College accounting, chapters 1-9
23rd Edition
ISBN: 9781337794787
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 11A, Problem 1SEA
PURCHASES TRANSACTIONS—GROS-PRICE AND NET-PRICE METHODS Romero’s Heating and Cooling had the following transactions during April:
Apr. 2 Purchased merchandise on account from Alanon Valve for $1,000, terms 2/10, n/30.
5 Purchased merchandise on account from Leon’s Garage for $1,400, terms 1/10, n/30.
11 Paid the amount due to Alanon Valve for the purchase on April 2.
25 Paid the amount due to Leon’s Garage for the purchase on April 5.
- 1. Prepare general
journal entries for these transactions using the gross-price method. - 2. Prepare general journal entries for these transactions using the net-price method.
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Alpha industries is evaluating a project sokve this general accounting question
In preparation for developing its
statement of cash flows for the year
ended December 31, 2024, Rapid Pac,
Incorporated, collected the following
information:
($ in millions) Fair value of
shares issued in a stock
dividend$ 100.0Payment for
the early extinguishment of
long-term bonds (book value:
$89.0 million)94.0Proceeds from
the sale of treasury stock (cost:
$25.0 million)30.0Gain on sale
of land3.4Proceeds from sale of
land10.2Purchase of Microsoft
common stock158.0Declaration of
cash dividends59.0Distribution of cash
dividends declared in 202355.0
Required:
1. In Rapid Pac's statement of cash
flows, what were net cash inflows (or
outflows) from investing activities
for 2024?
Note: Cash outflows should
be indicated with a minus
sign. Enter your answers in
millions rounded to 1 decimal
place (i.e., 5,500,000 should be entered
as 5.5).
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- Don't use ai please give me answer general accounting questionarrow_forwardFinancial data for Hunger Games Company for last year appear below: Hunger Games Company Statements of Financial Position Beginning Balance Ending Balance Assets: Cash $120,700 $220,000 Accounts receivable 225,000 475,000 Inventory 317,000 390,000 Plant and equipment (net) 940,000 860,000 Investment in Katniss Company 100,000 98,000 Land (undeveloped) 198,000 65,000 Total assets $1,900,700 $2,108,000 Liabilities and owners' equity: Accounts payable $178,700 $8,000 Long-term debt 512,000 600,000 Owners' equity 1,210,000 1,500,000 Total liabilities and owners' $1,900,700 $2,108,000 equityarrow_forwardFinancial data for Hunger Games Company for last year appear below: Hunger Games Company Statements of Financial Position Beginning Balance Ending Balance Assets: Cash $120,700 $220,000 Accounts receivable 225,000 475,000 Inventory 317,000 390,000 Plant and equipment (net) 940,000 860,000 Investment in Katniss Company 100,000 98,000 Land (undeveloped) 198,000 65,000 Total assets $1,900,700 $2,108,000 Liabilities and owners' equity: Accounts payable $178,700 $8,000 Long-term debt 512,000 600,000 Owners' equity 1,210,000 1,500,000 Total liabilities and owners' $1,900,700 $2,108,000 equityarrow_forward
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