Homework Answers
Question 1
Correct answer--------------$12,559
Working
| Gross value of bill | $ 13,220.00 |
| Less: 5% discount Availed (13220 x 5%) | $ 661.00 |
| Net payable | $ 12,559.00 |
Question 2
Correct answer--------------$9,114
Working
| Gross value of bill | $ 9,300.00 |
| Less: 2% discount Availed (9300 x 2%) | $ 186.00 |
| Net payable | $ 9,114.00 |
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The local zoo buys hay from a supplier with an invoice amount of $13,220. The terms...
The amount of an invoice is $2,000, with terms 2/10, n/30. The amount to be paid...
The amount of an invoice is $2,000, with terms 2/10, n/30. The amount to be paid within the discount period is: OA. O B. OC. OD. $1,800 $2,000. $1,400. $1,960. Lionworks Enterprises had the following inventory data: Date July 1 July 4 July 7 July 11Purchase July 14Sale Quantity Unit Cost Beginning inventory Purchase Sale 5 10 12 $50 $55 $62 8 Assuming FIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the...
Accounting questions cost of goods available for sale is computed by adding 9. Cole Company has...
Accounting questions
cost of goods available for sale is computed by adding
9. Cole Company has sales revenue of $39.500,cost of u s sold ASTA300 and operating expenses of 9.00 for the year endes December 31. Cole's ons profit is A) 503 ) 515500. C) 539550D) 56.500 10. The credit terms offered to a customer by a business firm are 2/10, 1/30, which means that A) the customer must pay the bill within 10 days 13) the customer can deduct...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping point. Salem Tire prepaid the $250 shipping cost and added the amount to the invoice. 7 Purchased $400 of supplies on account from Bargain Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $900 (cost, $425) of merchandise on account to W. Furmick. Terms, 3/15, n/45, FOB destination. 11 Paid $75 freight charges to deliver goods to W. Furmick. 13 Returned $1,300 of the merchandise...
need help making transactions. terms for assets: cash, short term investments, A/R, allowance for doubtful Acc,...
need help making transactions.
terms for assets: cash, short term investments, A/R, allowance for
doubtful Acc, interest receivable, merchandise inventory, office
supplies, prepaid insurance, land, building, Accumulated building,
intangible asset.
terms for liabilities: A/P, salaries payable, income tax payable,
interest payable, unearned revenue, dividends payable, notes
payable
terms for equity: common stock, additional paid in capital,
retained earnings
terms for revenues: sales revenue, sales discount, sales allowance,
service revenue, interest income
terms for expenses: COGS, salaries expense, advertising expense,
office...
purchased 475 units of inventory for $2850 on account from sparkle, co. on terms, 3/10 n/20
Journalizing purchase and sale transactions, making closing entries, preparing financial statements, and computing the gross profit percentageCrystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Hudson Cleaning uses the perpetual inventory system. During December 2017,Crystal Clear Cleaning completed the following transactions:Dec 2. Purchased 475 units of inventory for $2850 on account from Sparkle, Co. on terms,3/10, n/20Purchased 600 units of inventory from Borax on account with terms 2/10, n/30. The total invoice...
The rest of the details: Gadgets, Inc. is incorporated and will begin operations on January 1, 2019. Its primary...
The rest of the details:
Gadgets, Inc. is incorporated and will begin operations on January
1, 2019. Its primary business is the manufacture and sale of
gadgets. Because cash resources are limited, the company
anticipates the need to have access to capital during the first
year of operations and seeks to establish a line of credit with a
local bank. The bank requires a complete operating and cash budget
and pro-forma financial statements for 2019 as part of the loan...
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...
NEEDED INFORMATION Service Price per hour provided: $96.00 Sales Price per unit of inventory sold: $84.00...
NEEDED INFORMATION
Service Price per hour provided: $96.00
Sales Price per unit of inventory sold: $84.00
Cost per unit of inventory sold: $38.75
Help needed only with (part 6) General ledger & Multi-step
Income statement
This is the blank format for the general ledger and multi-step
income statement
Part 2 - General Journal (LO3-2) – Post the following journal entries to the general journal. | Trans.Date Description Dec. Sell 45,000 shares of no-par value common stock for $130,000 to obtain...
The amount of an invoice is $2,000, with terms 2/10, n/30. The amount to be paid within the discount period is: OA. O B. OC. OD. $1,800 $2,000. $1,400. $1,960. Lionworks Enterprises had the following inventory data: Date July 1 July 4 July 7 July 11Purchase July 14Sale Quantity Unit Cost Beginning inventory Purchase Sale 5 10 12 $50 $55 $62 8 Assuming FIFO, what is the ending inventory after the July 14 sale? (Round any intermediary calculations to the...
Accounting questions
cost of goods available for sale is computed by adding
9. Cole Company has sales revenue of $39.500,cost of u s sold ASTA300 and operating expenses of 9.00 for the year endes December 31. Cole's ons profit is A) 503 ) 515500. C) 539550D) 56.500 10. The credit terms offered to a customer by a business firm are 2/10, 1/30, which means that A) the customer must pay the bill within 10 days 13) the customer can deduct...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping point. Salem Tire prepaid the $250 shipping cost and added the amount to the invoice. 7 Purchased $400 of supplies on account from Bargain Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $900 (cost, $425) of merchandise on account to W. Furmick. Terms, 3/15, n/45, FOB destination. 11 Paid $75 freight charges to deliver goods to W. Furmick. 13 Returned $1,300 of the merchandise...
need help making transactions.
terms for assets: cash, short term investments, A/R, allowance for
doubtful Acc, interest receivable, merchandise inventory, office
supplies, prepaid insurance, land, building, Accumulated building,
intangible asset.
terms for liabilities: A/P, salaries payable, income tax payable,
interest payable, unearned revenue, dividends payable, notes
payable
terms for equity: common stock, additional paid in capital,
retained earnings
terms for revenues: sales revenue, sales discount, sales allowance,
service revenue, interest income
terms for expenses: COGS, salaries expense, advertising expense,
office...
The rest of the details:
Gadgets, Inc. is incorporated and will begin operations on January
1, 2019. Its primary business is the manufacture and sale of
gadgets. Because cash resources are limited, the company
anticipates the need to have access to capital during the first
year of operations and seeks to establish a line of credit with a
local bank. The bank requires a complete operating and cash budget
and pro-forma financial statements for 2019 as part of the loan...
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...
NEEDED INFORMATION
Service Price per hour provided: $96.00
Sales Price per unit of inventory sold: $84.00
Cost per unit of inventory sold: $38.75
Help needed only with (part 6) General ledger & Multi-step
Income statement
This is the blank format for the general ledger and multi-step
income statement
Part 2 - General Journal (LO3-2) – Post the following journal entries to the general journal. | Trans.Date Description Dec. Sell 45,000 shares of no-par value common stock for $130,000 to obtain...
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