Selected information from the accounting records of Blackwood Co. is as follows: Accounts receivable, 12/31/2000 - $900,000; Accounts receivable, 12/31/2001 - $1,000,000; Accounts receivable turnover - 5:1; Inventories, 12/31/2000 - $1,100,000; Inventories, 12/31/2001 - $1,200,000; Inventory turnover - 4 to 1. What was the gross margin for 2001?

Q: Show how to prepare journal entries

A: Process Costing is one of the methods of costing that is used in manufacturing firms where…

Q: Explain open accounts and notes.

A: Open account: It is a sale transaction in which the goods are shipped and delivered before payment…

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: Post to the ledger accounts.

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: explain hoe blockchains are structured using a block based structure.

A: Deep Dive into Blockchain's Block-Based StructureBlockchains have revolutionized data storage and…

Q: Explain an example of post the journal entries to the T-accounts.

A: Journal entry: It is a set of economic events that can be measured in monetary terms. These are…

Q: can you please type out the equation

A: Solution:- When an equal amount is saved each period at end of period, it is called ordinary…

Q: Explain an example of internal users.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: How is QuickBooks organized?

A:

Q: Write out the journal entry that is created once an entry is made in Invoice Window.

A: Invoice: It implies to a document of commercial nature that has details related to what reflects on…

Q: Complete the remaining sub-parts

A: Adjusted journal entries made at the end of an accounting period to adjust some accounts to ensure…

Q: Describe the purpose of caash receipts journal.

A: The cash receipts journal is a special section of the general journal specifically used to record…

Q: After a receipt is uploaded into QBO, the user will need to ______ the data and ensure the receipt…

A: Quickbooks is very popular accounting software that is used for accounting and recording…

Q: Identify the following users as either an internal (I) or an external (E) user. Distribution manager

A: Users of the information: Users of information can be classified as internal and external users.…

Q: Aylmer-in-You (AIY) Inc. projects unit sales for a new opera tenor emulation implant as follows:…

A: Equipment cost = $21.5 million

Q: Explain how the E-R diagrams is used to prepare database tables. Also, include explanation of…

A: ER diagram stands for "Entity Relationship", which can be defined as a type of flowchart that is a…

Q: journal entrie for website expenses

A: To record a website expense the journal entry would include a debit to website expense and credit to…

Q: Please respond via a memo on your thoughts of the GAAP article bellow:

A: Accounting Principles- Accounting principles are the principles that are to be followed by an…

Q: Define call protection

A: A financial instrument that does not affect the ownership of the common shareholders or management…

Q: prepare journal enteries

A: Income tax is defined as the payment obligation of the taxpayer earning income for each year. It is…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is