The balance in the advertising supplies account on April 1 was $3,800, supplies purchased during April were $1,900, and the supplies on hand at April 30 were $1,200. The amount to be used for the appropriate adjusting entry is: a. $4,500. b. $2,600. c. $5,700. d. $3,800.
Q: Provide correct answer financial accounting question
A: Step 1: Define Accounts Receivable TurnoverAccounts receivable turnover measures how many times a…
Q: Get correct answer general accounting question
A: Step 1: Definition of Total Manufacturing CostTotal manufacturing cost refers to the sum of all…
Q: Can you help me with general accounting questions
A: Step 1: Define Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the total cost incurred…
Q: Calculate the return on assets of this financial accounting question
A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that measures how…
Q: Please solve question
A: 1. Gross ProfitGross Profit is the difference between Net Sales and Cost of Goods Sold (COGS). It…
Q: Question
A: Concept of Sales Revenue: Sales revenue is the total amount of money a company earns from selling…
Q: none
A: Calculate Total Equity:Total Equity = Common Equity per Share × Number of Shares OutstandingTotal…
Q: Cecil cashed in a Series EE savings bond with a redemption value of $22,500 and an original cost of…
A: To determine the amount of interest Cecil must include in his gross income, we need to follow the…
Q: Zanzibar Limited entered into a lease agreement on July 1 2016 to lease some highly customized…
A: Step 1: Overview of the Question :-The question involves analyzing the lease agreement between…
Q: Hey tutor please answer the financial accounting question
A: Step 1: Definition of Net New Stock IssuesNet New Stock Issues refer to the portion of a company's…
Q: What is the correct answer general accounting question?
A: Step 1: Recall the Work in Process (WIP) cost formula.WIP, end = WIP, beg. + added to production -…
Q: choose best answer
A: Step 1: Definition of Sales Volume VarianceSales volume variance measures the impact of the…
Q: BB Corporation reported Net sales of $4.12 million and beginning total assets of $1.08 million and…
A: Explanation of Total Assets: Total assets represent the complete value of everything a company owns…
Q: General accounting question
A: Step 1: Definition of Tax SavingsTax savings represent the amount of money an individual or business…
Q: Maharaj Garage & Car Supplies sells a variety of automobile cleaning gadgets including a variety of…
A: Step 1: (i) Perpetual Inventory Record (FIFO Method)Ending Inventory Value = 26 vacuums × $7,605…
Q: account
A: Step 1: Definition of Debt-Equity RatioThe Debt-Equity Ratio measures a company's financial leverage…
Q: Provide Accounting Answer
A: Concept of Total CostsTotal costs refer to the overall expenses incurred by a business in producing…
Q: How much will net income increase?
A: 1) Contribution margin = Sales Revenue - Variable costContribution margin =…
Q: Answer? ? Financial accounting
A: Step 1: Information givenMarket-to-book ratio = 3Price-to-Earnings (P/E) ratio = 7.25Current market…
Q: hello teacher please solve questions
A: Step 1: Definition of Net Income and Net LossNet income is the excess of revenues over expenses,…
Q: Need help with this question solution general accounting
A: Step 1: Definition of Credit SalesCredit Sales refer to sales where the payment is deferred and…
Q: Solve this
A: :
Q: I want to correct answer general accounting question
A: Step 1: Definition of Interest Revenue in a Sales-Type LeaseIn a sales-type lease, the lessor…
Q: Give me solution
A: Concept of Manufacturing OverheadManufacturing overhead includes all indirect costs incurred during…
Q: Please give me true answer this financial accounting question
A: Step 1: Definition of Cost of Retained EarningsThe Cost of Retained Earnings represents the…
Q: Get correct answer accounting questions
A: Step 1: Definition of Retained EarningsRetained earnings refer to the portion of a company's net…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Net Operating Income under Variable CostingNet Operating Income (NOI) under…
Q: What would be the net operating income?
A: Explanation of Contribution Format Income Statement: The contribution format income statement is a…
Q: What is the dividend yield for this financial accounting question?
A: Step 1: Define Dividend YieldThe Dividend Yield is a financial ratio that shows how much money a…
Q: What's the solution
A: Debt-Equity Ratio = Total Debt/Total Equity0.92 = Total Debt/520,000Total Debt = 0.92*520,000Total…
Q: Financial Accounting
A: Step 1: Define Cost of Equity CapitalThe Cost of Equity Capital represents the return a company must…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Profit Margin on SalesThe profit margin on sales measures a company's…
Q: Get correct answer general accounting question
A: Step 1:First calculate the total cost per pair of skies: Cost per pair of skies = Direct material…
Q: I want to correct answer general accounting question
A: Step 1:First calculate the retained earnings: Retained earnings = Net income - Dividend declared…
Q: What weights should silverstone use in computing wacc for this acquisition for this financial…
A: Step 1:The weight of capital is used in calculating the weighted average cost of capital (WACC), the…
Q: Please answer of this financial accounting question
A: Step 1: Define Operating Cash Flow (OCF)Operating Cash Flow (OCF) represents the cash generated by a…
Q: help me this general accounting question
A: Step 1:The predetermined overhead rate is the rate used to allocate the manufacturing overhead to…
Q: help me to solve this questions
A:
Q: I need answer
A: Concept of Fixed CostsFixed costs are expenses that remain constant regardless of the production…
Q: 4 POINTS
A: Explanation of Initial Investment: Initial investment refers to the original amount of money that an…
Q: What is the enterprise value of Crimson Tech Inc.
A: Step 1: Given Value for Calculation Number of Share = n = 120 millionPrice per Share = p = $42Value…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Gross Profit PercentageGross Profit Percentage measures the profitability of a…
Q: hi expert please help me
A: Step 1: Definition of Accumulated DepreciationAccumulated depreciation is the total depreciation…
Q: need help this question
A: Step 1: Definition of Gross Margin RatioThe Gross Margin Ratio is the percentage of sales revenue…
Q: Wahwaht is the stock price? General accounting question
A: Step 1: Given Value for Calculation Earning per Share = e = $9.50Price to Earning Ratio = pe = 37.45…
Q: a.b.c.d. ? Answer general accounting
A: Step 1: Define Key Financial MetricsNet Sales represents total revenue after deducting returns and…
Q: Right Answer
A: Concept of Gross ProfitGross profit is the difference between a company's total sales revenue and…
Q: Need answer
A: Step 1: Definition of Postretirement ExpensePostretirement expense represents the cost a company…
Q: Solve the problem
A: Step 1: Materials price variance Materials price variance = Actual material cost - (Standard price x…
Q: provide correct answer
A: Components:Selling Price: Melody Tunes sells each CD for $15.50.Variable Costs:Production: $4.50 per…
Can you help me with accounting questions


Step by step
Solved in 2 steps

- An invoice is dated for June 28 for $8657 with terms of 8/10 EOM,ROG . The merchandise was received on July 3 , how much should be paid on or before August 1?A company has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,200. Of the $11,200 of receivables, $2,600 are within a 3% discount period, and the company expects buyers to take $78 in future discounts arising from this period's sales. Required: 1. Prepare the December 31 year-end adjusting journal entry for future sales discounts.The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066
- Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year. Merchandise inventories at the beginning of the year were as follows: Book Department, 53,410; Software Department, 23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar): Sales Salary Expense (payroll register): Book Department, 45,559; Software Department, 35,629 Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, 7,851; Software Department, 2,682 Store Supplies Expense (requisitions): Book Department, 205; Software Department, 199 Miscellaneous Selling Expense (volume of gross sales): Book Department, 240; Software Department, 110 Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet Bad Debts Expense (volume of gross sales): Book Department, 1,029; Software Department, 441 Miscellaneous General Expense (volume of gross sales): Book Department, 364; Software Department, 156 Required Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.A credit sale of $1000 is made on may 1, terms 2/10, net/30. A return of $100 is granted on may 3. The entry to record the collection of the payment on may 8 would include a debit toMed Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $5,000. Of the $5,000 of receivables, $1,000 are within a 2% discount period, meaning that it expects buyers to take $20 in future-period discounts arising from this period’s sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $5 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts. c. Is Allowance for Sales Discounts a contra asset or a contra liability account?
- Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).Instructions Mar. Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30. 1 31 Issued a 30-day, 4% note for $372,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. Borrowed $150,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Jul. 1. Purchased tools by issuing a $276,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $150,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. Purchased equipment from Greenwood Co. for $540,000, paying $108,000 cash and issuing a series of ten 4% notes for $43,200 each, coming due at 30-day intervals. 22 Settled a product liability lawsuit with a customer for $309,500, payable…Using the percentage - of - sales method , the estimated total uncollectible accounts are $6,722. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $3,135. The Accounts Receivable balance is $44,520. The amount of the adjusting entry for Uncollectible accounts expense is : A. $9,857. B. $3,135. C. $6,722. D. $3,587.
- At the beginning of 20X3, W7w Tax Prep Company reported Accounts Receivable $11500 and Allowance for Uncollectible Accounts $1000 (debit). During 20X3, before recording the year-end adjusting entries, the Company recorded credit service revenue $27000 and wrote off accounts receivable $200. The following balance was reported on December 31, 20X3, before any adjustment Accounts Receivable $23000. The Company estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0-30 days past due Amount Receivable Estimated Percent Uncollectible 18,000 10% 3,000 30% More than 30 days past due Total 2,000 60% 23,000 Required: Please choose the best answer to the following questions based on the above information. On December 31, 20X3, what is the amount of accounts receivable that the Company expects to collect from customers? O $19100 $21800 O $10500 O $23000 What is the amount of bad debt expense that the Company recorded in its December 31,…What amount must be remitted if invoices dated June 28 for $815, July7 for $780 and July 14 for $895, all terms 2/10 E.O.M., are paid together on August 7? Round to the nearest cent SAVE PROG 9°C hpOn 1 May 20X0, A pays a rent bill of $1,800 for the period to 30 April 20X1. What is the charge to the income statement and the entry in the statement of financial position for the year ended 30 November 20X0?A $ 1,050 charge to income statement and prepayment of $750 in the statement of financial positionB $ 1,050 charge to income statement and accrual of $750 in the statement of financial positionC $1,800 charge to income statement and no entry in the statement of financial positionD $750 charge to income statement and prepayment of $ 1,050 in the statement of financial position Answer the question and explain why did you choose this answer





