Homework Answers
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Balance in inventory account = 55,000 + [(120,000-5,000)*98%] + 2000 = 55,000 + 112,700 + 2000 = 169,700 Option D is the answer |
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vany nad beginning inventory of $55,000. During the month of February, the company recorded the following...
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7. Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for...
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Based on the following information, what would be recorded as purchases discount if the invoice is...
Based on the following information, what would be recorded as purchases discount if the invoice is paid within the discount period? 1. $5,000 of merchandise inventory was ordered on April 2, 2016. 2. $2,000 of this merchandise was received on April 5, 2016. 3. On April 6, 2016, an invoice dated April 4, 2016, with terms of 2/10, net 30 for $2,150 which included a $150 prepaid freight cost, was received. 4. On April 10, 2016, $500 of the merchandise...
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019: Bushard...
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Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019. Bushard...
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019. Bushard Company DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $6,680 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $360 that was returned; the goods were purchased on Invoice 1989, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1989 of February 19, less the return of February 13 and...
Tony’s Market used the perpetual method to record the following events involving a recent purchase of...
Tony’s Market used the perpetual method to record the following events involving a recent purchase of inventory: Received goods for $78200, terms 2/9, n/30. Returned $1700 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory
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What should be the amount of ending inventory based on the following data? Purchased inventory for $100,000, terms 3/10, n/30 Returned $20,000 of inventory for credit Paid $500 freight on the shipment Paid the invoice within the discount period
Sunland's Market recorded the following events involving a recent purchase of inventory: Received goods for $121000, terms 2/15, n/30. Returned $2900 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $116438. increased by $115738. increased by $118800. increased by $116424.
7. Jake's Market recorded the following events involving a recent purchase of merchandise: Received goods for $60,000, terms 2/10, n/30. Returned $1,200 of the shipment for credit. Paid $500 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by a. $57,624. b. $57,924. c. $58,124. d. $59,300. 8. Sunland Company reported the following balances at June 30, 2018 Sales Revenue Sales Returns and Allowances Sales Discounts Cost of...
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019: Bushard Company DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $6,500 from Schmidt, Inc., Invoice 1980, terms 2/10, n/30. Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $350 that was returned the goods were purchased on Invoice 1980, dated February 10. Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the...
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019. Bushard Company DATE TRANSACTIONS 2019 Feb. 10 Purchased merchandise for $6,680 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $360 that was returned; the goods were purchased on Invoice 1989, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1989 of February 19, less the return of February 13 and...
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