no work required Wilton sells softball equipment. On November 14, they shipped $4,000 worth of softball uniforms to Paola Middle School, terms 2/10, n/30. Ôn November 21, they received an order from Douglas High School for $2,400 worth ofcustom printed bats to be produced in December. On November 30, Paola Middle School returned $400 of defective merchandise. Wilton has received no payments from either school as of month end. What amount will berecognized as accounts receivable, net on the balance sheet as of November 30?А.$6,400$6,000С.$4,000D.$3,600B. Merchandise was sold on credit for $10,000, terms 2/10, n/30. Which of the following journal entry descriptions correctly describes the cash collection?O A. Cash is debited for $10,000, accounts receivable is credited for $10,000 if the collection is after the discount period.O B. Cash is debited for $10,000, accounts receivable is credited for $9,800 and sales discounts is credited for $200 if the collection is within the discount period.O C. Cash is debited for $10,000, accounts receivable is credited for $9,800, and sales discounts is credited for $200 if the collection is after the discount period.O D. Cash is debited for $10,000 and accounts receivable is credited for $10,000 if the collection is within the discount period.

Wilton sells softball equipment. Answer – Selling price of the product – Defective merchandise =…

Wilton sells softball equipment. On November 14, they shipped S4,000 worth of softball uniforms to Paola Middle School, terms 2/10, n/30. On November 21, they received an order from Douglas High School for S2,400 worth of custom printed bats to be produced in December. On November 30, Paola Middle School returned $400 of defective merchandise. Wilton has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of November 30?

Wilton sells softball equipment. On November 14, they shipped S4,000 worth of softball uniforms to Paola Middle School, terms 2/10, n/30. On November 21, they received an order from Douglas High School for S2,400 worth of custom printed bats to be produced in December. On November 30, Paola Middle School returned $400 of defective merchandise. Wilton has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of November 30?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: how do you determine when goodwill will be written off under the impairment rules

A: Goodwill:Goodwill is the good reputation developed by a company over years. This is recorded as an…

Q: None

A: In the note "Goodwill Accounting: The Road Ahead," the author discusses the evolving landscape of…

Q: how did you get the Equipment depreciation expense

A: Depreciation is an account used to allocate capital expenditure on assets over the period of useful…

Q: reason to fill position

A: Filling positions promptly is critical for maintaining operational efficiency, as unfilled roles can…

Q: List 4 risks and corresponding controls on assets (building, machine etc)

A: The objective of this question is to identify four potential risks that can impact physical assets…

Q: Based on the above information, complete the following table: Year At-Risk Allowed Passive…

A: Costing: Costing is a technique used in cost accounting to determine the cost of a product. With…

Q: Accumulated Depreciation is: Multiple Choice A contra-asset account A liability An expense account A…

A: Depreciation expense is the amount a firm's assets are depreciated for a single month, whereas…

Q: ist and discuss Impairment measurements, Testing for Impairment, Asset Grouping, and Accounting for…

A: When the fair market value of an assets of the entity depreciates more than the asset's book value…

Q: compounding periods wrong

A: Compounding Period: It represents the period of time between the last time interest was compounded…

Q: Under the completed-contract method, the Contract Asset/Liability account balance will consist of O…

A: The completed contract method is an accounting approach where revenue and expenses from long-term…

Q: What are temporarily restricted net assets?

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

Q: Why must we have an entry to remove fully depreciated fixed assets (no salvage value) from the books…

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: Maintenance and Overhaul costs are. direct Operating expenses none accrued indirect

A: The objective of the question is to categorize maintenance and overhaul costs in terms of financial…

Q: Do the fixed assets lose their value even though they continue to function and contribute to the…

A: Meaning of Fixed Assets Fixed assets are those assets which are used in the business with the…

Q: 6. Situation in which company replaces existing assets with new assets is classified asA.…

A: Replacement Projects - Replacement projects deal with the replacement of old and worn-out equipment…

Q: Which of the following is a commonly found encumbrance? neither of the answers shown air and…

A: A right, lien or any other type of restriction on the unrestricted use of property is referred to as…

Q: Nonresidential real and residential rental property depreciated using MACRS are not subject to…

A: Nonresidential real and residential rental property depreciated using MACRS are not subject to…

Q: 75. An alternative term used for accumulated depreciation expenses? A. O Provision for depreciation…

A: DEPRECIATION EXPENSEDepreciation means gradual decrease in value of assets due to normal wear and…

Q: A company's old machine has a book value of $49,000 and a remaining three-year useful life. The old…

A: KEEP OR REPLACE DECISIONIf there is increase in income by replacing, then the old machine should be…

Q: ACME Products has the option to invest in one of the following two conveyor systems. MARR is 15%.…

A: GIVEN, SYSTEM 1 initial investment =$350,000 annual cashflow= $84,900 life = 6 years salvage value…

Q: What reporting is appropriate for a loss contingency that does not qualify for recording at the…

A: Introduction: A contingency arises when a situation has to be handled in the future but whose…

Question

no work required

Wilton sells softball equipment. On November 14, they shipped $4,000 worth of softball uniforms to Paola Middle School, terms 2/10, n/30. Ôn November 21, they received an order from Douglas High School for $2,400 worth of
custom printed bats to be produced in December. On November 30, Paola Middle School returned $400 of defective merchandise. Wilton has received no payments from either school as of month end. What amount will be
recognized as accounts receivable, net on the balance sheet as of November 30?
А.
$6,400
$6,000
С.
$4,000
D.
$3,600
B.

Merchandise was sold on credit for $10,000, terms 2/10, n/30. Which of the following journal entry descriptions correctly describes the cash collection?
O A. Cash is debited for $10,000, accounts receivable is credited for $10,000 if the collection is after the discount period.
O B. Cash is debited for $10,000, accounts receivable is credited for $9,800 and sales discounts is credited for $200 if the collection is within the discount period.
O C. Cash is debited for $10,000, accounts receivable is credited for $9,800, and sales discounts is credited for $200 if the collection is after the discount period.
O D. Cash is debited for $10,000 and accounts receivable is credited for $10,000 if the collection is within the discount period.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

hich one of the fixed asset accounts listed will not have a related contra asset account? a.Building b.Office Equipment c.Delivery Equipment d.Land
What is the condition of security? Has it been reasonably well maintained or does it show the effects of waste and neglect?
All of the following statements regarding asset impairments are true EXCEPT which one? O After recording the impairment loss, the reduced carrying amount of the asset held for use becomes its new cost basis O An impaired asset held for disposal may not be written up O An impairment loss for an asset held for use may not be restored. An impaired asset held for disposal is treated like inventory, and therefore should be reported at the lower-of-cost or net-reaalizable value.
Under the completed-contract method, Question 16 options: a revenue, cost, and gross profit are recognized at the time the contract is completed. b revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed. c revenue, cost, and gross profit are recognized during the production cycle. d None of these answers are correct.
Regarding accountant's liability, the courts have held accountants liable for their financial statements to which of the following: (multiple answers possible. However marking all will result in an incorrect score.) a. client b. bankers of the client c. future investors in the business of the client d. creditors of the client e. third party vendors that might supply client
Which of the following factors cannot be used to determine an insurer's limit of liability on property coverage? O A. Actual cash value Replacement cost Salvage value Policy limits OB. O C. D. Whiteboard
Maintenance and Overhaul costs are. direct Operating expenses none accrued indirect
Shipping cost for goods sold to customers, in transit, shipped f.o.b. point of shipment be classified as a current liability? True O False
Research & Development costs: A)Are included in the cost of a patent on the balance sheet B) Should be expensed C) Are amortized over the useful life of the patent D) Both A&B are correct
Costs and assessments that should NOT be charged to the land account include a.parks. b.installing fences. c.streets. d.flood prevention.