Homework Answers
c) $ 568,000
Net sales reported in 2021 :
= 32,000 + (600,000 - 6%) - 28,000
= 32,000 + 564,000 - 28,000
= $ 568,000
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uiz Instructions Question 3 1 pts Shinny Hobby makes only cash sales. It began 2021 with...
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E 7-8 Sales returns L07-4 Halifax Manufacturing allows its customers to return merchandise for any reason...
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I only need help with requirment 1, question 5 & 6. I have less than an...
I
only need help with requirment 1, question 5 & 6. I have less
than an hour to submit the assignment. please help
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Help with journal entries? Prior to 2021 Exercise 7-8 Sales returns (L07-4) Halifax Manufacturing allows its customers...
Help with journal entries?
Prior to 2021
Exercise 7-8 Sales returns (L07-4) Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2018 with an allowance for sales returns of $300,000. During 2018, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65% of...
Question 2 1 pts Fancy Store began 2021 with a credit balance of $32,000 in the refund liability account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. Assume 6% of all sales will be returned. During 2021, customers returned merchandise for credit of $28,000 to their accounts. What is the balance in the refund liability account at the end of 2021? A) $11,000. B) $39,000. C) $43,000. D) $21,000. A B с D Next...
As of January 1, 2021, Farley Co. had a credit balance of $526,000 in its allowance for uncollectible accounts. Based on experience, 3% of Farley's credit sales have been uncollectible. During 2021, Farley wrote off $647,000 of accounts receivable. Credit sales for 2021 were $19,500,000. In its December 31, 2021, balance sheet, what amount should Farley report as allowance for uncollectible accounts? The balance in accounts receivable at the beginning of 2021 was $610. During 2021, $2,700 of credit sales...
E 7-8 Sales returns L07-4 Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $300,000. During 2021, Halifax sold merchandise on account for $11,500,000. Halifax's merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $450,000...
Exercise 7-8 (Algo) Sales returns (LO7-4] Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $350,000. During 2021, Halifax sold merchandise on account for $12,000,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned...
I
only need help with requirment 1, question 5 & 6. I have less
than an hour to submit the assignment. please help
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $320,000. During 2021. Halifax sold merchandise on account...
Exercise 7-8 (Algo) Sales returns [LO7-4] Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $400,000. During 2021. Halifax sold merchandise on account for $13,400,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned...
Help with journal entries?
Prior to 2021
Exercise 7-8 Sales returns (L07-4) Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2018 with an allowance for sales returns of $300,000. During 2018, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65% of...
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