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Modern Electronics Company purchases merchandise inventory from several suppliers. On April 1, 2017, Modern Electronics purchased...
A service company had the following sales transactions in April. Assume all sales were cash sales....
A service company had the following sales transactions in April. Assume all sales were cash sales. April 4 Sales of $7,200 plus sales taxes 11 Sales of $5,600 plus sales taxes 18 Sales of $6,200 plus sales taxes 25 Sales of $8,500 plus sales taxes Calculate sales taxes (GST or HST and PST) for each transaction as applicable for each of the following provinces. Alberta Manitoba PEI April 4 GST or HST Payable $ $ $ PST Payable $ $...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
Exercise 13-5 Monty Ltd s a merchant and operates in the province of Ontario, where the...
Exercise 13-5 Monty Ltd s a merchant and operates in the province of Ontario, where the HS of March and April are as follows rate is 13 Μ。 uses a perpetua inventor, s stem Tansactions or he business or, he month Paid March rent to the landlord for the rental of a warehouse. The lease calls for monthly payments of $6,760 plus 13% HST Sold merchandise on account and shipped merchandise to Marcus Ltd. for $20,380, terms n/30.0.b. shipping point....
EB.1 Nebula Limited is a merchant operating in the province of Manitoba, where the PST rate...
EB.1 Nebula Limited is a merchant operating in the province of Manitoba, where the PST rate is 8%. Nebula uses a perpetual inventory system and the earnings approach to revenue recognition. Transactions for the business are shown below: Record purchase and sales transactions-perpetual inventory system and earnings approach- Manitoba. May 1 Paid May rent to the landlord for the rental of a warehouse. The lease calls for monthly payments of $7,300 plus 5% GST. May 3 Sold merchandise on account...
Help save Pino Inc. is a BC-based wine producer. In anticipation of a particularly bounteous grape...
Help save Pino Inc. is a BC-based wine producer. In anticipation of a particularly bounteous grape harvest and a potential problem in obtaining a sufficient volume of shipping crates, Pino entered into a noncancellable agreement with Lumber Products Ltd, to supply 180,000 wooden crates at a price of $9 per crate plus 7% PST and 5% GST. During the current fiscal year, Pino purchased 45,000 crates. Near the end of the year, however, a restrictive tariff on the import of...
On November 10, 2017, Singh Electronics began to buy and resell scanners for $52 each. Singh...
On November 10, 2017, Singh Electronics began to buy and resell scanners for $52 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cost for a new scanner is only $32. Singh estimates warranty costs based on...
1. Sheffield Enterprises’ payroll for the month of March, 2020 is shown below. Salaries and Wages...
1. Sheffield Enterprises’ payroll for the month of March, 2020 is shown below. Salaries and Wages for the month of March 2020 $ 214,000 Income Taxes withheld from employees 47,372 EI withheld from employees 1.66% CPP withheld from employees 4.95% Union dues withheld from employees 20,914 Prepare the journal entries for the employee and employer portion related to payroll costs. Also, prepare the journal entries to record the remittance of the March payroll deductions to the Receiver General for Canada...
P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability...
P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability accounts: Accounts payable $52,000 CPP payable 3,810 El payable 1,598 Sales tax payable 18,000 Employee income tax payable 7,700 Unearned revenue 16,000 The following selected transactions occurred during the month. Jan. 5 Sold inventory for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. 13 Paid $18,000 ($7,500 GST to the...
P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability...
P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability accounts: Accounts payable $52,000 CPP payable 3,810 El payable 1,598 Sales tax payable 18,000 Employee income tax payable 7,700 Unearned revenue 16,000 The following selected transactions occurred during the month. Jan. 5 Sold inventory for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. 13 Paid $18,000 ($7,500 GST to the...
Lopez Company reports unadjusted first-year merchandise sales of $128,000 and cost of merchandise sales of $32,000....
Lopez Company reports unadjusted first-year merchandise sales of
$128,000 and cost of merchandise sales of $32,000.
a. Compute gross profit using the unadjusted
numbers above.
Gross profit is - __________________
2nd part
The company expects future returns and allowances equal to 5% of sales and 5% of cost of sales. b-1&2. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. View transaction list Journal entry worksheet 12 Record...
On December 15, 2017, Lisbeth Inc. (a U.S. company purchases merchandise inventory from a foreign supplier for 50,000 schillings. Lisbeth agrees to pay in 45 days after it sells the merchandise. Lisbeth makes sales rather quickly and pays the entire obligation on January 25, 2018. Currency exchange rates for 1 schilling are as follows: 0.30 December 15, 2017 December 31, 2017 917 January 25, 2018 January 31, 2018 Prepare all journal entries for Lisbeth Company in connection with this purchase...
Exercise 13-5 Monty Ltd s a merchant and operates in the province of Ontario, where the HS of March and April are as follows rate is 13 Μ。 uses a perpetua inventor, s stem Tansactions or he business or, he month Paid March rent to the landlord for the rental of a warehouse. The lease calls for monthly payments of $6,760 plus 13% HST Sold merchandise on account and shipped merchandise to Marcus Ltd. for $20,380, terms n/30.0.b. shipping point....
EB.1 Nebula Limited is a merchant operating in the province of Manitoba, where the PST rate is 8%. Nebula uses a perpetual inventory system and the earnings approach to revenue recognition. Transactions for the business are shown below: Record purchase and sales transactions-perpetual inventory system and earnings approach- Manitoba. May 1 Paid May rent to the landlord for the rental of a warehouse. The lease calls for monthly payments of $7,300 plus 5% GST. May 3 Sold merchandise on account...
Help save Pino Inc. is a BC-based wine producer. In anticipation of a particularly bounteous grape harvest and a potential problem in obtaining a sufficient volume of shipping crates, Pino entered into a noncancellable agreement with Lumber Products Ltd, to supply 180,000 wooden crates at a price of $9 per crate plus 7% PST and 5% GST. During the current fiscal year, Pino purchased 45,000 crates. Near the end of the year, however, a restrictive tariff on the import of...
On November 10, 2017, Singh Electronics began to buy and resell scanners for $52 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cost for a new scanner is only $32. Singh estimates warranty costs based on...
P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability accounts: Accounts payable $52,000 CPP payable 3,810 El payable 1,598 Sales tax payable 18,000 Employee income tax payable 7,700 Unearned revenue 16,000 The following selected transactions occurred during the month. Jan. 5 Sold inventory for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. 13 Paid $18,000 ($7,500 GST to the...
P10-1B On January 1, 2018, Burlington Inc.'s general ledger contained these opening balances for its liability accounts: Accounts payable $52,000 CPP payable 3,810 El payable 1,598 Sales tax payable 18,000 Employee income tax payable 7,700 Unearned revenue 16,000 The following selected transactions occurred during the month. Jan. 5 Sold inventory for cash totalling $20,000, plus 5% GST and 7% PST. The cost of goods sold was $14,000. Burlington uses a perpetual inventory system. 13 Paid $18,000 ($7,500 GST to the...
Lopez Company reports unadjusted first-year merchandise sales of
$128,000 and cost of merchandise sales of $32,000.
a. Compute gross profit using the unadjusted
numbers above.
Gross profit is - __________________
2nd part
The company expects future returns and allowances equal to 5% of sales and 5% of cost of sales. b-1&2. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. View transaction list Journal entry worksheet 12 Record...
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