Smith had the following transactions during March, 2022. 3. 5. Smith sold and delivered $13,000 of merchandise to LJ Enterprises, terms 2/10, n30. LJEnterprises also ordered an additional $4,000 worth of goods on the last day of the month. Smith lent $900 to its company president who promised to repay the loan on the 15th day of the next month. Smith sold old storage sheds to Alt Traders on 3/31. Alt Traders gave a $2.000 promissory note to Smith agreeing to pay for the sheds in 3 months. Other current assets totaled $45,000. Smith received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month end. (Round answer to O decimal places, e.g. 25%.)

Smith had the following transactions during March, 2022. 3. 5. Smith sold and delivered $13,000 of merchandise to LJ Enterprises, terms 2/10, n30. LJEnterprises also ordered an additional $4,000 worth of goods on the last day of the month. Smith lent $900 to its company president who promised to repay the loan on the 15th day of the next month. Smith sold old storage sheds to Alt Traders on 3/31. Alt Traders gave a $2.000 promissory note to Smith agreeing to pay for the sheds in 3 months. Other current assets totaled $45,000. Smith received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month end. (Round answer to O decimal places, e.g. 25%.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Can you help me wit the spreadsheet in the picture attached. this is the rest of the information given. for my homeowrk please help asap The fiscal period is one month. Merchandise Inventory at November 30 is $265 000. Supplies on hand November 30 are valued at $11 400. Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar. $450 interest is owed on the bank loan. $1300 is owed to employees.
On May 11, 2022, Babolat Purchasing purchased $23,000 of merchandise from Polystring Pro; terms 2/10, n/90, FOB Shipping point. The cost of the goods to Polystring was $16,000. Babolat paid $1,300 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Babolat returned $3,500 of goods to Polystring Pro, which restored them to inventory. On May 15, Babolat sent its payment to Polystring. Present the journal entries that Babolat Purchasing should record for these transaction
Levchenko Company purchased inventories from a vendor for $16,000 on July 1. The purchase was financed through a $10,000 note with the remainder paid in cash. The vendor charged an additional $400 for shipping, on account. Levchenko paid a moving company $700 cash to move the inventory to a different warehouse. Interest on the note totaled $50, payable in August. a. Determine the cost to be assigned to the inventory. $ b. Record the transactions using the financial statement effects template. Note: Use negative signs with your answers, when appropriate. Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction a. Inventory purchase b. Shipping charge c. Moving cost d. Interest incurred Totals Cash Asset ♦ ◆ ◆ ◆ 0 + Noncash Asset ◆ ◆ ◆ ◆ 0 Balance Sheet Liabilities ◆ ◆ ◆ 0 Contributed + Capital + Earned Capital ♦ ◆ ♦ ♦ 0 Revenues Income Statement Expenses ◆ ◆ ◆ 0 Net = Income 0
Presented below is information from Larkspur Computers Incorporated. July 1 Sold $19,200 of computers to Robertson Company with terms 3/15, n/60. Larkspur uses the gross method to record cash discounts. Larkspur estimates allowances of $1,248 will be honored on these sales. 10 Larkspur received payment from Robertson for the full amount owed from the July transactions. 17 Sold $192,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Larkspur for its purchase of July 17. Prepare the necessary journal entries for Larkspur Computers.
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). March 1 Purchased $37,000 of merchandise from Van Industries, terms 1/15, n/30. March 2 Sold merchandise on credit to Min Cho, Invoice Number 854, for $14,800 (cost is $7,400). March 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, terms n/30. March 3 (b) Sold merchandise on credit to Linda Witt, Invoice Number 855, for $7,400 (cost is $3,700). March 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. March 9 Purchased $18,500 of office equipment on credit from Spell Supply, terms n/30. March 10 Sold merchandise on credit to Jovita Albany, Invoice Number 856, for $3,700 (cost is $1,850). March 12 Received payment from Min Cho for the March 2 sale less the discount of $148. March 13 (a) Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $370.…
On May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Happy Sales; terms 1/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $25,000. Wilson paid $2,000 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $5,000 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $4,200. On May 20, Wilson mailed a cheque to Happy for the amount owed on that date. Happy received and recorded the cheque on May 21. Required: a. Present the journal entries that Wilson Purchasing should record for these transactions. Assume that Wilson uses a perpetual inventory system. View transaction list 1 Record the purchase of merchandise on credit; terms 1/10, n/90. 2 Record the payment of shipping charges on purchased merchandise. 3 Record the return of unacceptable merchandise. 4 Record the payment of balance within the discount period. b. Present the journal entries that Happy Sales…
Record the transactions on the books of Martinez corporation.
During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,100 from Diamond Incorporated with terms 2/10, n/30. June 5 Returned goods costing $1,100 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $1,000 with terms 2/10, n/30. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30.
ABC had Accounts Receivable of P150,000 at December 1, 2023. The following transactions occurred during December of 2023: December 5-A customer paid P90,000 worth of receivables. December 10-Sold P350,000 worth of goods to XYZ for P500,000 receiving 60% of the bill in cash and the rest to be received at a later time. The terms of the sale is 2/10, n/30. December 15 - XYZ returned P35,000 worth of goods which were billed for P50,000. December 20-XYZ paid the remaining balance. How much was debited/credited to Sales Return and Allowances on December 15? (positive if debited and negative if credited)
Tri-State Bank and Trust is considering giving Crane Company a loan. Before doing so, management decides that further discussions with Crane's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $290,000. Discussions with the accountant reveal the following. 1. 2. 3. 4. 5. Crane shipped goods costing $34,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $91,000 that were shipped to Crane FOB destination on December 27 and were still in transit at year-end. Crane received goods costing $22,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. Crane shipped goods costing $33,000 to Jesse Co., FOB destination, on…
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: January 6 Sold goods for $260 to Wizard Incorporated with terms 2/30, n/60. The goods cost Solitare $78. January 6 Sold goods to Spyder Corporation for $104 with terms 2/10, n/30. The goods cost Solitare $68. January 14 Collected cash for the amount due from Wizard Incorporated. February 28 Collected cash for the amount due from Spyder Corporation. Required: Compute the Net Sales Solitare would report over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales 132 H 11 **** 1 +
On May 11, 2023, Wilson Purchasing purchased $24,000 of merchandise from Happy Sales; terms 3/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $19,000. Wilson paid $1,400 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $3,800 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,000. On May 20, Wilson mailed a cheque to Happy for the amount

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