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1 . Powell Company began the Year 3 accounting period with $40.000 cash $86,000 inventory $60,000 common stock, and $66,000 retained earnings. During Year 3, Powell experienced the following events: points 02:22:24 1. Sold merchandise costing $58.000 for $99.500 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination Freight costs were $900 cash 3. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900 4. Granted...
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Powell Company began the 2018 accounting period with $40,000 cash, $78,000 Inventory, $59,000 common stock, and $59.000 retained earnings. During 2018, Powell experienced the following events 1. Sold merchandise costing $49,000 for $103,000 on account to Prentise Furniture Store 2. Dellvered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. 3. Received returned goods from Prentise. The goods cost Powell $5,000 and were sold to Prentise for $7400 4. Granted Prentise a $3.000 allowance for damaged...
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Powell Company began the 2018 accounting period with $31,000
cash, $97,000 inventory, $50,000 common stock, and $78,000 retained
earnings. During 2018, Powell experienced the following
events:
Sold merchandise costing $63,500 for $110,500 on account to
Prentise Furniture Store.
Delivered the goods to Prentise under terms FOB destination.
Freight costs were $1,000 cash.
Received returned goods from Prentise. The goods cost Powell
$5,100 and were sold to Prentise for $7,000.
Granted Prentise a $3,000 allowance for damaged goods that
Prentise agreed...
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Powell Company began the 2018 accounting period with $36,000 cash, $74,000 inventory, $55,000 common stock, and $55,000 retained earnings. During 2018, Powell experienced the following events: 1. Sold merchandise costing $47,000 for $99,000 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $700 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,600 and were sold to Prentise for $6,600. 4. Granted Prentise a $2,600 allowance for damaged...
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Check my work Req Req B1 Reg B2 Reg B3 Reqc Record the events in a statements model shown below. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow to designate operating activity, IA for investing activity, FA for financing activity, and for no affect, leave the cell blank. Not every cell will require entry.) Assets Event No. POWELL COMPANY Financial Statements Model for 2018 - Stockholders' Equity Income Statement Common Retained...
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Required information [The following information applies to the questions displayed below.) Powell Company began the Year 2 accounting period with $19,000 cash, $60,200 inventory, $48,400 common stock, and $30,800 retained earnings. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $38,200 for $75,200 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $390 cash. 3. Received returned goods from Prentise. The goods cost Powell $1,820 and...
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Required information [The following information applies to the questions displayed below.) Powell Company began the Year 2 accounting period with $19,000 cash, $60,200 inventory, $48,400 common stock, and $30,800 retained earnings. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $38,200 for $75,200 on account to Prentise Furniture Store, 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $390 cash. 3. Received returned goods from Prentise. The goods cost Powell $1,820 and...
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Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $12,000 of supplies on account. 2. Earned and collected $21,000 of cash revenue. 3. Paid $10,500 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,300 of supplies was still on hand on December 31,...
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Pizza Express Inc.
began the Year 2 accounting period with $2,500 cash, $1,400 of
common stock, and $1,100 of retained earnings. Pizza Express was
affected by the following accounting events during Year
2:
Purchased $3,600 of supplies on account.
Earned and collected $12,300 of cash revenue.
Paid $2,700 cash on accounts payable.
Adjusted the records to reflect the use of supplies. A physical
count indicated that $250 of supplies was still on hand on December
31, Year 2.
Required
a....
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Pizza Express Inc. began the year 2 accounting period with $9,500
cash, $7,500 of common stock, and $2,000 of retained earnings.
Pizza Express was affected by the following accounting events
during year 2:
1. Purchased $12,500 of supplies on account.
2. Earned and collected $24,000 of cash revenue.
3. Paid $11,000 cash on accounts payable.
4. Adjusted the records to reflect the use of supplies. A
physical count indicated thag $2,600 of supplies was still on hand
on December 31,...
1 . Powell Company began the Year 3 accounting period with $40.000 cash $86,000 inventory $60,000 common stock, and $66,000 retained earnings. During Year 3, Powell experienced the following events: points 02:22:24 1. Sold merchandise costing $58.000 for $99.500 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination Freight costs were $900 cash 3. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900 4. Granted...
Powell Company began the 2018 accounting period with $40,000 cash, $78,000 Inventory, $59,000 common stock, and $59.000 retained earnings. During 2018, Powell experienced the following events 1. Sold merchandise costing $49,000 for $103,000 on account to Prentise Furniture Store 2. Dellvered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. 3. Received returned goods from Prentise. The goods cost Powell $5,000 and were sold to Prentise for $7400 4. Granted Prentise a $3.000 allowance for damaged...
Powell Company began the 2018 accounting period with $36,000 cash, $74,000 inventory, $55,000 common stock, and $55,000 retained earnings. During 2018, Powell experienced the following events: 1. Sold merchandise costing $47,000 for $99,000 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $700 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,600 and were sold to Prentise for $6,600. 4. Granted Prentise a $2,600 allowance for damaged...
Check my work Req Req B1 Reg B2 Reg B3 Reqc Record the events in a statements model shown below. (Enter any decreases to account balances and cash outflows with a minus sign. In the Cash Flow to designate operating activity, IA for investing activity, FA for financing activity, and for no affect, leave the cell blank. Not every cell will require entry.) Assets Event No. POWELL COMPANY Financial Statements Model for 2018 - Stockholders' Equity Income Statement Common Retained...
Required information [The following information applies to the questions displayed below.) Powell Company began the Year 2 accounting period with $19,000 cash, $60,200 inventory, $48,400 common stock, and $30,800 retained earnings. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $38,200 for $75,200 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $390 cash. 3. Received returned goods from Prentise. The goods cost Powell $1,820 and...
Required information [The following information applies to the questions displayed below.) Powell Company began the Year 2 accounting period with $19,000 cash, $60,200 inventory, $48,400 common stock, and $30,800 retained earnings. During Year 2, Powell experienced the following events: 1. Sold merchandise that cost $38,200 for $75,200 on account to Prentise Furniture Store, 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $390 cash. 3. Received returned goods from Prentise. The goods cost Powell $1,820 and...
Pizza Express Inc, began the Year 2 accounting period with $10,000 cash. $7,500 of common stock, and $2,500 of retained earnings. Pizza Express was affected by the following accounting events during Year 2: 1. Purchased $12,000 of supplies on account. 2. Earned and collected $21,000 of cash revenue. 3. Paid $10,500 cash on accounts payable. 4. Adjusted the records to reflect the use of supplies. A physical count indicated that $2,300 of supplies was still on hand on December 31,...
Pizza Express Inc.
began the Year 2 accounting period with $2,500 cash, $1,400 of
common stock, and $1,100 of retained earnings. Pizza Express was
affected by the following accounting events during Year
2:
Purchased $3,600 of supplies on account.
Earned and collected $12,300 of cash revenue.
Paid $2,700 cash on accounts payable.
Adjusted the records to reflect the use of supplies. A physical
count indicated that $250 of supplies was still on hand on December
31, Year 2.
Required
a....
Pizza Express Inc. began the year 2 accounting period with $9,500
cash, $7,500 of common stock, and $2,000 of retained earnings.
Pizza Express was affected by the following accounting events
during year 2:
1. Purchased $12,500 of supplies on account.
2. Earned and collected $24,000 of cash revenue.
3. Paid $11,000 cash on accounts payable.
4. Adjusted the records to reflect the use of supplies. A
physical count indicated thag $2,600 of supplies was still on hand
on December 31,...