Homework Answers
Answer - 1
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In the books of Antique Mall |
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Date |
Particulars |
Debit |
Credit |
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$ |
$ |
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Feb'03 |
Purchase Account |
3,300.00 |
|
|
Creditor's Account |
3,300.00 |
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(Being purchased merchandised inventory on account) |
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Feb'07 |
Creditor's Account |
900.00 |
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Purchase return account |
900.00 |
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(Being merchandised return on account of defective) |
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Feb'09 |
Freight Account |
400.00 |
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Cash Account |
400.00 |
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(Being freight paid on the purchase of merchandise inventory) |
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Feb'10 |
Debtor's Account |
4,700.00 |
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Sales Account |
4,700.00 |
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(Being merchandise inventory sold on account) |
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Feb'12 |
Creditor's Account |
2,328.00 |
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Cash Account |
2,328.00 |
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(Being amount paid to creditor after deducting purchase return and discount of 3%) |
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Feb'28 |
Cash Account |
4,700.00 |
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Debtor's Account |
4,700.00 |
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(Being amount received from debtors in full) |
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Notes
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Add Answer to:
1. The Antique Mall completed the following transactions during February 2017: Feb. 3 7 9 10...
#2 Thank you 1. The Antique Mall completed the following transactions during February 2017: Feb. 3...
#2 Thank you
1. The Antique Mall completed the following transactions during February 2017: Feb. 3 7 9 10 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point Returned $900 of defective merchandise purchased on February 3. Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4.700. Payment terms were 2/15, 1/30. These goods cost the company $2,350 Paid amount owed on credit purchase of February 3, less...
#3 Thank you disregard heartstrings and decision case Heartstrings Music Company Trial Balance February 29, 2018...
#3 Thank you disregard heartstrings and decision case
Heartstrings Music Company Trial Balance February 29, 2018 Account Cash Accounts receivable Inventory Supplies Furniture Accumulated depreciation Accounts payable Salary payable Unearned revenue Notes payable, long term Common stock Retained earnings Dividends Sales revenue Sales returns Cost of goods sold Selling expense General expense Interest Expense Total Trial Balance Debit Credit $6,000 19,000 16,000 1,000 40,000 $8,500 12,000 500 8,000 13,500 5,000 34,000 42,200 165,000 7,400 78,000 22,000 12,500 2.400 $246.500 $246,500...
#3 disregard Heartstrings and Decision Case Heartstrings Music Company Trial Balance February 29, 2018 Account Cash...
#3 disregard Heartstrings and Decision Case
Heartstrings Music Company Trial Balance February 29, 2018 Account Cash Accounts receivable Inventory Supplies Furniture Accumulated depreciation Accounts payable Salary payable Unearned revenue Notes payable, long term Common stock Retained earnings Dividends Sales revenue Sales returns Cost of goods sold Selling expense General expense Interest Expense Total Trial Balance Debit Credit $6,000 19,000 16,000 1,000 40,000 $8,500 12,000 500 8,000 13,500 5,000 34,000 42,200 165,000 7,400 78,000 22,000 12,500 2.400 $246.500 $246,500 Requirements: R1....
Decision case please Accounting 1 Handouts $12.700 Interest Revenue Merchandise inventory Notes Payable long term Salaries...
Decision case please
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Mer Lea P5-35A Journalizing purchase and sal Journalize the following transac World. No explanations are receivable...
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S5-10 (similar to) Cali Communications reported the following figures from its adjusted trial balance for its...
S5-10 (similar to) Cali Communications reported the following figures from its adjusted trial balance for its first year of business, which ended on July 31, 2018: (Click the icon to view the accounts and balances.) Prepare Cali Communications's multi-step income statement for the year ended July 31, 2018. (Use a minus sign or parentheses to show other expenses.) i Data Table Cali Communications Income Statement Year Ended July 31, 2018 $ $ Cash Selling Expenses Accounts Payable Common Stock Notes...
7. Prepare the operating section of the statement of cash flows under the Indirect method using...
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Multiple-Step Income Statement On March 31, 2018, the balances of the accounts appearing in the ledger...
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Following are the income statement and some additional information for Carolina Consulting Company. Carolina Consulting...
Following are the
income statement and some additional information for Carolina
Consulting Company.
Carolina Consulting Company
Income Statement
For the Year Ended December 31, 2018
Net sales
$
17,000
Cost of goods
sold
(2,900
)
Gross
margin
14,100
Operating
expenses
$
3,400
Depreciation
expense
1,600
(5,000
)
Income before
taxes
9,100
Income
taxes
(3,000
)
Net income
$
6,100
All sales were on credit and accounts receivable decreased by
$1,040 in 2018 compared to 2017. Merchandise purchases were...
#2 Thank you
1. The Antique Mall completed the following transactions during February 2017: Feb. 3 7 9 10 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point Returned $900 of defective merchandise purchased on February 3. Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4.700. Payment terms were 2/15, 1/30. These goods cost the company $2,350 Paid amount owed on credit purchase of February 3, less...
#3 Thank you disregard heartstrings and decision case
Heartstrings Music Company Trial Balance February 29, 2018 Account Cash Accounts receivable Inventory Supplies Furniture Accumulated depreciation Accounts payable Salary payable Unearned revenue Notes payable, long term Common stock Retained earnings Dividends Sales revenue Sales returns Cost of goods sold Selling expense General expense Interest Expense Total Trial Balance Debit Credit $6,000 19,000 16,000 1,000 40,000 $8,500 12,000 500 8,000 13,500 5,000 34,000 42,200 165,000 7,400 78,000 22,000 12,500 2.400 $246.500 $246,500...
#3 disregard Heartstrings and Decision Case
Heartstrings Music Company Trial Balance February 29, 2018 Account Cash Accounts receivable Inventory Supplies Furniture Accumulated depreciation Accounts payable Salary payable Unearned revenue Notes payable, long term Common stock Retained earnings Dividends Sales revenue Sales returns Cost of goods sold Selling expense General expense Interest Expense Total Trial Balance Debit Credit $6,000 19,000 16,000 1,000 40,000 $8,500 12,000 500 8,000 13,500 5,000 34,000 42,200 165,000 7,400 78,000 22,000 12,500 2.400 $246.500 $246,500 Requirements: R1....
Decision case please
Accounting 1 Handouts $12.700 Interest Revenue Merchandise inventory Notes Payable long term Salaries Payable Net Sales Revenue Rent Expense Selling Solaries Expense Administrativel $ 400 Accounts Payable 45,000 Accounts Receivable 54,000 Accumulated Depreciation Equipment 2.800 Fisher, Capital 299,000 Fisher, W a ls 15100 Cash 2.009 Cost of Goods Sold 6.500 Equipment 13.00 interest Payable 2100 Nest Expense Administrativel 1.2 Salaries Expense Celing 4.600 tis Expenseling Uneared Revenue Interest Expense Depreciation Experte Equipment Administrative Utilities Expense (Administrativel Delivery...
Mer Lea P5-35A Journalizing purchase and sal Journalize the following transac World. No explanations are receivable with the vendor or customer at the end of each month. 8 purchase and sale transactions he following transactions that occurred in November 2018 for Julie's Fun explanations are needed. Identify each accounts payable and accounts with the vendor or customer name. Julie's Fun World estimates sales returns NOV.4 Purchased merchandise inventory on account from Vera Company, $5,000. Terms 3/10, n/EOM, FOB shipping 6...
S5-10 (similar to) Cali Communications reported the following figures from its adjusted trial balance for its first year of business, which ended on July 31, 2018: (Click the icon to view the accounts and balances.) Prepare Cali Communications's multi-step income statement for the year ended July 31, 2018. (Use a minus sign or parentheses to show other expenses.) i Data Table Cali Communications Income Statement Year Ended July 31, 2018 $ $ Cash Selling Expenses Accounts Payable Common Stock Notes...
7. Prepare the operating section of the statement of cash flows under the Indirect method using the income statement below. During the year, the accounts payable also increased by $1,200 and accounts receivable decreased by $2,200 $182,100 90.400 $ 91,700 ABC Corporation Income Statement For the Year Ended December 31, 2015 Sales revenue Cost of merchandise sold Gross profit Operating expenses: Salaries expense $41,300 Advertising expense 1.500 Depreciation expense Amortization expense Total operating expenses Income from operations Other income and...
Multiple-Step Income Statement On March 31, 2018, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture wholesaler, are Accounts Receivable $170,000 Inventory 1,013,600 Accumulated Depreciation-Building 722,250 Notes Payable 323,450 Administrative Expenses 531,400 Office Supplies 19,300 Building 2,400,950 Retained Earnings 1,284,250 Cash 170,250 Salaries Payable 8,400 Common Stock 288,000 Sales 6,262,250 ) Cost of Goods Sold 3,986,650 Selling Expenses 739,650 Dividends 182,650 Store Supplies 91,450 Interest Expense 10,500 a. Prepare a multiple-step income statement for...
Following are the
income statement and some additional information for Carolina
Consulting Company.
Carolina Consulting Company
Income Statement
For the Year Ended December 31, 2018
Net sales
$
17,000
Cost of goods
sold
(2,900
)
Gross
margin
14,100
Operating
expenses
$
3,400
Depreciation
expense
1,600
(5,000
)
Income before
taxes
9,100
Income
taxes
(3,000
)
Net income
$
6,100
All sales were on credit and accounts receivable decreased by
$1,040 in 2018 compared to 2017. Merchandise purchases were...
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