TB MC Qu. 8-90 (Algo) In January 2024, Summit Department... In January 2024, Basu Department Store sells a gift card for $150 and receives cash. In February 2024, the customer comes back and spends $120 of the gift card to purchase a water bottle. What is the financial statement effect of the customer's purchase of the water bottle in February? Multiple Choice Decrease liabilities by $120 and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $150, and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $120, and increase stockholders' equity by $150 Increase assets by $120 and increase stockholders' equity by $120

TB MC Qu. 8-90 (Algo) In January 2024, Summit Department... In January 2024, Basu Department Store sells a gift card for $150 and receives cash. In February 2024, the customer comes back and spends $120 of the gift card to purchase a water bottle. What is the financial statement effect of the customer's purchase of the water bottle in February? Multiple Choice Decrease liabilities by $120 and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $150, and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $120, and increase stockholders' equity by $150 Increase assets by $120 and increase stockholders' equity by $120

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help as much as you can. Thank you!
4,5,6,7
3. Conceptual Connection: The weighted average for the 4 years (rounded to three decimals) is If credit sales for 2024 are $400,000, what rate would you recommend to estimate bad debts? A rate closer to Feedback Check My Work 1 & 2. Use the data from prior years to calculate losses from uncollectible accounts as a percentage of credit sales. Consider how the loss rate has changed over the years. Feedback 4. If credit sales for 2024 are $400,000 and using the rate you recommended above, record bad debt expense for 2024. Round your answer to three decimal places. Bad Debt Expense 27,600 X Allowance for Doubtful Accounts Record adjusting entry for bad debt expense estimate Check My Work 4. Make the best estimate of bad debt expense you can. 0.069. Increase 0.082 X would be more conservative. 5. Conceptual Connection: Using the data from 2020 through 2023, estimate the change in income from operations in total for those 4 years assuming (a) the average gross margin is 25% and (b) 50% of…
Use the information provided below to prepare the following for January and February 2023: 4.1 Debtors Collection Schedule 4.2 5. 6. 7. 8. 9. 10. INFORMATION The following information was provided by Intel Enterprises: 1. 2. Cash Budget 3. 4. The bank balance on 31 December 2022 is expected to be R40 000 (unfavourable). Credit sales are expected to be as follows: December 2022 R576 000 Credit sales are normally collected as follows: 65% in the following month January 2023 Credit sales usually make up 40% of the total sales. Cash sales make up the balance. Cash customers receive a 10% discount. The rest is usually written off as bad debts. R540 000 * 30% in the month in which the transaction takes place, and these customers are entitled to a 5% discount. December 2022 Budgeted purchases of inventory are as follows: R1 000 000 February 2023 January 2023 R648 000 R800 000 February 2023 R920 000 Fifty percent (50%) of the purchases are for cash. The remainder is paid in the month after the…
Nelto deposits $2,500 in a bank account that pays 3% interest compounded quarterly. Two years later, how much do they have in their bank account? C 1 t=0 n Cash Flow Diagram ….....…... Time Value of Money (TVM) Framework PV PMT FV type How to compute using Excel? -function( rate, nper, pmt, [PV]. [type]) n CPT
Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years old and has been divorced for four years. She receives $1,200 of alimony payments each month from her former husband (divorced in 2016). Reba also rents out a small apartment building. This year Reba received $50,000 of rental payments from tenants and she incurred $19,500 of expenses associated with the rental. Reba and her daughter Heather (20 years old at the end of the year) moved to Georgia in January of this year. Reba provides more than one-half of Heather's support. They had been living in Colorado for the past 15 years, but ever since her divorce, Reba has been wanting to move back to Georgia to be closer to her family. Luckily, last December, a teaching position opened up and Reba and Heather decided to make the move. Reba paid a moving company $2,250 to move their personal belongings, and she and Heather spent two days driving the 1,600 miles to Georgia. Reba rented a home in…
Please do not give solution in image format thanku
Please do not give solution in image format thanku
QUESTION 4 The following information is available for DMS Wholesaler at 31 March 2020. All purchases and sales are on credit and all invoices should be paid within 30 days. RM Sales 250,000 Stock 1 April 2019 21,000 Stock 31 March 2020 19,000 Purchases 187,500 Cost of sales 189,500 Gross profit Net profit Capital employed 60,500 30,000 300,000 Cash at bank 1,000 Accounts receivable 15,000 Accounts payable 20,000
In January 2024, Summit Department Store sells a gift card for $90 and receives cash. In February 2024 the customer comes back and spends $60 of the gift card to purchase a water bottle. What is the financial statement effect of the customer's purchase of the water bottle in February? Multiple Choice Increase assets by $30, decrease liabilities by $90, and increase stockholders' equity by $60 Decrease liabilities by $6 O and increase stockholders' equity by 560 increase assets by $60 and increase stockholders' equity by $60 Increase assets by $30, decrease liabilities by $60, and increase stockholders equity by $90
Just want to make sure I did the journal entries correctly
1. The VAT payable for January is? 2. The VAT payable for February is 3. The VAT payable for March is?