Homework Answers
Amount would be reported as accounts receivable as at May 02,2018 on the balance sheet of Viva Corp.
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On 2 May 2018 Viva Corp sells goods to Nashi and requests payment be made within...
LIST OF ACCOUNTS: Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that...
LIST OF ACCOUNTS:
Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Riverbed accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for...
2 May 2018 paid $550 in cash for rent. 3 May 2018 purchased equipment on account...
2 May 2018 paid $550 in cash for rent. 3 May 2018 purchased equipment on account for $450. 3 May 2018 buy land for $45,000 with Notes payable. 4 May 2018 sold goods on account for $4,560. 4 May 2018 paid in cash $3,660 to Accounts Payable. 5 May 2018 sold goods for cash $5,700. 6 May 2018 paid in cash $1,200 to advertise the new product of the company. 6 May 2018 purchased machines for the company for $5,820...
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30....
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
MAHAL Co. sells a variety of imported goods. By selling on credit, the company cannot expect to collect 100% of its ac...
MAHAL Co. sells a variety of imported goods. By selling on credit, the company cannot expect to collect 100% of its accounts receivable. At May 31, 2018, MAHAL Co. reported the following in its statement of financial position: Accounts Receivable$56,966 Less: Allowance for bad debts (3,461) Net Realizable Value$53,496 During the year ended May 31, 2018 MAHAL Co. earned sales revenue of $13,935,082 and collected cash of $13,682,728 from customers. Assume bad debt expense for the year was 1% of...
Practice Exercise 18-2 Grouper Inc. sells goods to Brooks Corp. on account on January 2, 2017....
Practice Exercise 18-2
Grouper Inc. sells goods to Brooks Corp. on account on January
2, 2017. The goods have a sales price of $525,000 (cost of
$424,000). The terms are net 30. If Brooks pays within 6 days,
however, it receives a cash discount of $7,200. A history of past
similar transactions indicates that Brooks will take the cash
discount. On January 7, 2017, Brooks makes payment to Grouper for
the full sales price.
Your answer is partially correct. Try...
A company receives an advance payment for special-order goods to be manufactured and delivered within 6...
A company receives an advance payment for special-order goods to be manufactured and delivered within 6 months. The advance payment should be reported on the company's balance sheet as a: a. deferred charge. b. contra-asset account. c. current liability. d. noncurrent liability. 1 points QUESTION 2 Current assets include cash and all other assets expected to become cash or be consumed: a. within one year. b. within one operating cycle. c. within one year or one operating cycle, whichever...
please help 7. The Inventory account is used in each of the following except the entry...
please
help
7. The Inventory account is used in each of the following except the entry to record A) goods purchased on account. B) the return of goods purchased. C) payment of freight on goods sold. D) payment within the discount period. 8. Mclntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre...
A company sells goods to a customer who will pay the full amount in 30 days.
QUESTION 10/16 A company sells goods to a customer who will pay the full amount in 30 days. How should the company record the sale? SELECT ONLY ONE debit Accounts Payable and credit Sales debit Sales and credit Accounts Receivable debit Accounts Receivable and credit Sales debit Sales and credit Cash debit Cash and credit Sales
Teal Company sells goods to Danone Inc, by accepting a note receivable on January 2, 2017
Teal Company sells goods to Danone Inc, by accepting a note receivable on January 2, 2017. The goods have a sales price of 3589,900 (cost of 510,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,900. Past history indicates that the cash discount will be taken. On January 28, 2017, Danone makes payment to Teal for the full sales price. Prepare the Journal entry(less) to record the sale and related cost...
Problem 7-4 Uncollectible accounts [LO7-5, 7-6] Raintree Cosmetic Company sells its products to c...
Problem 7-4 Uncollectible accounts [LO7-5, 7-6] Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company’s fiscal year-end. The 2017 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2018, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a...
LIST OF ACCOUNTS:
Riverbed Corp. follows IFRS and sells its products in expensive, reusable containers that can be tracked. The customer is charged a deposit for each container that is delivered and receives a refund for each container that is returned within two years after the year of delivery. When a container is not returned within the time limit, Riverbed accounts for the container as being sold at the deposit amount and credits the account Container Sales Revenue. Information for...
Knowledge Check 01 A company sells goods to a customer on account for $800, terms 3/10,n/30. The customer pays within the discount period. On the date of payment, the company will debit: Multiple Choice O Accounts Receivable for $776 O Cash for $800 O Sales Discounts for $24 O Sales Revenue for $800
Practice Exercise 18-2
Grouper Inc. sells goods to Brooks Corp. on account on January
2, 2017. The goods have a sales price of $525,000 (cost of
$424,000). The terms are net 30. If Brooks pays within 6 days,
however, it receives a cash discount of $7,200. A history of past
similar transactions indicates that Brooks will take the cash
discount. On January 7, 2017, Brooks makes payment to Grouper for
the full sales price.
Your answer is partially correct. Try...
please
help
7. The Inventory account is used in each of the following except the entry to record A) goods purchased on account. B) the return of goods purchased. C) payment of freight on goods sold. D) payment within the discount period. 8. Mclntyre Company made a purchase of merchandise on credit from Marvin Company on August 8, for $8,000, terms 3/10, n/30. On August 17, McIntyre makes the appropriate payment to Marvin. The entry on August 17 for McIntyre...
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