February 17th? a. $13,269.58 b. $18,367.23 c. $16,771.62 d. $19,962.84
Q: ! Required information Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8,…
A: YearRevenue RecognizedGross Profit (Loss)2024$2,800,000$784,0002025$2,998,000($892,000)…
Q: Park Inc. Is preparing it's cash budget for September on these financial accounting question
A: Step 1: Define Cash Budget and Borrowing RequirementA cash budget is a financial plan that outlines…
Q: Financial Accounting Problem: A project requires an investment of $4,500 and has a net present value…
A: Concept of Net Present Value (NPV)Net Present Value (NPV) is the difference between the present…
Q: Don't use ai given answer accounting questions
A: Step 1: Definition of Return on Total Assets (ROA)Return on Total Assets (ROA) is a financial metric…
Q: general accounting
A: Step 1:The cost of goods manufactured can be calculated by adding the work in process beginning to…
Q: What is the operating cycle?
A: Explanation of Operating Cycle:The operating cycle refers to the total time taken by a company to…
Q: What was the value of land purchased for cash
A: Concept of Land RevaluationThe land revaluation is the process of adjusting the book value of land…
Q: Provide accounting question
A: Part (a): Calculation of Profit MarginProfit Margin = (Operating Income / Sales) x 100…
Q: help me to solve this questions general accounting
A: Step 1: Definition of Intangible AssetsIntangible assets are non-physical assets that provide…
Q: Financial Accounting
A: Step 1: Define Income SummaryThe Income Summary is a temporary account used in the closing process…
Q: Sub. General accounting
A: Step 1: Contribution margin per unit= selling price per unit - variable costs per unit= $9 - $3= $6…
Q: How much in fixed assets must they have purchased?
A: Step 1: Definition of AssetsAssets are resources owned by a company that provide economic value and…
Q: Samo Co
A: Concept of Direct MaterialsDirect Materials are the raw materials that are directly used in the…
Q: Hi expert please help this question
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that…
Q: expert of general account answer
A: Step 1: Definition of Residual IncomeResidual income (RI) is the amount of net income earned by a…
Q: can you please solve this
A: We have given, For activity level of 8500 machine hours for a month Variable cost = $700,000Fixed…
Q: Hello.tutor please given correct answer general Accounting
A: Step 1: DefinitionThe Expected Accounts Receivable Balance at the beginning of the second quarter is…
Q: If you give me wrong answer this general accounting question I will give you unhelpful rate
A: Step 1: Define Cost of Goods ManufacturedThe Cost of Goods Manufactured (COGM) is the total cost…
Q: Sub. General accounting
A: Step 1: Return on Equity (ROE) can be calculated by dividing the Net income by the average…
Q: Solve this financial accounting problem
A: Explanation of Return on Equity (ROE):Return on Equity (ROE) is a financial metric that measures a…
Q: General accounting
A: Step 1: Definition of Break-Even Analysis and Net Loss CalculationThe break-even point is the sales…
Q: Solve this question is accounting
A: Step 1: Calculation of annual coupon paymentsQuarterly (every 3 months) coupon payment = $30Annual…
Q: General accounting
A: Step 1: Definition of Sustainable Growth Rate (SGR)The sustainable growth rate (SGR) represents the…
Q: Financial Accounting
A:
Q: I want the correct answer with accounting
A: Step 1: Introduction to CVP AnalysisCVP analysis, or cost-volume-profit analysis, is a management…
Q: Can you help me with accounting questions
A: Step 1: Definition of Operating LeverageOperating leverage measures how a company's net income…
Q: What was the net sales for the year 2022?
A: Explanation of Net Sales:Net sales represent the total revenue a company generates from selling…
Q: Fletcher Corporation owns 75 percent of Montrose Company's stock. In the 20Y5 consolidated income…
A: Fletcher Corporation owns 75% of Montrose Company.Noncontrolling interest (NCI) share of income =…
Q: Provide correct solution and accounting
A: Step 1: Introduction to cost of a productThe cost of a product refers to the total amount of…
Q: Need help
A: Explanation of Gain on Sale of Equipment:The gain on the sale of equipment is the difference between…
Q: what is amount of the shareholdes
A: Step 1: Definition of Shareholders' EquityShareholders' equity is the owner's fund, which is…
Q: What total amount should olsen corporation report?
A: Explanation of Common Stock: Common stock represents the basic ownership shares in a corporation,…
Q: What is the adjusted cost of goods sold for the year?
A: Explanation of Work in Process (WIP): Work in Process represents the partially completed goods in a…
Q: hello teacher please solve questions general accounting
A: Step 1: Definition of Sales for a Target After-Tax ProfitSales required to achieve a specific…
Q: Hii expert please given answer general Accounting
A: Step 1: Define Asset Cost CapitalizationThe cost of an asset includes all expenditures necessary to…
Q: Fresh Foods has sales of $216,500, total assets of $196,200, a debt-equity ratio of 2.15, and a…
A: We must compute the equity multiplier for this problem. The equity multiplier is a financial metric…
Q: A firm had fixed assets of $16,000 at the beginning of the year and $19,000 at the end of the year.…
A: Concept of Fixed AssetsFixed assets are long-term tangible assets that a company uses in its…
Q: The absorption costing unit product cost?
A: Step 1: Define Absorption CostingAbsorption costing or full costing is a product costing method that…
Q: What is the amount of interest expense
A: Step 1: Definition of Notes PayableNotes payable refer to written promises to repay borrowed…
Q: Provide answers
A: Under variable costing, only the manufacturing costs that change in total with production volume are…
Q: No WRONG ANSWER
A: Concept of Predetermined Overhead RatePredetermined Overhead Rate is the estimated rate used to…
Q: Zephyr Enterprises projected current year sales of 60,000 units at a unit sale price of $25.00.…
A: Explanation of Sales Volume Variance:Sales Volume Variance measures the difference between the…
Q: What is the stockholder's equity at the end of the year on these general accounting question?
A: To calculate the stockholders' equity at the end of the year, we can follow this…
Q: What was the balance in retained earning at December 31?
A: Explanation of Retained Earnings:Retained earnings refer to the cumulative net income a company…
Q: need help this questions financial accounting
A: Step 1: Definition of Average Collection PeriodThe Average Collection Period measures the number of…
Q: Accounts receivable:9200, Accounts payable:3000
A: Explanation of Net Income:Net income is the amount of profit a company earns after deducting all…
Q: Accounting problem with solution
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: not use ai solution given answer General accounting question
A: Step 1: Define Holding Period Return (HPR) is a measure of total return earned by an investor over a…
Q: expert of general account answer is:
A: Step 1: Definition of Return on AssetsReturn on assets is a ratio that measures net income generated…
Q: Financial accounting
A: Problem:Futures are available on six-month T-bills with a contract size of $500,000. You take a long…
What is the balance in the AR account on February 17th ? General accounting
Step by step
Solved in 2 steps
- Please provide correct answercle Wholesaling sold merchandise on account, with terms n/60, to Sarah’s Cycles on February 1 for $1,200 (cost of goods sold of $700). On February 9, Sarah’s Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $190). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale. Required: 1. to 3. Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. 4. Calculate the gross profit percentage for the sale to Sarah’s Cycles.Yarn Imports Corp. is preparing an inventory listing, and is assigning a cost to inventory that arrived on December 29, two days before the end of the year. The following elements of potential cost have been identified: Invoice price; the amount was prepaid when the goods were ordered because the supplier offered a 5%. discount for payment up front. Goods were custom-manufactured for Yarn after the order date. The invoice price was for $74,800, less 5% HST on invoice price, $10,659 Interest on borrowed money between the time the deposit was paid and the goods were delivered, $650 Delivery charges, paid by the supplier, $1,050 Required: Calculate the value to include in inventory of Yarn Imports Corp. Value to be included in inventory $ 72,795
- Sandhill Wholesalers uses a perpetual inventory system.March. 1. Stellar Stores purchases $8,900 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB shipping point.2. The correct company pays $150 for the shipping charges.3. Stellar returns $1,000 of the merchandise purchased on March 1 because it was the wrong colour. Sandhill gives Stellar a $1,000 credit on its account.21.Stellar Stores purchases an additional $12,500 of merchandise for resale from Sandhill Wholesalers, terms 2/10, n/30, FOB destination.22.The correct company pays $195 for freight charges.23.Stellar returns $450 of the merchandise purchased on March 21 because it was damaged. Sandhill gives Stellar a $450 credit on its account.30.Stellar paid Sandhill the amount owing for the merchandise purchased on March 1.31.Stellar paid Sandhill the amount owing for the merchandise purchased on March 21. Additional information: March.1. Sandhill's cost of the merchandise sold to Stellar was $4,100.3.…At the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $150. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to…At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…
- At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to customers for cash, $7,700. (Note:…At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $320. November 9 Return 16 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $104 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 56 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 70 units of inventory to…
- On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $10,400. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,300 and the merchandise originally cost Silverman Enterprises $2,250. a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7, 20Y4. If an amount box…At the beginning of November, Yoshi Inc.’s inventory consists of 60 units with a cost per unit of $94. The following transactions occur during the month of November. November 2 Purchase 90 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30.November 3 Pay cash for freight charges related to the November 2 purchase, $231.November 9 Return 13 defective units from the November 2 purchase and receive credit.November 11 Pay Toad Inc. in full.November 16 Sell 100 units of inventory to customers on account, $14,000. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $3 per unit for the purchase discount, or $100 per unit.)November 20 Receive full payment from customers related to the sale on November 16.November 21 Purchase 70 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30.November 24 Sell 90 units of inventory to customers for cash, $12,600.Required:1. Assuming that Yoshi…At the beginning of November, Yoshi Inc.'s inventory consists of 69 units with a cost per unit of $94. The following transactions occur during the month of November. November 2 Purchase 85 units of inventory on account from Toad Inc. for $100 per unit, terms 3/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $340. November 9 Return 17 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,100. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $5 per unit for freight loss $3 per unit for the purchase discount, or $102 per unit.) November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 51 units of inventory from Toad Inc. for $104 per unit, terms 2/10, n/30. November 24 Sell 60 units of inventory to customers for cash, $7,200. (Note: For calculating the…
