Requlred Information [The following information applies to the questions displayed below.] Outdoor Expo provides guided fishing tours. The company charges $280 per person but offers a 15% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($1,198 = $238 x 5). The tour is scheduled for May 7. May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 4x discount for payment within 15 days. May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene's tour was led by a new guide who did not take the group to sone of the better fishing spots. In concession, managenent offers a sales allowance of 30% of the amount due. May 20 Charlene pays for the tour after deducting the sales allowance.

Requlred Information [The following information applies to the questions displayed below.] Outdoor Expo provides guided fishing tours. The company charges $280 per person but offers a 15% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($1,198 = $238 x 5). The tour is scheduled for May 7. May 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 4x discount for payment within 15 days. May 9 Charlene is upset that no one caught a single fish and asks management for a discount. Outdoor Expo has a strict policy of no discounts related to number of fish caught. May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene's tour was led by a new guide who did not take the group to sone of the better fishing spots. In concession, managenent offers a sales allowance of 30% of the amount due. May 20 Charlene pays for the tour after deducting the sales allowance.

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 7 The fishing tour occurs. Outdoor Expo asks that payment be made within 30 days of the tour and offers a 4% discount for payment within 15 days.d to number of fish Requlred Informatlon [The following information applies to the questions displayed below.] Outdoor Expo provides guided fishing tours. The company charges $280 per person but offers a 15% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price ($1,198 = $238 x 5). The tour is scheduled for May 7. May 9 Charlene is upset that no one caught a single fish and asks nanagement for a discount. Outdoor Expo has a strict policy of no discounts caught. May 15 Upon deeper investigation, management of Outdoor Expo discovers that Charlene's tour was led by a new guide who did not take the group to sone of the better fishing spots. In concession, managenent offers a sales allowance…
Please read the questions carefully the First question is asking for journal entry.
Data pertaining to the current position of Forte Company follow: Cash $437,500 Marketable securities 170,000 Accounts and notes receivable (net) 320,000 Inventories 700,000 Prepaid expenses 42,000 Accounts payable 240,000 Notes payable (short-term) 250,000 Accrued expenses 310,000 Required: 1. Compute (A) the working capital, (B) the current ratio, and (C) the quick ratio. Round ratios to one decimal place. 2. Compute the working capital, the current ratio, and the quick ratio after each of the following transactions and record the results in the appropriate columns of the table provided. Consider each transaction separately and assume that only that transaction affects the data given. Round ratios to one decimal place. A. Sold marketable securities at no gain or loss, $75,000. B. Paid accounts payable, $135,000. C. Purchased goods on account, $100,000. D. Paid notes payable, $105,000. E. Declared a cash dividend, $125,000. F. Declared a…
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