The following transactions pertain to Maram Merchandising Company: 1. The company invested $50,000 cash in Reef branch. 2. The company shipped merchandise to Reef branch costs $80,000. 3. Furniture was acquired by Reef Branch for $30,000 to be carried in home office accounting records. 4. Reef branch purchases $20.000 of merchandise from a supplier on the account. 5. Reef branch sold merchandise by $100,000, and the COGS was $70,000 6. Reef branch paid $10,000 from Meram account payable balance. 7. Maram Company paid the total belance of branch accounts payable to the supplier. 8. Reef branch collects $60.000 from the totol balance of its account receivables. 9. Reef paid $5,000 of operating expenses. 10. Maram paid $3,000 of branch operating expenses. 11. Reef transfer $25,000 to Maram. Instructions: Prepare the journal entries for both companies.

The following transactions pertain to Maram Merchandising Company: 1. The company invested $50,000 cash in Reef branch. 2. The company shipped merchandise to Reef branch costs $80,000. 3. Furniture was acquired by Reef Branch for $30,000 to be carried in home office accounting records. 4. Reef branch purchases $20.000 of merchandise from a supplier on the account. 5. Reef branch sold merchandise by $100,000, and the COGS was $70,000 6. Reef branch paid $10,000 from Meram account payable balance. 7. Maram Company paid the total belance of branch accounts payable to the supplier. 8. Reef branch collects $60.000 from the totol balance of its account receivables. 9. Reef paid $5,000 of operating expenses. 10. Maram paid $3,000 of branch operating expenses. 11. Reef transfer $25,000 to Maram. Instructions: Prepare the journal entries for both companies.

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter16: Multistate Corporate Taxation

Section: Chapter Questions

Problem 35P

See similar textbooks

Similar questions

The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 to retail customers who used MasterCard. The cost of the goods sold was $19,400. The printed receipts for retail customers included a coupon for $2 off the customer’s next purchase. It is estimated that 2,000 of the coupons will be redeemed. Create a compound journal entry for the sale and coupon payable estimate. 14 Sold $18,000 of merchandise to retail customers who…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 to retail customers who used MasterCard. The cost of the goods sold was $19,400. The printed receipts for retail customers included a coupon for $2 off the customer’s next purchase. It is estimated that 2,000 of the coupons will be redeemed. Create a compound journal entry for the sale and coupon payable estimate. 14 Sold $18,000 of merchandise to retail customers who…
Presented below are selected transactions of Palmer Company. Palmer sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Grey Company for $6,000, terms 2/10, n/30. 3 Grey Company returned merchandise worth $600 to Palmer. 9 Palmer collected the amount due from Grey Company from the March 1 sale. 15 Palmer sold merchandise for $10,000 in its retail outlet. The customers used their Palmer credit card. 31 Palmer added 1% monthly interest to the customers' credit card balance. April 10 Palmer collected $3,050 from credit card customers. (a) Prepare journal entries for the transactions above. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit March 1 3.
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $20,000, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,150. 3 Sold merchandise for $10,950 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,100. 4 Sold merchandise on account to Empire Co., $51,450, terms FOB shipping point, n/eom. The cost of merchandise sold was $35,420. 5 Sold merchandise for $27,900 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $18,470. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards, $12,380. The cost of merchandise sold was $9,120. 16 Sold merchandise on account to Targhee Co., $28,500, terms FOB…
Presented below are selected transactions of Swifty Company. Swifty sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $11,000, terms 4/10, n/30. 3 Dodson Company returned merchandise worth $400 to Swifty. 9. Swifty collected the amount due from Dodson Company from the March 1 sale. Swifty sold merchandise for $1,000 in its retail outlet. The customer used his Swifty credit card. 15 31 Swifty added 1.40% monthly interest to the customer's credit card balance. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Presented here are selected transactions of Palmer Company. Palmer sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Grey Company for $6,000, terms 2/10, n/30. 3 Grey Company returned merchandise worth $600 to Palmer. 9 Palmer collected the amount due from Grey Company from the March 1 sale. 15 Palmer sold merchandise for $10,000 in its retail outlet. The customers used their Palmer credit cards. 31 Palmer added 1% monthly interest to the customers' credit card balance. April 10 Palmer collected $3,050 from credit card customers. Instructions Prepare journal entries for the selected transactions.
Elizabeth Sales decided to create a branch in Naga City at the start of 20XX. The branch operation had the following transactions during 20XX: 1. Merchandise costing P350,000 and cash of P200,000 were transferred from the home office. 2. The branch purchased on account additional merchandise inventory of P400,000 from other distributors. 3. Sales of P650,000 were made by the branch during the period. The cost of these sales was P425,000. Cash of P600,000 was collected from sales during the year. 4. Advertising costs of P40,000, sales commissions of P65,000, and other operating expenses of P45,000 were incurred and paid by the branch. 5. The branch paid P370,000 on account to other distributors and remitted P120,000 to the home office. Required: 1. Record each of the transactions on the books of the branch. 2. Prepare an income statement for the branch for 20XX. 3. Prepare a balance sheet as of December 31, 20XX, for the branch.
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: January 6 Sold goods for $260 to Wizard Incorporated with terms 2/30, n/60. The goods cost Solitare $78. January 6 Sold goods to Spyder Corporation for $104 with terms 2/10, n/30. The goods cost Solitare $68. January 14 Collected cash for the amount due from Wizard Incorporated. February 28 Collected cash for the amount due from Spyder Corporation. Required: Compute the Net Sales Solitare would report over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales 132 H 11 **** 1 +
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $2,000 purchase with cash. The goods cost Evergreen Company $1,100. July 15 Sold merchandise to Claudio's Chair Company at a selling price of $7,000 on terms 3/10, n/30. The goods cost Evergreen Company $4,500. July 16 Sold merchandise to Otto's Ottomans at a selling price of $4,000 on terms 3/10, n/30. The goods cost Evergreen Company $2,400. July 23 Received cash from Claudio's Chair Company for the amount due from July 15. July 31 Received cash from Otto's Ottomans for the amount due from July 16. Required: Prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No ✓ 2 3 Date July 12 July 15…
Presented below are selected transactions of Splish Company. Splish sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $7,600, terms 4/10, n/30. Dodson Company returned merchandise worth $1,000 to Splish. Splish collected the amount due from Dodson Company from the March 1 sale. 15 Splish sold merchandise for $250 in its retail outlet. The customer used his Splish credit card. 31 Splish added 1.60% monthly interest to the customer's credit card balance. Assess a full month of interest. 3 9 Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
Presented below are selected transactions of Pina Colada Company. Pina Colada sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $13,600, terms 6/10, n/30. 3- Dodson Company returned merchandise worth $1,200 to Pina Colada. Pina Colada collected the amount due from Dodson Company from the March 1 sale. Pina Colada sold merchandise for $3,000 in its retail outlet. The customer used his Pina Colada credit card. Pina Colada added 1.0% monthly interest to the customer's credit card balance. 9 15 31 Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 111
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300.3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers.The cost of merchandise sold was $7,000.4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200.5. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400.12. Received check for amount due from Equinox Co. for sale on March 2.14. Sold merchandise to customers who used American Express cards, $13,700. The cost of merchandise sold was $8,350.16. Sold merchandise on account to Targhee Co., $27,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was…