Check my workCheck My Work button is now enabled1
Item 1
Item 1 13 points
Reagan Corporation is a wholesale distributor of truck
replacement parts. Initial amounts taken from Reagan's records are
as follows:
Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) |
$1,290,000 |
Accounts payable at December 31:
Vendor | Terms | Amount | ||
Baker Company | 2%, 10 days, net 30 | $ | 273,000 | |
Charlie Company | Net 30 | 218,000 | ||
Dolly Company | Net 30 | 308,000 | ||
Eagler Company | Net 30 | 233,000 | ||
Full Company | Net 30 | – | ||
Greg Company | Net 30 | – | ||
Accounts payable, December 31 | $ | 1,032,000 | ||
Sales for the year | $ | 9,200,000 | ||
Additional Information:
Required:
Complete the following schedule of adjustments to the initial
amounts.. (Amounts to be deducted should be indicated with
a minus sign.)
|
Check my workCheck My Work button is now enabled1 Item 1 Item 1 13 points Reagan...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,290,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 2%, 10 days, net 30 $ 273,000 Charlie Company Net 30 218,000 Dolly Company Net 30 308,000 Eagler Company Net 30 233,000 Full Company Net 30 – Greg Company Net 30 – Accounts...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,370,000 $ Accounts payable at December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts payable, December 31 Sales for the year Terms 3%, 10 days, net 30 Net 30 Net 30 Net 30 Net 30 Net 30...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,350,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 3%, 10 days, net 30 $ 285,000 Charlie Company Net 30 230,000 Dolly Company Net 30 320,000 Eagler Company Net 30 245,000 Full Company Net 30 – Greg Company Net 30 – Accounts...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,340,000 $ Accounts payable at December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts pavable. December 31 Terms 3%, 10 days, net 30 Net 30 Net 30 Net 3e Net 30 Net 30 Amount 283,000 228, eee...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,400,eee Accounts payable at December 31: Vendor Baker Company Charlie Company Dolly Company Eagler Company Full Company Greg Company Accounts payable, December 31 Sales for the year Terms 2%, 10 days, net 30 Net 30 Net 30 Net 3e Net 30 Net 30 Amount...
Reagan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at December 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,320,000 Accounts payable at December 31: Vendor Terms Amount Baker Company 2%, 10 days, net 30 $ 279,000 Charlie Company Net 30 224,000 Dolly Company Net 30 314,000 Eagler Company Net 30 239,000 Full Company Net 30 – Greg Company Net 30 – Accounts...
Check my workCheck My Work button is now disabled1 Item 1 Item 1 10 points On January 1, Year 2, PAT Ltd. acquired 90% of SAT Inc. when SAT’s retained earnings were $1,300,000. There was no acquisition differential. PAT accounts for its investment under the cost method. SAT sells inventory to PAT on a regular basis at a markup of 30% of selling price. The intercompany sales were $190,000 in Year 2 and $220,000 in Year 3. The total amount...
Check my workCheck My Work button is now enabled1 Item 2 Item 2 20 points Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company’s fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $43,000 $ 497,000 During 2021, credit sales were $1,815,000, cash collections from customers $1,895,000, and $52,000 in accounts receivable...
The Allen Company is a wholesale distributor of automotive replacement parts. Use the information provided in the exhibits to determine if any adjustments are needed on Allen's inventory, accounts payable, and sales. Enter the appropriate amounts in the associated cells. Indicate negative numbers by using a leading minus (-) sign. Round all amounts to the nearest whole number. If no entry is necessary, enter a zero (0) or leave the cell blank. Transactions Physical inventory Accounts payable Sales 1-3. Charlie...
Check my workCheck My Work button is now enabled1 Item 4 Item 4 27.5 points Item Skipped Starfax, Inc., manufactures a small part that is widely used in various electronic products such as home computers. Results for the first three years of operations were as follows (absorption costing basis): Year 1 Year 2 Year 3 Sales $ 1,100,000 $ 838,000 $ 1,100,000 Cost of goods sold 860,000 608,000 910,000 Gross margin 240,000 230,000 190,000 Selling and administrative expenses 220,000 190,000...