At the beginning of 2018, the Redd Company had the following balances in its accounts: ...

Question

Question

At the beginning of 2018, the Redd Company had the following balances in its accounts: ...

At the beginning of 2018, the Redd Company had the following balances in its accounts:


Cash	$	8,100
Inventory		2,100
Common stock		7,600
Retained earnings		2,600

During 2018, the company experienced the following events:

Purchased inventory that cost $5,600 on account from Redd Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $510 were paid in cash.
Returned $300 of the inventory that it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost.
Paid the amount due on its account payable to Redd Company within the cash discount period.
Sold inventory that had cost $6,100 for $9,100 on account, under terms 2/10, n/45.
Received merchandise returned from a customer. The merchandise originally cost $510 and was sold to the customer for $810 cash. The customer was paid $810 cash for the returned merchandise.
Delivered goods FOB destination in Event 4. Freight costs of $610 were paid in cash.
Collected the amount due on the account receivable within the discount period.
Took a physical count indicating that $1,800 of inventory was on hand at the end of the accounting period.

I need all the financial statements for this! HELP!

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

REDD COMPANY Balance Sheet As of December 31, 2018 Assets Cash Inventory Total assets Liabilities and Stockholders Equity Co Workings: Assets Accounts Receivable Liabilities Accounts Payable Cash + + Inventory = Stockholders Equity Income Statement

Add a comment

Answer 2

Similar Homework Help Questions

At the beginning of 2018, the Redd Company had the following balances in its accounts: ...

At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash $ 8,100 Inventory 2,100 Common stock 7,600 Retained earnings 2,600 During 2018, the company experienced the following events: Purchased inventory that cost $5,600 on account from Redd Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $510 were paid in cash. Returned $300 of the inventory that it had purchased because the inventory was damaged in...
At the beginning of 2018, the Redd Company had the following balances in its accounts: ...

At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash $ 8,100 Inventory 2,100 Common stock 7,600 Retained earnings 2,600 During 2018, the company experienced the following events: Purchased inventory that cost $5,600 on account from Redd Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $510 were paid in cash. Returned $300 of the inventory that it had purchased because the inventory was damaged in...
At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash...

At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $8,400 2,400 7,900 2,900 During 2018, the company experienced the following events: 1. Purchased inventory that cost $5,900 on account from Redd Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $540 were paid in cash. 2. Returned $400 of the inventory that it had purchased because the inventory was damaged in transit....

If needed: At the beginning of 2018, the Redd Company had the following balances in its...

If needed: At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings $ 8,100 2,100 7,600 2,600 During 2018, the company experienced the following events: 1. Purchased inventory that cost $5,600 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $510 were paid in cash. 2. Returned $300 of the inventory that it had purchased because the inventory was...
The following information applies to the questions displayed below.] At the beginning of 2018, the Redd...

The following information applies to the questions displayed below.] At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash $ 8,800 Inventory 2,800 Common stock 8,300 Retained earnings 3,300 During 2018, the company experienced the following events: Purchased inventory that cost $6,300 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $580 were paid in cash. Returned $400 of the inventory that...
At the beginning of Year 2, the Redd Company had the following balances in its accounts:

At the beginning of Year 2, the Redd Company had the following balances in its accounts:Cash$8,400Inventory2,400Common stock7,900Retained earnings2,900During Year 2, the company experienced the following events:Purchased inventory that cost $5,900 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $540 were paid in cash.Returned $400 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost.Paid the amount due...

At the beginning of Year 2, the Redd Company had the following balances in its accounts:...

At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory Land Common stock Retained earnings $ 6,900 15, eee 7. eee 15,800 13,989 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. 2. Returned $400 of the inventory it had purchased from...
At the beginning of Year 2, the Redd Company had the following balances in its accounts:...

At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash $ 17,300 Inventory 7,500 Land 2,700 Common stock 16,000 Retained earnings 11,500 During Year 2, the company experienced the following events: Purchased inventory that cost $11,900 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $870 were paid in cash. Returned $800 of the inventory it had purchased from Ross Company because the...
4 At the beginning of Year 2, the Redd Company had the following balances in its...

4 At the beginning of Year 2, the Redd Company had the following balances in its accounts: Part 4 of 5 Cash Inventory Land Common stock Retained earnings $ 6,900 15,880 7,800 15, eee 13,900 10 points During Year 2. the company experienced the following events: eBook Ask 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10. n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. 2. Returned...

At the beginning of Year 2, the Redd Company had the following balances in its accounts:...

At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash $ 8,000 Inventory 2,000 Common stock 7,500 Retained earnings 2,500 During Year 2, the company experienced the following events: Purchased inventory that cost $5,500 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $500 were paid in cash. Returned $350 of the inventory it had purchased because the inventory was damaged in transit....

At the beginning of 2018, the Redd Company had the following balances in its accounts: ...

Homework Answers