Widgets & Gadgets in a merchandiser that sells gadgets and widgets. They had the following transactions in the month of June, 2020
Q: ow to record credit sale in an entrie?
A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.
Q: Growth Corporation acquired an 70% interest in Expanded Company on January 1, 2022 for P245,000. On ...
A: Workings: 1) Share of Growth corporation in Expanded = 70 % = 7 /10th and share of non-controlling i...
Q: ad and P900,000 for fixed overhead. a. What is the predetermined overhead rate base on units of prod...
A: * As per Bartleby policy, in case question have multiple subparts then answer first three only. a)...
Q: Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capit...
A: Bonus to be paid = Capital balance of partner withdrawing - Amount paid to partner withdrawing
Q: Cabrera Enterprises, a company that produces and sells a single product has provided its contributio...
A: Solution: Contribution margin per unit = Contribution margin / Nos of units = $813,750 / 52500 = $1...
Q: A man owes his partner Ba sum of Rs. 1,50,000 in a business deal is requested by the latter to pay t...
A: This can be solved using simple excel based calculation. we may calculate the profit and loss by usi...
Q: Solvay Corporation's bonds have a 10-year maturity, a 12% semiannual coupon, and a par value of $1,0...
A: Solution: Bond price is computed as present value of future interest and maturity value discounted a...
Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume t...
A: Income statement: The income statement shows the company's revenues and expenses earned during the p...
Q: Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net meth...
A: The methodical recording of financial transactions in a certain format in a company's accounting rec...
Q: ACC 307 – HW #4 – Chapters 7 and 8 The Beal Manufacturing Company’s costing system has two direct-co...
A: Note: As per our guidelines only the first three subparts will be solved 1. Particulars Per uni...
Q: 2. The management of Bay Electronics Company is considering to whether to select a project that requ...
A: Given information, Cost of equipment = R6,000 Increase in annual cash inflow = R2,200 Useful life of...
Q: Anya Company disclosed the following accounts on December 31, 2020. 12% Bo...
A: Journal entries refer to the process of systematic documentation of the financial transactions of a ...
Q: Which of the following statements is most correct?
A: Companies or government require funds and for that sometimes they issue the bonds or debentures inst...
Q: ABC Corp issued a bond for $87,000 at par. The bond will mature in 10 years when the principal will ...
A: Bond price implies for the consideration paid by an investor for acquiring bond. In provided case, b...
Q: On November 27, the board of directors of Marin Company declared a $0.40 per share dividend. The div...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: How should negative goodwill be shown on the consolidated financial statements of the acquirer? Grou...
A: Introduction:- Negative goodwill arises, where one company (Acquirer company) purchases or acquires ...
Q: What type of capital is accounts receivable? Group of answer choices Human. Intangible Physical. Fin...
A: Accounts receivables are the current assets of an entity. These can be converted into cash within a ...
Q: On January 02, 2021, Parent Corporation purchased 80% of SUBSIDIARY Company's ordinary shares for P6...
A: The correct answer for the above mentioned question is given in the following steps for our referenc...
Q: average total assets 305,000 turnover 4.0 What is total sales
A: Total assets = 305,000 Asset turnover ratio = 4.0
Q: Take me to the text On October 1, 2020, Robby Company issued $251,000 worth of bonds at par, with th...
A: The bonds are the financial instruments used to raise money from the market.
Q: 2. All of the following will affect the retained earnings account, except a. Declaration of 10% ...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Bulldogs Inc. is a retail mail order firm that currently uses a centralized collection system that r...
A: Number of days required for collection under centralized collection system = 6 + 3 + 2 = 11 days Nu...
Q: Bulldogs Inc. wants to analyze its variances in its actual and budgeted operation. · There is...
A: Sales price variance is the difference between Actual Sales and Budgeted sales Estimated by the com...
Q: Arrow Industries employs a standard cost system in which direct materials inventory is carried at st...
A: Direct Labor usage (efficiency) variance = (Actual hours worked - Standard hours allowed) x Standard...
Q: When a preference share is cumulative and non-participating: a. Any dividends not distributed from t...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: The machining division is currently selling 2,080 units to outside customers, and the assembly divis...
A: Free Capacity available = 2280-2080 = 200 units
Q: P Company issues Php500,000 shares of its own Php10 par common stock for the net assets of S Company...
A: In case one company overtake the assets and liabilities of another company , then accounting for am...
Q: Bulldogs inc. will least likely experience which of the following if the firm shifts its credit term...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Parent Company acquires Subsidiary Company on September 1, 2020. Parent seeks an independent valuati...
A: Goodwill is an intangible asset that is associated with the purchase of one company by another. Spec...
Q: Golf Corporation estimates that its production for the coming year will be 25,000 units, which is 90...
A: The predetermined overhead rate can be calculated by dividing the total estimated overhead by differ...
Q: The economic order quantity of Bulldogs Inc. is 1,000 unit. They sold their sole product for a selli...
A: ECONOMIC order quantities is a order quantity which there is minimum holding and carrying cost invol...
Q: 30. On January 1 2021 parent co. acquired 80% of subsidiary inc.’s outstanding stocks for 1,600,000 ...
A: In case of business combination we can measure the goodwill or bargain purchase using the below ment...
Q: At December 31, 20x5 and 20x4, Rose Corp. had 180,000 shares of common stock and 10,000 shares of 6%...
A: Earnings per share refers to the amount of Net income allocated to every single shares issued and ou...
Q: Alco Co uses the % of A/R allowance method $300,000 Ending A/R Balance Management estimates 4% uncol...
A: The account receivable is an asset for the business and allowance for doubtful accounts is a contra ...
Q: How much is the temporary current assets needed during the fourth quarter?
A: Permanent current Asset The firms need to carry a minimum level of current asset at all the times. ...
Q: er 30, 2022, AA decides to retire from the partnership. Net income of the partnership from January 1...
A: ln case of partnership there is agreement between two or more partner to share profit and losses in ...
Q: Old Camp Company manufactures awnings for its own line of tents. The company is currently operating ...
A: The question is based on the concept of Cost Accounting.
Q: The retained earnings immediately after the combination is!
A: Retained Earnings immediately after the combination includes: a)Parent Company Pre combination Retai...
Q: On February 28, 2022, P Corp. purchased 80% of S Co.’s P10 par ordinary shares for P986,000. On thi...
A: USING FAIR VALUE METHOD CALCULATION OF NCI AS ON DATE OF AQUISITION NCI (986000/80% *20% ) ...
Q: Salazar Corporation issued 100,000 shares of P28.50 par ordinary shares for all the outstanding shar...
A: Acquisition cost is the sum total of the following:- (a) Cash Paid for acquisition (b) Fair value of...
Q: Bulldogs Inc., a corporation that can only legally issue ordinary shares with par value, recently co...
A: New par value per share = Current par value per share x 1/ stock split ratio where, Current par valu...
Q: Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceed...
A: A mortgage note is a promissory note or document containing terms and conditions of the mortgage. It...
Q: On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amo...
A: Solution: Face amount of note = $255,400 Interest rate = 5% Period = 6 months
Q: airT iniog mort hot 10ms on Aon piee spese busbe.ce 9 Selling Price: P 1,700 6 25 Fixed expenses Sel...
A: For calculation of Contribution margin required sales price and variable cost but in this questi...
Q: a long dispute, AA, BB, and CC decided to liquidate their partnership. Their capital balances as of ...
A: The last preferred options in case of partnership phase liquidation which is considered to be most p...
Q: The Felton and Burchell Partnership has partner capital account balances as follows: Felton, Capit...
A: Admission of New Partner While making the admission of a new partner it can received in the form of ...
Q: Under IAS 19 Employee Benefits, how is actuarial gain or loss handled? amount falling outside th...
A: IAS 19 deals with the employee benefits. It includes the pension, benefit plans and gratuity etc.
Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per ...
A: Expected gross profit= 10000*1000 units = P 1,00,00,000 Actual gross profit= P 10000000-1200000 =...
Q: Which of the following changes the total shareholder's equity balance? Issuance of share certifica...
A: shareholders holds share of the company, shareholder may be equity share holders of preference share...
Q: John has been asked to determine whether the $22.50 cost of tickets for the community dinner theater...
A: Break-even analysis is the analysis which is made and prepared by the company in order to know and c...
Step by step
Solved in 2 steps
Questtion A: why not there will be accounts recevable? "Purchased widgets from Traders International for 100,000 in 20-Jun cash. FOB Destination. The freight cost of 5,000 paid in cash" Buyer paid on be half of seller.
Question B: Please share followings:
- Prepare the ledgers for revenue and expenses only
- Prepare the closing journal for revenue and expenses
- the
trial balance
- StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020: Sept. 3 Purchased merchandise on credit for $6,200 from Pacer Co. 7 Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000. 9 Borrowed $5,500 by giving a note to the bank. 13 The owner, Dale Trent, invested an additional $7,000 cash into the business. 18 Sold merchandise to B. Baird for $460 cash. Cost, $280. 22 Paid Pacer Co. $6,200 for the merchandise purchased on September 3. 27 Received $1,764 from J. Namal in payment of the September 7 purchase. 30 Paid salaries of $3,200. Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order) Image attached…Purchase-Related Transactions Stylon Co., a women's clothing store, purchased $28,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30 using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $4,200, receiving a credit memo. a. ournalize Stylon’s entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank b. Journalize Stylon’s entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.2. Costume Warehouse sells costumes and accessories. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses: A. the perpetual inventory system B. the periodic inventory system May 3 A customer purchases 45 costumes at a sales price of $35 per costume. The cost to Costume Warehouse per costume is $15. The terms of the sale are 3/15, n/60, with an invoice date of May 3. The customer who made the May 3 purchase returns 5 of the costumes to the store for a full refund, claiming they were the wrong size. The costumes were returned to Costume Warehouse's inventory at $15 per costume. May 10 May 16 The customer pays in full for the remaining costumes, less the return.
- The following are transactions of Mariano Lerin Bookstore for March 2020: March 2 Purchased merchandise on credit from Digao Publishers; terms 2/10, n/30, FOB destination, P74,000 3 Sold merchandise on credit to Detoya Book Shop, terms 1/10, n/30, FOB shipping point, P10,000 5 Sold merchandise for cash, P70,000 6 Purchased and received merchandise on credit from Easy Bookstore, terms 2/10, n/30, FOB shipping point, P42,000 7 Received freight bill from Supper Express from shipment received on March 6, P570 8 Paid Rent for the month, P7,000 9 Sold merchandise on credit to Recoletos Books, terms 1/10, n/30 FOB destination, P38,000 10 Purchased merchandise from Digao Publishers, terms 2/10, n/30, FOB shipping point, P26,500, including freight costs of P500. 11 Received freight bill from Super Express for sale on March 9, P291. 12 Paid Digao Publishers for purchase of March 2. 13 Received payment in full from Detoya Book Shop's purchase of March 3 14 Paid Easy Bookstore half the amount owed…The following are transactions of Mariano Lerin Bookstore for March 2020: March 2 Purchased merchandise on credit from Digao Publishers; terms 2/10, n/30, FOB destination, P74,000 3 Sold merchandise on credit to Detoya Book Shop, terms 1/10, n/30, FOB shipping point, P10,000 5 Sold merchandise for cash, P70,000 6 Purchased and received merchandise on credit from Easy Bookstore, terms 2/10, n/30, FOB shipping point, P42,000 7 Received freight bill from Supper Express from shipment received on March 6, P570 8 Paid Rent for the month, P7,000 9 Sold merchandise on credit to Recoletos Books, terms 1/10, n/30 FOB destination, P38,000 10 Purchased merchandise from Digao Publishers, terms 2/10, n/30, FOB shipping point, P26,500, including freight costs of P500. 11 Received freight bill from Super Express for sale on March 9, P291. 12 Paid Digao Publishers for purchase of March 2. 13 Received payment in full from Detoya Book Shop's purchase of March 3 14 Paid Easy Bookstore half the amount owed…Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Letter Depot purchases $11,480 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $460 cash. Terms of the purchase are 2/10, n/40, FOB Destination, invoice dated March 9. Mar. 20 Letter Depot sells $7,500 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Letter Depot of $2,850. Shipping charges are an extra $420 cash. Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
- Review the following situations and record any necessary journal entries for Lumber Farm Feb. 13 Lumber Farm purchases $9,650 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $210 cash. Terms of the purchase are FOB Destination. Feb. 19 Lumber Farm sells $5,670 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Lumber Farm of $2,200. Shipping charges are an extra $230 cash. Terms of the sale are FOB Destination.If answered within 45mins,it would be helpful.thanks in advance Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1. Sold merchandise on account to Landscapes Co., $12,300, terms FOB shipping point, n/eom. The cost of merchandise sold was $7,400. 2. Sold merchandise for $27,800 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $18,100. 5. Sold merchandise on account to Peacock Company, $36,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $23,400. 8. Sold merchandise for $12,100 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,300. 13. Sold merchandise to customers who used MasterCard cards, $7,000. The cost of merchandise sold was $4,400. 14. Sold merchandise on account to Loeb Co., $14,600,…Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Letter Depot purchases $11,490 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $460 cash. Terms of the purchase are 2/10, n/40, FOB Destination, invoice dated March 9. Mar. 20 Letter Depot sells $7,540 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Letter Depot of $2,830. Shipping charges are an extra $420 cash. Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Mar. 9 Mar. 20 Sale on credit Mar. 20 Cost of sale Mar. 20 Shipping charges
- B. Journalize the following transactions using the Perpetual method: Sta. Rosa Trading completed the following merchandising transactions in the month of October 2020: 11-Purchased merchandise on account from Vera Supply P4,000, 2/10, n/30. 12-Sold merchandise on account to Sanchez Variety P4,300, terms: 2/10, 1/20, n/30. The cost of merchandise sold was P3,600. 13 - Received credit from Vera Supply for merchandise returned P250. 14 - Paid P150 freight on October 12 sales. 15 - Purchased supplies for cash P850. 16 -Purchased merchandise for cash P2,700. 20 -Sold merchandise for cash P6,300. The merchandise sold had a cost of P4,800.Gordon's Grocers purchases bread from Buddy’s Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 2/10, n/30. Buddy expects Gordon to pay within the discount period. Required: Question Content Area Prepare the journal entry to record the sale using the net method Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)Purchased $2,150.03 in resale items on account from Starry Night; terms 1/15, n/30. Purchase order 95687 was issued. What journals and account are these posted? I have an idea, but I want to make sure it's right.