SportsPro sells baseball equipment. The following transactions occurred in July: . ⚫ July 8: Shipped $7,800 worth of baseball uniforms to Rivera High School, terms 2/10, n/30 • July 15: Received an order from Thompson Academy for $3,500 worth of custom helmets to be produced in August ⚫ July 23: Rivera High School returned $650 of damaged merchandise ⚫ July 28: Received an order from Martinez Middle School for $1,200 worth of bats (shipped same day) No payments have been received as of July 31. What amount should be recognized as accounts receivable, net on the balance sheet as of July 31? a. $12,500 b. $8,350 c. $7,150 d. $9,000

SportsPro sells baseball equipment. The following transactions occurred in July: . ⚫ July 8: Shipped $7,800 worth of baseball uniforms to Rivera High School, terms 2/10, n/30 • July 15: Received an order from Thompson Academy for $3,500 worth of custom helmets to be produced in August ⚫ July 23: Rivera High School returned $650 of damaged merchandise ⚫ July 28: Received an order from Martinez Middle School for $1,200 worth of bats (shipped same day) No payments have been received as of July 31. What amount should be recognized as accounts receivable, net on the balance sheet as of July 31? a. $12,500 b. $8,350 c. $7,150 d. $9,000

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 18E: Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It...

See similar textbooks

Similar questions

ceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April 1 and June 30 of the current year: April 10 Received an order from Peter’s Appliances, a wholesaler, for 10 machines. April 30 Sold 15 machines to Yuri Inc. on credit. May 1 The purchasing manager of Peter’s Appliances visited IceKreme’s factory and purchased 12 machines on credit, instead of the 10 machines that were previously ordered. May 5 Yuri Inc. paid for the machines purchased on April 30. May 7 Sold 2 machines to Cheng Ltd. on credit. May 10 Wrote off $12,300 of accounts receivable that were considered uncollectible. These receivables relate to sales made prior to April 1 of the current year. May 10 Peter’s Appliances paid the amount due to IceKreme. June 30 Recovered $3,150 from the receivables that were written off on May 10. Additional information is as follows: IceKreme sold all machines at $11,500 per…
Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper Middle School, terms 5/10, n/30. On November 21, they received an order from Douglas High School for $2100 worth of custom printed bats to be produced in December. On November 30, Grouper Middle School returned $410 of defective merchandise. Metlock has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of November 30? O $7310 O $6900 $4900 O $4490 Click if you would like to Show Work for this question: Open Show Work
Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/Loss
Ayayai sells softball equipment. On November 14, they shipped $4200 worth of softball uniforms to Martinez Middle School, terms 2/10, n/30. On November 21, they received an order from Douglas High School for $2300 worth of custom printed bats to be produced in December. On November 30, Martinez Middle School returned $500 of defective merchandise. Ayayai has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of November 30?
Tree top Products, Ltd. sells stuffed animals to local convenience stores and small pharmacy chains. All of Tree top sales are on consignment. The consignee receives a 15% commission for each product sold. Treetop completed the following consignment-related transactions. Date Transaction Amount February 2, 2024 Ships merchandise on consignment to Next Door Pharmacy. Cost = $600,000 Retail Value = $2,000,000 May 15, 2024 Next Door Pharmacy sells 80% of the consigned inventory for cash. $1,600,000 June 1, 2024 Next Door notifies Treetop about the sale and remits the cash collected to Treetop, net of the 15% commission. $1,600,000 January 3, 2025 Next Door sells the remainder of the consigned merchandise for cash. $400,000 January 5, 2025 Next Door notifies Treetop and remits the cash collected net of the 15% commission. $400,000 Let's begin our journal entries with the consignor (Treetop) entries.…
The Irwin Batting Company manufactures wood baseball bats. Irwin's two primary products are a youth bat, designed for children and young teens, and an adult bat, designed for high school and college-aged players. Irwin sells the bats to sporting goods stores and all sales are on account. The youth bat sells for $45; the adult bat sells for $50. Irwin's highest sales volume is in the first three months of the year as retailers prepare for the spring baseball season. Irwin's balance sheet for December 31, 2024, and other data for the first quarter of 2025 follow: Requirements: 1. Prepare Irwin's sales budget for the first quarter of 2025. 2. Prepare Irwin's production budget for the first quarter of 2025. 3. Prepare Irwin's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025. Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor…
Lakeesha Barnett owns and operates a package mailing store in a college town. Her store, Send It Packing, helps customers wrap items and send them via UPS, FedEx, and the USPS. Send It Packing also rents mailboxes to customers by the month. In May, purchases of materials (stamps, cardboard boxes, tape, Styrofoam peanuts, bubble wrap, etc.) equaled 11,450; the beginning inventory of materials was 1,050, and the ending inventory of materials was 950. Payments for direct labor during the month totaled 25,570. Overhead incurred was 18,130 (including rent, utilities, and insurance, as well as payments of 14,050 to UPS and FedEx for the delivery services sold). Since Send It Packing is a franchise, Lakeesha owes a monthly franchise fee of 5 percent of sales. She spent 2,750 on advertising during the month. Other administrative costs (including accounting and legal services and a trip to Dallas for training) amounted to 3,650 for the month. Revenues for May were 102,100. Required: 1. What was the cost of materials used for packaging and mailing services during May? 2. What was the prime cost for May? 3. What was the conversion cost for May? 4. What was the total cost of services for May? 5. Prepare an income statement for May. 6. Of the overhead incurred, is any of it direct? Indirect? Explain.
5. On December 29, Sheridan shipped goods with a selling price of $74,000 and a cost of $60,000 to Macchia Sales Corporation FOB shipping point. The goods arrived on January 3. Macchia had only ordered goods with a selling price of $11,000 and a cost of $8,000. However, a sales manager at Sheridan had authorized the shipment and said that if Macchia wanted to ship the goods back next week, it could. 6. Included in the count was $31,000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Sheridan's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all." Correct inventory 504000
Can you answer this accounting question?
Cheyenne sells softball equipment. On November 14, they shipped $5000 worth of softball uniforms to Flounder Middle School, terms 4/10, n/30. On November 21, they received an order from Douglas High School for $2400 worth of custom printed bats to be produced in December. On November 30, Flounder Middle School returned $580 of defective merchandise. Cheyenne has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of November 30? $7000 $5000 $4420 $7580
Jefferson Print Supplies, Inc., sells laser printers and supplies. Assume Jefferson started the year with 100 containers of ink (average cost of $9.10 each, FIFO cost of $8.40 each, LIFO cost of $7.90 each). During the year, the company purchased 800 containers of ink at $10.00 and sold 600 units for $20.00 each. Jefferson paid operating expenses throughout the year, a total of $3,900. Ignore income taxes for this exercise. Prepare Jefferson's income statement for the current year ended December 31 using the average-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading. Complete the income statement by selecting the appropriate heading and income statement labels, and then calculating the amounts for each of the three required inventory methods. (Calculate unit costs to the nearest cent. Round all other calculations to the nearest whole dollar.) Sales revenue Cost of goods sold Gross profit Operating expenses Net income Jefferson Print Supplies, Inc.…
Sky Probe sells state-of-the-art telescopes to individuals and organizations interested in studying the solar system. At December 31 last year, the company’s inventory amounted to $250,000. Dur-ing the first week of January this year, the company made only one purchase and one sale. These transactions were as follows:Jan. 2 Sold one telescope costing $90,000 to Central State University for cash, $117,000.Jan. 5 Purchased merchandise on account from Lunar Optics, $50,000. Terms, net 30 days.a. Prepare journal entries to record these transactions assuming that Sky Probe uses the perpetualinventory system. Use separate entries to record the sales revenue and the cost of goods soldfor the sale on January 2.b. Compute the balance of the Inventory account on January 7. c. Prepare journal entries to record the two transactions, assuming that Sky Probe uses the peri-odic inventory system. d. Compute the cost of goods sold for the first week of January assuming use of a periodic inven-tory…