Homework Answers
| Total revenues | 860,000 |
| Less: sales returns and allowances | (50,000) |
| sales discounts | (30,000) |
| Net revenues | 780,000 |
Answer: Net revenues 780,000.
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JIZ CUP 1 C E A company has the following information: o OO DO un Total...
Can you please help me to solve those multiple questions. Thank you!! On November 10 of...
Can you please help me to solve those multiple questions. Thank
you!!
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30, How would Flores record the sale on November 10? A. Accounts Receivable 7,840 Sales Revenue 7,840 Accounts Receivable 8,000 Sales Revenue 8,000 C. Accounts Receivable 7,840 Cash Discounts 160 Sales Revenue 8,000 Accounts Receivable 8,000 Cash Discounts 160 Sales Revenue 7,840 Multiple Choice Option A Option B...
At the end of the current year, a company has the following amounts: During the Estimated current for next...
At the end of the current year, a company has the following amounts: During the Estimated current for next year year $ 7,200 $ 8,300 $12,500 $9,100 $ 2,400 $ 2,600 Sales returns Sales allowances Sales discounts For what amount would the company report sales returns in its current-year in Multiple Choice $7,200. 0 $9,500. 0 $15,500 0 $22,100. 0 uizi The percentage-of-receivables method for accounting for uncollectible accounts focuses on the: Multiple Choice Total credit sales for the year....
Newark Company has provided the following information: Time Remaining 53 minutes 28 seconds • Cash sales,...
Newark Company has provided the following information: Time Remaining 53 minutes 28 seconds • Cash sales, $620,000 • Credit sales, $1,520,000 • Selling and administrative expenses, $500,000 • Sales returns and allowances, $107,000 • Gross profit, $1,530,000 • Increase in accounts receivable, $72,000 • Bad debt expense, $50,000 • Sales discounts, $60,000 • Net income, $1,030,000 How much are Newark's net sales? Multiple Choice $2,140,000. $1,923,000. $1,973,000. $2,068,000. Question McGraw Hill Education Question 8 of 40 Total
Parker Company has the following ledger accounts and adjusted balances as of December 31, 2017. All...
Parker Company has the following ledger accounts and adjusted balances as of December 31, 2017. All accounts have normal balances. Parker’s income tax rate is 20%. Parker has 300,000 shares of Common Stock authorized and 100,000 shares of Common Stock issued and outstanding. Accounts Payable……………………………. 39,000 Accounts Receivable………………………… 270,000 Accumulated Depreciation-Building………… 75,000 Accumulated Depreciation-Equipment………. 60,000 Administrative Expenses……………………. 60,000 Allowance for Doubtful Accounts…………… 30,000 Bonds Payable……………………………….. 250,000 Building……………………………………… 750,000 Cash…………………………………………. 39,000 Common Stock……………………………… 400,000 Cost of Goods Sold…………………………. 570,000 Dividends…………………………………… 20,000...
Part III: Income Statement (18 points) Presented below is information related to Farr Company for the...
Part III: Income Statement (18 points) Presented below is information related to Farr Company for the year 2019. 1,800,000 50,000 30,000 95,000 40,000 60,000 Sales revenue Dividend Revenue Interest Revenue Interest Expense Sales returns and allowances Sales discounts Selling expenses Administrative expenses Gain on sale of building Loss on operations of discontinued operations Gain on disposal of discontinued operations Cash dividends declared on common stock 230,000 95,000 130,000 90,000 200,000 33,600 780,000 52,000 40,000 Cost of goods sold Overstatement of...
Chapter 4 Problem #1 KT Retailing Company has the following information for 2019. [Dollar amounts given...
Chapter 4 Problem #1 KT Retailing Company has the following information for 2019. [Dollar amounts given are pre-tax.] Division A was discontinued during the last quarter. Assume qualifies as discontinued operations . Regarding dividends: declaration date is 12/21/19, record date is 01/02/20, & payment date is 01/08/20. Loss on sale of investments, $17,000 Rent revenue, $1,000 Advertising expense, $75,000 Utilities expense, S9,500 . Sales returns and allowances, $6,000 Interest revenue, $8,000 Depreciation expense, $42,000 Dividends to common stockholders, $7,000 Dividends...
Question 1 Company XYZ had the following information during 2020: 1. Beginning inventory was $50,000. Purchases...
Question 1 Company XYZ had the following information during 2020: 1. Beginning inventory was $50,000. Purchases of inventory was $120,000. Ending inventory was 35% of beginning inventory at the end of the year. 2. Cash on hand was $325,000. 3. Sales revenue was $225,000. 4. Operating expenses were half of cost of goods sold. 5. Income tax rate was 20%. Prepare an income statement for 2020 using the (1) single-step approach and (2) multiple-step approach. What are the advantages and...
2 e following information is available for Birch Company at December 31 Money market fund balance...
2
e following information is available for Birch Company at December 31 Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 2,880 $15,900 $ 1,700 $23,331 $ 740 $ 290 $ 27 $19,900 Based on this...
1.) Reynolds Company The following is a single-step income statement for the Reynolds Company: Reynolds Company...
1.) Reynolds Company The following is a single-step income statement for the Reynolds Company: Reynolds Company Income Statement For the Year Ended December 31, 2014 Revenues Net Sales $920,000 Interest Income 125,500 Total Revenues $1045,500 Expenses Cost of Goods Sold $ 700,000 Selling Expenses 80,000 General and Administrative Expenses 97,500 Interest Expense 72,500 Income Tax Expense 29,000 Total Expenses 979,000 Net Income $ 66,500 Refer to Reynolds Company. If the income statement were prepared in a multiple-step format, Gross Profit...
The Alpha Company makes specialty computers. To do so, it has the following information: RAW MATERIALS...
The Alpha Company makes specialty computers. To do so, it has the following information: RAW MATERIALS INVENTORY Beginning balance 10,000 USED 245,000 WORK IN PROCESS 35,000 TRANSFERRED FINISHED GOODS INVENTORY Beginning balance 30,000 COSTS OF GOODS MANUFACTURED COST OF GOODS SOLD COST OF GOODS SOLD Beginning balance PURCHASES 250,000 227,000 180,000 DIRECT MATERIALS DIRECT LABOR MOH APPLIED Ending balance Ending balance 15,000 37,000 Ending balance 23,000 Indirect materials Indirect labor Utilities Depreciation Taxes Other TOTAL MANUFACTURING OVERHEAD 8.000 MOH APPLIED...
Can you please help me to solve those multiple questions. Thank
you!!
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30, How would Flores record the sale on November 10? A. Accounts Receivable 7,840 Sales Revenue 7,840 Accounts Receivable 8,000 Sales Revenue 8,000 C. Accounts Receivable 7,840 Cash Discounts 160 Sales Revenue 8,000 Accounts Receivable 8,000 Cash Discounts 160 Sales Revenue 7,840 Multiple Choice Option A Option B...
At the end of the current year, a company has the following amounts: During the Estimated current for next year year $ 7,200 $ 8,300 $12,500 $9,100 $ 2,400 $ 2,600 Sales returns Sales allowances Sales discounts For what amount would the company report sales returns in its current-year in Multiple Choice $7,200. 0 $9,500. 0 $15,500 0 $22,100. 0 uizi The percentage-of-receivables method for accounting for uncollectible accounts focuses on the: Multiple Choice Total credit sales for the year....
Part III: Income Statement (18 points) Presented below is information related to Farr Company for the year 2019. 1,800,000 50,000 30,000 95,000 40,000 60,000 Sales revenue Dividend Revenue Interest Revenue Interest Expense Sales returns and allowances Sales discounts Selling expenses Administrative expenses Gain on sale of building Loss on operations of discontinued operations Gain on disposal of discontinued operations Cash dividends declared on common stock 230,000 95,000 130,000 90,000 200,000 33,600 780,000 52,000 40,000 Cost of goods sold Overstatement of...
Chapter 4 Problem #1 KT Retailing Company has the following information for 2019. [Dollar amounts given are pre-tax.] Division A was discontinued during the last quarter. Assume qualifies as discontinued operations . Regarding dividends: declaration date is 12/21/19, record date is 01/02/20, & payment date is 01/08/20. Loss on sale of investments, $17,000 Rent revenue, $1,000 Advertising expense, $75,000 Utilities expense, S9,500 . Sales returns and allowances, $6,000 Interest revenue, $8,000 Depreciation expense, $42,000 Dividends to common stockholders, $7,000 Dividends...
2
e following information is available for Birch Company at December 31 Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 2,880 $15,900 $ 1,700 $23,331 $ 740 $ 290 $ 27 $19,900 Based on this...
The Alpha Company makes specialty computers. To do so, it has the following information: RAW MATERIALS INVENTORY Beginning balance 10,000 USED 245,000 WORK IN PROCESS 35,000 TRANSFERRED FINISHED GOODS INVENTORY Beginning balance 30,000 COSTS OF GOODS MANUFACTURED COST OF GOODS SOLD COST OF GOODS SOLD Beginning balance PURCHASES 250,000 227,000 180,000 DIRECT MATERIALS DIRECT LABOR MOH APPLIED Ending balance Ending balance 15,000 37,000 Ending balance 23,000 Indirect materials Indirect labor Utilities Depreciation Taxes Other TOTAL MANUFACTURING OVERHEAD 8.000 MOH APPLIED...
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