Target sold $150,000 of merchandise at one of its stores on Saturday.  It collected $100,000 cash for these sales.  Their customers charged the rest.  It cost Target $80,000 to acquire the merchandise they sold.  How much revenue did Target have on Saturday under accrual-based accounting? Group of answer choices $100,000 $20,000 $70,000 $150,000

Q: 2. Salalah accounting services to small businesses and they encounter the following situations…

A: Sale tax is the tax levied on sale of goods. Sale tax paid on purchases can be booked as receivable…

Q: For questions 24-25, use the following information; Posner Co. is a retail store operating in a…

A: Hi! Thank you for the question, As per the honor code, we'll answer the first question since the…

Q: Give true calculation

A: Step 1: Introduction to the Sales DiscountA sales discount is a percentage of the total purchase…

Q: Provide correct calculation

A: Reference:Bragg, S. (2023, December 12). Accounting for sales discounts —  AccountingTools.…

Q: lа Сompany provided the rent year: chases chase returns and allowances talincome

A: An income statement is a financial statement that displays a company's revenue and costs. It can…

Q: When performing accounting services for small businesses, you encounter the following situations…

A: When a company sells something to its customers then it collects sales tax from customers on that…

Q: ter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule…

A: Cash receipts journal in business shows all cash received during the particular period.

Q: On June 1, Forest Company sold merchandise with a list price of $29,000. For each of the sales terms…

A: Credit terms at the time of purchase of products are the payment terms specified on the invoice. It…

Q: performing accounting services for small businesses, you encounter the following situations…

A: The amount of sales tax is collected from the buyers and are paid to the government accounts for…

Q: Merchandise with an invoice price of $5,000 is purchased on March 1 subject to terms of 2/10, n/30.…

A: Note: 2/10, n/30: Here, 2 represents the discount rate if payment is made within ten days. And if…

Q: A retailer buys merchandise from a supplier with an invoice amount of $12,400. The terms of the sale…

A: DISCOUNT TERMThe 5/20 net 30 calculation is a way of providing cash discounts on purchases. It means…

Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…

A: Sales discounts  = Gross price x rate of discount

Q: During May, Hal Company invoiced customers $5,000 for goods delivered in May and collected $6,000…

A: The accrual basis records the revenue and expenses in which they are earned or incurred.

Q: In performing accounting services for small businesses, you encounter the following situations…

A: When a business makes a sale, it recognizes the revenue and any associated taxes. Let's assume a…

Q: As of November 5, Calexico had the following selected transactions Purchase of furniture on…

A: >Cash account is an asset account.>It has a normal DEBIT balance.>Its balance increases by…

Q: Accounting True or False/ Why: Companies that sell on open-account to reputable customers can…

A: Account Receivables: It refers to the account of the customers that are unpaid. In simple words it…

Q: Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent.…

A: Journal is the primary book where the transactions are originally recorded. Further, a journal entry…

Q: A company sells goods on credit. On one sale, they sold it for $20,000 and offered a 2/10, net 30…

A: Given that, Selling price =$20,000 Discount scheme = 2/10,net 30 payment Because of complaint given…

Q: In performing accounting services for small businesses, you encounter the following situations…

A: Accounting equation :The accounting equation states that the total assets will equal the sum of…

Q: On November 3, FDN Trading sold merchandise for P170,000 less 10-5 on terms 3/1O 2/20 n/30. Two days…

A: Gross sales = sales x (1- trade discount rate) x (1 - trade discount rate)  = 170000*(1-0.10)…

Q: On Jan. 01, Ronald Co. accounts receivable balance is P50,000. On Jan. 13, the company sold items on…

A: Ending Accounts receivable  = Beginning Accounts receivable + Credit sales - Collection = P50,000 +…

Q: Sales revenue for a sporting goods store amounted to $535,000 for the current period. All sales are…

A: The question is based on the concept of Financial Accounting.

Q: Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 o April 12 of the…

A: The journal entries are prepared to record the transactions on regular basis. The purchase and sales…

Q: On November 3, FN Trading sold merchandise for P200,000 less 10-5 on terms 3/10 2/20 n/30. Two days…

A: Discount - A discount is an amount or percentage that is reduced or subtracted from the actual…

Q: am. 113.

A: Explanation:Purchase inventory: We increase Accounts Payable by $39,000 (liability increase) and…

Q: A retailer purchases some merchandise with an invoice price of $19,900 and terms of sale of 5/15,…

A: Discount on sales value: When the customer pays the amount within discount period then customer is…

Q: ABC Industries has accounts receivable of $700, inventory of $1,200, sales of $4,200, and cost of…

A: Ratio is a tool which is used to measure the growth and performance of the firm by establishing the…

Q: How much is the purchase discounts? How much is input tax on purchases? How much is input tax to be…

A: Input tax is the amount of tax which a business pays it to the vendors on the purchasing of the…

Q: 1. Amo Co. sold goods with a list price of $60,000 on Dec. 14. Because the customer is new to the…

A: Gross Price Method – Under gross price method Accounts Receivables are recorded at the gross value…

Q: omputer system to a customer for $500 in PA where the sales tax is 6%. The customer pays cash of…

A: When a sale transaction takes , sale tax is applicable. Sales tax is the tax amount collected by the…

Q: On November 3, FDN Trading sold merchandise for P170,000 less 10-5 on terms 3/10 2/20 n/30. Two days…

A: Gross sales = sales x (1- trade discount rate) x (1 - trade discount rate)  = 170000*(1-0.10)…

Q: Required information [The following information applies to the questions displayed below] 1. On July…

A: Journal entries refers to the entries which are made at the end of the period or year and it records…

Q: 28 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/2 old two items…

A: The complete amount of income earned from the sale of products or services before any returns,…

Q: Give true answer

A: Analyzing the Cash Proceeds from a Credit SaleIntroductionIn business transactions, credit sales…

Q: 1. Sold $30,000 of merchandise, which cost $23,000, on Mastercard credit cards. Mastercard charges a…

A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…

Q: Parson Corporation, a wholesaler, provided the following information: Month January February March…

A: CASH BUDGET  Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…

Q: Krux sends its mobiles amounting P2,400 each to their customers on Sale on Return basis. These are…

A: Sale or return basis are type of sales where the seller send the goods to customer to accept the…

Q: Presented below is information from Larkspur Computers Incorporated. July 1   Sold $19,200 of…

A: The primary reporting of the transactions in the account books can be done in the form of journal…

Q: The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: How much should Quatro remit to Tres on December 12?

A: Given information is: Sale of merchandise = P 3000 Credit terms = 2/10 net/30 Sales Return = P 500

Q: 1. Oriole Company enters sales and sales taxes separately on its cash register. On April 10, th…

A: Given  1.  Oriole Company  enters sales and sales taxes separately on its cash register. On April…

Q: On Nov 3, Ali Mercadejas sold merchandise for $180,000 less 15-10 on terms 3/10 2/20 n/30. Two days…

A: Gross sales = sales x (1- trade discount rate) x (1 - trade discount rate)  = 180000*(1-0.15)…

Q: JellyFelly sold a lamp to a cash customer, the retail price was $299.99 and sales tax is 9%. The…

A: Sales tax is applicable on the sales price of the goods at a prescribed rate.  Sales tax is…

Q: ​Kathy's Corner Store has total cash sales for the month of​ $34,000 excluding sales taxes. If the…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and…

A: Journal entries are fundamental records in accounting, documenting financial transactions by…

Q: FDN Trading had the following selected transactions on November 5: Purchase of furniture on account,…

A: Solution: Cash account shows inflows of cash and outflows of cash. Inflows of cash are debited to…

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