The buyer received an invoice from the seller for merchandise with a list price of OMR 400 and credit terms 2/10, n/60, Find out Credit period, Discount period, Trade discount and Cash discount allowed
Q: S1: An acquirer may be able to obtain control over an entity without transferring any consideration....
A: Business combination A business combination refers to a transaction where one entity controls anothe...
Q: Rosenthal Decorating Inc. is a commercial painting and decorating contractor that began operationsin...
A: A journal entry is a type of accounting entry used to record a commercial transaction in a company's...
Q: 5. Fabric Ca. sells to wholesalens on tems of 2/15, net 30. An analysis of Fabric Co.s trade receiva...
A: Bad debt: when the due amount of accounts receivable becomes irrecoverable which is known as bad de...
Q: Part A Clark Company acquired 15% of the 500,000 shares of common stock of Davis Company at a total ...
A: Journal entries for 2023 S. no. Particulars Ref. Debit Credit 1 Investment in Farely A/C ...
Q: She can allocate her time so that she works only on one type of tax return or on any combination of ...
A: First we have to calculate Contribution Per Hour of White's time. Then whichever type of engagement ...
Q: Amanda would like to organize BAL as either an LLC (taxed as a sole proprietorship) or a C corporati...
A: Tax Tax refers to mandatory obligations on any individual or entity by any government agency. There ...
Q: Shipping constitutes a large par get broken and have to be repla (a)If an item is shipped, what is V...
A: The answer has been mentioned below.
Q: X invited Y to a partnership interest in his business. Accounts in theledger of X on January 1, 2020...
A: The adjusted capital of X will be equal to the Fair value of Assets less value of liabilities. The...
Q: Carla Vista Company has the following data for the weekly payroll ending May 31: Hours Worked ...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: iven a bill, and the customer mails in a cheque for payment on December 5th. he dress shop receives ...
A: According to revenue recognition principle any revenue earned shall be recognised on the date on whi...
Q: During March, Anderson Company engaged in the following transactions involving its pettycash fund:a....
A: To keep track of financial transactions, journal entries are utilised. Your journal entries are rec...
Q: Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from...
A: Solution : The following is a schedule of adjustments to the initial amount that should be prepared...
Q: Which of the following statements is TRUE? * A business should credit Revenue when the business rece...
A: Accounting The recording of a financial transaction related to a business is known as accounting. Fi...
Q: Ace Leasing acquires equipment and leases it to customers under long-term sales-type leases. Ace ear...
A: A lease is a contract or agreement to pay the money for the use of an asset. The lessee pays a certa...
Q: Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Oct1 ...
A: The Perpetual Inventory system is a method of recording inventory balance after each receipt and iss...
Q: Operating activities has a positive cash flow of R752 000; while the Investing activities total show...
A: A cash flow financial statement that illustrates how much money comes in and goes out. Include all c...
Q: Write the command for A) Creation of a ledger - VAT sales @ 4% B) Creation of a ledger - Output VAT ...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Apply the concept from page 8-9 practice 4 of the VLN: How much could you borrow today if you make m...
A: How much could you borrow today if you make monthly payments of $300.00 for the next 5 years with ...
Q: Two companies entered into a lease agreement. Kay Dy Inc. leased its property, plant and equipment t...
A: A lease agreement with a purchase option is a finance lease and a finance lease is recorded at the p...
Q: Record the following transactions on the books of Cullumber Co. (Omit cost of goods sold entries.) (...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: The Investment in Branch is presented as: Group of answer choices Equity of the home office Asset ac...
A: A branch is a place where business is conducted other than the head office. A head office might have...
Q: Question 2 (a) Awan Bhd constructed a building on 1 January 2021. The building was completed on 31 D...
A:
Q: As of December 31, 2020, the separate company financial statements of Drao co and Its 80% owned subs...
A: Consolidated retained earnings: The consolidated retained earnings refer to the parent company's acc...
Q: On November 30, 2021, an explosion occurred at OLIVE's plant totally damaging the plant and causing ...
A: Calculation of Claim for company- 80% of Fair value i.e 6,000,000*80/100 = 4,800,000 Liabilit...
Q: Please record the entries for the inventory transactions below (Perpetual Inventory System) 1) Oct1 ...
A: Date Merchant Account Titles & Narration Debit Credit 1-Oct GSC's Inc Inventory D...
Q: 1. Calculate the break-even point in units if Candice Corporation uses the labor-intensive manufactu...
A: Break Even Point (Units) = Total Fixed Costs / Contribution Per Unit Break Even Point (Pesos) = Tota...
Q: You are required show ALL supporting workings where necessary and state any assumption(s) made. _C-...
A: Answer) Calculation of Normal Capacity Operating Income = Contribution Margin – Fixed Costs Operatin...
Q: Which of the following statements is TRUE? * O A business should credit Revenue when the business re...
A: When a donation is received it is not shown as a revenue instead as receipts. A business should debi...
Q: Roland had revenues of $610,000 in March. Fixed costs in March were $199,670 and profit was $50,430....
A: The contribution margin is the amount by which your company's sales revenue exceeds its variable cos...
Q: Cainey Enterprises loaned $30,000 to Small Co. on June 1, Year 1, for one year at 7 percent interest...
A: Solution: Loan given will be recorded in the Notes receivable account. On Year end, adjustment will ...
Q: AA, BB and CC formed a partnership on January 1, 2022. Their capital balances before share in profit...
A: Calculation of opening capital : Particulars AA BB CC Closing capital before distribution o...
Q: Tasman Products, Limited, of Australia has a Maintenance Department that services the equipment in t...
A: The question is based on the concept of Cost Accounting.
Q: To determine that all transactions relating to long-term debts are properly recorded, the auditor wo...
A: Long-Term Debt: Long-term liabilities, often known as long-term debts, are obligations owed by a cor...
Q: Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standard...
A: Answer 1) Calculation of Standard Labor hours allowed to make 20,000 units Standard labor hours allo...
Q: (a) Calculate the following planned overhead absorption rates: (i) A machine hour rate for the Cutti...
A: Cost allocation is the process of providing assistance to the costs of a shared service organization...
Q: Refer to Lopez Corporation. Assume that Lopez has sufficient idle capacity to produce the 1,000 unit...
A: Solution:- Given, Amber Corporation sells a product for $18 per unit & the standard cost card fo...
Q: The corporate charter of Reilly Corporation allows the issuance of a maximum of 10,000,000 shares of...
A: Common shares stock are the stock issued till date. Treasury stock is considered to calculate the fi...
Q: A tax payer is treating real property used solely for business purposes for new real property to be ...
A: The question is related to taxation. The details are given regardong the same as under Real Property...
Q: Beginning work in process inventory $1,080,000 Beginning raw materials inventory Ending work in proc...
A: GIVEN Laflin Company's cost of goods manufactured for the year Is
Q: Mr. Jhonny bought a car worth P900,000 last January 1, 2000, and intend to sell it for P300,000 afte...
A: given, Cost of asset=9,00,000 Resale value=3,00,000 Life of Asset=10 years
Q: QUESTION 2 Excel acquired a piece of land for RM200M on 1 January x5. The land was classified as inv...
A: As per IAS 40, land or building can be classified as investment property if they are acquired with a...
Q: (Corporate income tax) Meyer Inc. has taxable income (earnings before taxes) of $284,000. Calcu...
A: Tax Liability: Tax liability refers to the amount of money owing by a person, a corporation, or anot...
Q: Because there are usually few transactions in the cycle, control risk and the results of substantive...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Partners W, X, Y and Z are partners of WXYZ Partnership who shares profits and losses in the ratio o...
A: Answer: Partner Z will not receive any bonus because the net income after deducting the interest, bo...
Q: Account Titles Debits Credits Cash $37,500 Accounts Receivable 28,600 43,300 Inventory Prepaid Rent ...
A: Income Statement - Income Statement is the statement that includes income earned and expense incurre...
Q: The Income Statement will O indicate how much money the owner invested into their business. indicate...
A: Income statement means the statement which show the cost of goods sold and selling price and give ou...
Q: Louise Corp. has a contribution margin ratio of 27%, fixed costs of $48,870, and a profit of $39,420...
A: Solution.. Question (1) contribution margin ratio = 27% fixed cost = $48,870 Net income = $39,...
Q: A company purchased factory equipment on April 1, 2021 for $128,000. It is estimated that the equipm...
A: Depreciation as per straight line method for each year= (Cost- salvage value)/useful life = (128000-...
Q: Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019.The fol...
A: The procedure of entering business transactions for first time in the books of accounts is known as ...
Q: %24 -1 Problem Set: Module Six - AX * CengageNOWv2 | Online teachir x * Cengage Learning + x .com/il...
A: Cumulative preferred share means preferred share have one additional benefit. They have right to rec...
The buyer received an invoice from the seller for merchandise with a list price of OMR 400 and credit terms 2/10, n/60, Find out Credit period, Discount period, Trade discount and Cash discount allowed
Step by step
Solved in 2 steps
- If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales RevenueThe buyer received an invoice from the seller for merchandise with list price of RO 7500 and credit terms of 2/10 and n/30. The number 10 in the credit term is: a. Percentage of Cash Discount b. Trade discount c. Discount period d. Credit periodDetermine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $9,400 $366 FOB Shipping Point, 1/10, net 30 $900 (b) $9,300 $77 FOB Destination, 2/10, net 45 $2,000 a. $fill in the blank 1 b. $fill in the blank 2
- Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $7,100 $348 FOB Shipping Point, 1/10, net 30 $700 (b) $3,800 $124 FOB Destination, 2/10, net 45 $800 a. $ b. $Let's assume the merchandiser (buyer) pays after the discount period expires, how will the vendor (seller) journalize the Jeff. Fvpayment? Add the appropriate amount to the appropriate accounts provided below. Use the invoice provided.A sales invoice included the following information: merchandise price, $4,500; transportation, $300; terms 1/10, n/eom, FOB shipping point. Assuming that a credit for merchandise returned of $600 is granted prior to payment, that the transportation is prepaid by the seller, and that the invoice is paid within the discount period, what is the amount of cash received by the seller?
- Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances a. $13,800 $251 FOB shipping point, 1/10, net 30 $1,400 Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances b. $4,900 $59 FOB destination, 2/10, net 45 $1,100The journal entry to be recorded by the seller upon receiving payment from a customer who had previously purchased the goods on account would include which of the following? Assume the payment was made within the discount period. A. a debit to Sales Discounts. B. a credit to Inventory. C. a debit to Inventory. D. a debit to Accounts Receivable.If merchandise purchased on account is returned, the buyer can inform the seller of the details by issuing:A. A debit memorandumB. A credit memorandumC. An invoiceD. A bill
- Enter the letter for each term in the blank space beside the definition that it most closely matches. A. Sales discount D. FOB destination G. Merchandise inventory B. Credit period E. FOB shipping point H. Purchases discount C. Discount period F. Gross profit 1. Goods a company owns and expects to sell to its customers. 2. Time period that can pass before a customer’s full payment is due. 3. Seller’s description of a cash discount granted to buyers in return for early payment. 4. Ownership of goods is transferred when the seller delivers goods to the carrier. 5. Purchaser’s description of a cash discount received from a supplier of goods. 6. Difference between net sales and the cost of goods sold. 7. Time period in which a cash discount is available. 8. Ownership of goods is transferred when delivered to the buyer’s place of business.Details of a purchase invoice and related credit memo are summarized as follows: Invoice: Cost of merchandise listed on purchase invoice $6,500 Prepaid freight charge added to invoice 150 Terms, FOB shipping point, 1/10, n/eom $1,500 Credit memo: Cost of merchandise returned Assume that the credit memo was received prior to payment and that the invoice is paid within the discount period. Determine the following: (a) Amount of the cash discount allowed. (b) Amount to be paid by the purchaser if the discount is taken. (c) Cost of the merchandise to the purchaser if the discount is NOT taken.A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? Assume the perpetual inventory system is used.