Transaction | Sales Revenue | Sales Discounts (taken) | Sales Returns and Allowances | Bad Debt Expense | |
a. | $242,000 | ||||
b. | $10,000 | ||||
c. | $28,000 | ||||
d. | $800 | ||||
e. | $24,000 | ||||
f. | $368 | ||||
g. | $3,708 | ||||
h. | $1,120 | ||||
i. | $20,500 | ||||
j. | $224 | $5,600 | |||
k. | |||||
l. | |||||
m. | $761 | ||||
Total | |||||
Working | |||||
m. | |||||
Credit sales | $82,500 | ||||
($10,000 + $28,000 + $24,000 + $20,500) | |||||
Less: Sales returns | $6,400 | ||||
($800 + $5,600) | |||||
Net sales revenue | $76,100 | ||||
Estimated
bad debt rate × 1.0 % |
$761 | ||||
(The following information applies to the questions displayed below The following data were selected from the...
The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) $ 124,000 Allowance for doubtful accounts 9,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 3/10, n/30 (assume a unit sales price of $500 in all transactions). Transactions during current year Sold merchandise for cash, $274,000. Sold merchandise to R. Smith; invoice...
P6-1 Reporting Net Sales and Expenses with Discounts, Returns, and Bad Debts LO6-1, 6-2 [The following information applies to the questions displayed below.] The following data were selected from the records of Sykes Company for the year ended December 31, Current Year. Balances January 1, Current Year Accounts receivable (various customers) $ 120,000 Allowance for doubtful accounts 9,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a...
I don't know how to solve problem 7p from Chapter 6 , I would highly appreciate a detailed answer key! :) The following data were selected from the records of Sykes Company for the year ended December 31, Current Year. Balances January 1, Current Year Accounts receivable (various customers) $ 124,000 Allowance for doubtful accounts 10,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 2/10, n/30 (assume a unit sales...
Theolowing information apples the questions des below The following data were selected from the records of Ses Comey for the year ended De Biances January 1Cum Accounts price of $600 a ctions and use the gross rood in the following order, except for cash sales the company sold merchandhedmade collections on dirms 30. 30 Transactions during Current Sold mechandise for cash 5236 000 Sold merchandise to R St ocence $9.500 Sold merchandise tok i 522.000 Two days her purchas e...
can anyone explain me this question? thanks! Reporting Net Sales and Expenses with Discounts, Returns, and Bad Debts (PO-2) The following data were selected from the records of Flawars Company for the year ended revenue as soon as it delivers its products AP6-2 LO6-2,64 December 31, 2017: Balances at January 1, 2017: ACcOunts receivable (various customers) Allowance for doubtful accounts $116,000 The company sold merchandise for cash and on open account with credit terms 1/10, n/30. Assume a unit sales...
LU Stributors. ne soon as it delivers its products 1062.6-4 APG-2 Reporting Net Sales and Expenses with Discount Ieturns, and Bad Debts- The following data were selected from the records of Fluwars Company for the year ended December 31, 2017: Balances at January 1, 2017: Accounts receivable (various customers) $116,000 Allowance for doubtful accounts 5.200 The company sold merchandise for eash and on open account with credit terms 1/10, 1/30. Assume a unit sales price of $400 in all transactions...
Required Information [The following information applies to the questions displayed below.] Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10. n/30). Apr. 2 Purchased $14,380 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 768, for $4,600 (cost is $3,000). 3 (b) Purchased $1,489 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No....
Required Information [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $63,200 a. Sold merchandise for cash (cost of merchandise $34,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $450 ). c. Sold merchandise (costing $6,175 ) to a customer on account with terms...
QUESTIONS Which of the following is CORRECT? Under the perpetual inventory wystem, when a purchaser makes payment within the discount period, the amount of discount will be credited to the Merchandise Inventory account Purchase discounts are calculated on the amount of the merchandise purchased including freight costs. A purchase discount is the amount offered to the purchaser for delaying the payment to the seller Credit terms of a merchandising company are 1/15, net 40. This means that the buyer can...
Required information [The following information applies to the questions displayed below.] At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash $ 16,800 Inventory 4,000 Land 2,000 Common stock 12,000 Retained earnings 10,800 During Year 2, the company experienced the following events: Purchased inventory that cost $11,200 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $800 were paid in cash. Returned $600...