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E6-15 Lewis Incorporated and Clark Enterprises report the following amounts for the year. Clark 50,000 60,000...
Required information [The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises...
Required information [The following information applies to the questions displayed below.] Lewis Incorporated and Clark Enterprises report the following amounts for the year. Lewis Clark Inventory (beginning) $ 16,000 $ 42,000 Inventory (ending) 10,000 52,000 Purchases 146,600 165,400 Purchase returns 7,000 52,000 3. Calculate the average days in inventory for each company. (Round your intermediate calculations to 1 decimal place.) Average Days in Inventory Lewis = days Clark = days
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns...
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns $20.000 31,000 220,000 13.00 Calculate cost of goods sold, the inventory turnover ratio, and the average days in inventory for 2021 (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Cost of goods sold Inventory turnover ratio Average days in inventory f u mes days During 2021 a company sells 330 units of inventory for $94 each....
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands)...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands) 2021 Assets Current Assets: Cash $90,000 Accounts Receivable 60,000 Inventory 18,000 Prepaid Expenses 2,000 Total Current Assets 170,000 Capital Assets (PP&E) 50,000 Total Assets $220,000 $57,000 40,000 10,000 1,000 108,000 30,000 $138,000 Liabilities: Accounts Payable Accrued Liabilities Income Taxes Payable Total Current Liabilities Long Term Debt Total liabilities $11,000 6,000 5,000 22,000 40,000 362,000 $4,000 3,000 8,000 15,000 8,000 S23,000 Shareholders' Equity Common Shares...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands)...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands) 2021 Assets Current Assets: Cash $90,000 Accounts Receivable 60,000 Inventory 18,000 Prepaid Expenses 2,000 Total Current Assets 170,000 Capital Assets (PP&E) 50,000 Total Assets $220,000 $57,000 40,000 10,000 1,000 108,000 30,000 $138,000 Liabilities: Accounts Payable Accrued Liabilities Income Taxes Payable Total Current Liabilities Long Term Debt Total liabilities $11,000 6,000 5,000 22,000 40,000 362,000 $4,000 3,000 8,000 15,000 8,000 S23,000 Shareholders' Equity Common Shares...
On January 1, 2018, the general ledger of a company includes the following account balances: Credit...
On January 1, 2018, the general ledger of a company includes the following account balances: Credit Debit $ 78,000 48,000 $ 5,000 38,000 78,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Building Accumulated Depreciation Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals 18,000 208,000 28,000 42,000 108,000 249,000 $ 450,000 $ 450,000 The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded...
Part 1: Prepare ABC Co.'s joumal entries for each of the following transactions. Assume that a...
Part 1: Prepare ABC Co.'s joumal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. ABC Co. purchases $16,000 of inventory on account, terms 3/10 net 30 from Sampson Company. b. ABC Co. retums $1,800 of inventory to Sampson from the initial purchase C. ABC Co. pays the balance owed to Sampson Company, taking the discount. Recording Sales of Merchandise (new scenario) d. ABC Co. sells merchandise on account...
11) Celery Company has assets of $150,000, liabilities of $90,000, and equity of $60,000. It buys...
11) Celery Company has assets of $150,000, liabilities of $90,000, and equity of $60,000. It buys supplies forcash $5,000. What effect would this transaction have on the accounting equation? Assets, $5,000 increase, equity, $5,000 increase. Assets, $5,000 increase, equity, $5,000 decrease. Liabilities, $5.000 increase, equity, $5.000 decrease. Assets, $5,000 decrease, equity, $5,000 decrease. Assets, no effect:liabilites, no effect 12) Unearned revenues are revenues that have been earned and received revenues that have been earned but not yet colected liabilites created...
Credits 200.000 100 000 $410,000 The Sha c hing Story 2001.the Jan 2 Lent 20.000 employee...
Credits 200.000 100 000 $410,000 The Sha c hing Story 2001.the Jan 2 Lent 20.000 employee by accepting a note d in months 5 Purchased 300 metry on count for $35.000 (5110 wach with terms 1/10.30 Returned 100 s t ory chased on January 5. 15 Sold 3.300 inventory on account for 420.000 15130 m 2/10.30 17 Customers returned 200 is sold on January 15. These units were initially purchased by the company on January. The placed inventory to be...
please Help me!! Remaining Time: 3 hours, 11 minutes, 53 seconds. Question Completion Status: QUESTION 1...
please Help me!!
Remaining Time: 3 hours, 11 minutes, 53 seconds. Question Completion Status: QUESTION 1 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2015 $ 40,000 80,000 100,000 140,000 180,000 250.000 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings $200,000 Less Accumulated Depreciation (60.000 Trademark Total Assets $ 130,000 50,000 150.000 330,000 Common Sock Retained Earnings...
ID: A Name: 4. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The...
ID: A Name: 4. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise...
A company reports the following amounts for 2021 Help Inventory beginning) Inventory (ending) Purchases Purchase returns $20.000 31,000 220,000 13.00 Calculate cost of goods sold, the inventory turnover ratio, and the average days in inventory for 2021 (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Cost of goods sold Inventory turnover ratio Average days in inventory f u mes days During 2021 a company sells 330 units of inventory for $94 each....
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands) 2021 Assets Current Assets: Cash $90,000 Accounts Receivable 60,000 Inventory 18,000 Prepaid Expenses 2,000 Total Current Assets 170,000 Capital Assets (PP&E) 50,000 Total Assets $220,000 $57,000 40,000 10,000 1,000 108,000 30,000 $138,000 Liabilities: Accounts Payable Accrued Liabilities Income Taxes Payable Total Current Liabilities Long Term Debt Total liabilities $11,000 6,000 5,000 22,000 40,000 362,000 $4,000 3,000 8,000 15,000 8,000 S23,000 Shareholders' Equity Common Shares...
2020 Question #3 Springhill Corporation Balance Sheet December 31, 2021, and December 31", 2020 (in thousands) 2021 Assets Current Assets: Cash $90,000 Accounts Receivable 60,000 Inventory 18,000 Prepaid Expenses 2,000 Total Current Assets 170,000 Capital Assets (PP&E) 50,000 Total Assets $220,000 $57,000 40,000 10,000 1,000 108,000 30,000 $138,000 Liabilities: Accounts Payable Accrued Liabilities Income Taxes Payable Total Current Liabilities Long Term Debt Total liabilities $11,000 6,000 5,000 22,000 40,000 362,000 $4,000 3,000 8,000 15,000 8,000 S23,000 Shareholders' Equity Common Shares...
On January 1, 2018, the general ledger of a company includes the following account balances: Credit Debit $ 78,000 48,000 $ 5,000 38,000 78,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Building Accumulated Depreciation Land Accounts Payable Notes Payable (8%, due in 3 years) Common Stock Retained Earnings Totals 18,000 208,000 28,000 42,000 108,000 249,000 $ 450,000 $ 450,000 The company accounts for all inventory transactions using the perpetual FIFO method. Purchases and sales of inventory are recorded...
Part 1: Prepare ABC Co.'s joumal entries for each of the following transactions. Assume that a perpetual inventory method is used. Recording Purchases of Merchandise a. ABC Co. purchases $16,000 of inventory on account, terms 3/10 net 30 from Sampson Company. b. ABC Co. retums $1,800 of inventory to Sampson from the initial purchase C. ABC Co. pays the balance owed to Sampson Company, taking the discount. Recording Sales of Merchandise (new scenario) d. ABC Co. sells merchandise on account...
11) Celery Company has assets of $150,000, liabilities of $90,000, and equity of $60,000. It buys supplies forcash $5,000. What effect would this transaction have on the accounting equation? Assets, $5,000 increase, equity, $5,000 increase. Assets, $5,000 increase, equity, $5,000 decrease. Liabilities, $5.000 increase, equity, $5.000 decrease. Assets, $5,000 decrease, equity, $5,000 decrease. Assets, no effect:liabilites, no effect 12) Unearned revenues are revenues that have been earned and received revenues that have been earned but not yet colected liabilites created...
Credits 200.000 100 000 $410,000 The Sha c hing Story 2001.the Jan 2 Lent 20.000 employee by accepting a note d in months 5 Purchased 300 metry on count for $35.000 (5110 wach with terms 1/10.30 Returned 100 s t ory chased on January 5. 15 Sold 3.300 inventory on account for 420.000 15130 m 2/10.30 17 Customers returned 200 is sold on January 15. These units were initially purchased by the company on January. The placed inventory to be...
please Help me!!
Remaining Time: 3 hours, 11 minutes, 53 seconds. Question Completion Status: QUESTION 1 The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2015 $ 40,000 80,000 100,000 140,000 180,000 250.000 Accounts Payable Salaries and Wages Payable Mortgage Payable Total Liabilities Cash Prepaid Insurance Accounts Receivable Inventory Land Held for Investment Land Buildings $200,000 Less Accumulated Depreciation (60.000 Trademark Total Assets $ 130,000 50,000 150.000 330,000 Common Sock Retained Earnings...
ID: A Name: 4. Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise...
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