Homework Answers
SOLUTION
Question 1
Segment return on assets for segment B is 52.5% thus Option D is correct.
Return on assets = Operating income / Average total assets
= $322,400 / 614,650 * 100
= 52.5%
** All questions are independent from each other, so as per HOMEWORKLIB RULES I have answered first question.
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A company that reports segment information had average total assets of $1,562,450 and total...
Maxie's Game World sold games to a customer on credit for $2,700, terms 2/10,n/30 and the cost of the games was...
Maxie's Game World sold games to a customer on credit for $2,700, terms 2/10,n/30 and the cost of the games was $1,800. When recording the sales transaction in its sales journal, Maxie's would enter: Multiple Choice $1,800 in the Accounts Receivable Dr./Sales Cr. column and $2.700 in the Cost of Goods Sold Dr./Inventory Cr.column $2.700 in the Accounts Receivable Dr./Sales Cr. column and $1,800 in the Accounts Payable Dr./Purchases Cr. column () $2,700 in the Accounts Receivable Dr./Sales Cr. column...
Wildlife Wholesale Supply sold birdseed to a retailer for $2,060, receiving cash at the time of...
Wildlife Wholesale Supply sold birdseed to a retailer for $2,060, receiving cash at the time of sale. The cost of the birdseed was $1,570. When recording the collection from the customer, in its cash receipts journal, Wildlife would enter Multiple Choice $2,060 in the Cash Dr. column and $2,060 in the Accounts Receivable Cr. column. $1,570 in the Cash Dr. column and $1,570 in the Accounts Receivable Cr. column. $2,060 in the Cash Dr. column; $2,060 in the Sales Cr....
On September 1 of the current year, Scots Company experienced a flood that destroyed the company's...
On September 1 of the current year, Scots Company experienced a flood that destroyed the company's entire inventory. Because the company had not completed its month end reporting for August, it must estimate the amount of inventory lost using the gross profit method. At the beginning of August, the company reported beginning inventory of $215,450. Inventory purchased during August was $192,530. Sales for the month of August were $542,500. Assuming the company's typical gross profit ratio is 40%, estimate the...
Selected account balances for Carla Vista Company at January 1, 2020, are presented below. Accounts Payable...
Selected account balances for Carla Vista Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $13,100 22,500 17,400 13,900 Carla Vista's sales journal for January shows a total of $110,000 in the selling price column, and its one-column purchases journal for January shows a total of $76,600. The column totals in Carla Vista's cash receipts journal are Cash Dr. $60,900; Sales Discounts Dr. $1,800; Accounts Receivable Cr. $45,800; Sales Revenue Cr. $5,000; and Other Accounts...
Exercise 7-14 Selected account balances for Cullumber Company at January 1, 2020, are presented below. Accounts...
Exercise 7-14 Selected account balances for Cullumber Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $13,400 21,800 17,800 14,300 Cullumber's sales journal for January shows a total of $110,000 in the selling price column, and its one-column purchases journal for January shows a total of $77,800 The column totals in Cullumber's cash receipts journal are Cash Dr. $60,600; Sales Discounts Dr. $2,700; Accounts Receivable Cr. $45,900; Sales Revenue Cr. $5,900; and Other Accounts Cr....
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
Appendix II Saved One difference in the Sales Journal between the perpetual and periodic systems is...
Appendix II Saved One difference in the Sales Journal between the perpetual and periodic systems is Multiple Choice The column to record cost of goods sold and inventory amounts sold The addition of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the deletion of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the addition of a sales tax payable column...
Exercise 7-14 Selected account balances for Oriole Company at January 1, 2020, are presented below. Accounts...
Exercise 7-14 Selected account balances for Oriole Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $14,300 21,700 16,400 12,500 Oriole's sales journal for January shows a total of $112,000 in the selling-price column, and its one-column purchases journal for January shows a total of $77,300. The column totals in Oriole's cash receipts journal are Cash Dr. $60,900; Sales Discounts Dr. $2,000; Accounts Receivable Cr. $45,400; Sales Revenue Cr. $5,300; and Other Accounts Cr. $12,200....
The retained earnings statement shows net income, dividends, and beginning and ending retained earnings total assets...
The retained earnings statement shows net income, dividends, and beginning and ending retained earnings total assets and beginning and ending retained earnings net income and ending retained earnings only Which of the following accounts has a normal debit balance? Accounts Payable Sales Returns and Allowances Sales Interest Revenue In credit terms of 3/15, n/45, the "45" represents the full amount of the invoice number of days when the entire amount is due percent of the cash discount Merchandise with a...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
Maxie's Game World sold games to a customer on credit for $2,700, terms 2/10,n/30 and the cost of the games was $1,800. When recording the sales transaction in its sales journal, Maxie's would enter: Multiple Choice $1,800 in the Accounts Receivable Dr./Sales Cr. column and $2.700 in the Cost of Goods Sold Dr./Inventory Cr.column $2.700 in the Accounts Receivable Dr./Sales Cr. column and $1,800 in the Accounts Payable Dr./Purchases Cr. column () $2,700 in the Accounts Receivable Dr./Sales Cr. column...
Wildlife Wholesale Supply sold birdseed to a retailer for $2,060, receiving cash at the time of sale. The cost of the birdseed was $1,570. When recording the collection from the customer, in its cash receipts journal, Wildlife would enter Multiple Choice $2,060 in the Cash Dr. column and $2,060 in the Accounts Receivable Cr. column. $1,570 in the Cash Dr. column and $1,570 in the Accounts Receivable Cr. column. $2,060 in the Cash Dr. column; $2,060 in the Sales Cr....
Selected account balances for Carla Vista Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $13,100 22,500 17,400 13,900 Carla Vista's sales journal for January shows a total of $110,000 in the selling price column, and its one-column purchases journal for January shows a total of $76,600. The column totals in Carla Vista's cash receipts journal are Cash Dr. $60,900; Sales Discounts Dr. $1,800; Accounts Receivable Cr. $45,800; Sales Revenue Cr. $5,000; and Other Accounts...
Exercise 7-14 Selected account balances for Cullumber Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $13,400 21,800 17,800 14,300 Cullumber's sales journal for January shows a total of $110,000 in the selling price column, and its one-column purchases journal for January shows a total of $77,800 The column totals in Cullumber's cash receipts journal are Cash Dr. $60,600; Sales Discounts Dr. $2,700; Accounts Receivable Cr. $45,900; Sales Revenue Cr. $5,900; and Other Accounts Cr....
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue (4) cr. dr. Cash (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchased on dr. Accounts Receivable dr. Choose......
Appendix II Saved One difference in the Sales Journal between the perpetual and periodic systems is Multiple Choice The column to record cost of goods sold and inventory amounts sold The addition of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the deletion of a sales tax payable column The column to record cost of goods sold and inventory amounts sold and the addition of a sales tax payable column...
Exercise 7-14 Selected account balances for Oriole Company at January 1, 2020, are presented below. Accounts Payable Accounts Receivable Cash Inventory $14,300 21,700 16,400 12,500 Oriole's sales journal for January shows a total of $112,000 in the selling-price column, and its one-column purchases journal for January shows a total of $77,300. The column totals in Oriole's cash receipts journal are Cash Dr. $60,900; Sales Discounts Dr. $2,000; Accounts Receivable Cr. $45,400; Sales Revenue Cr. $5,300; and Other Accounts Cr. $12,200....
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
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