Homework Answers
| Accounts receivable | ||||||
| 3) | 440 | 4) | 160 | |||
| Balance | 280 | |||||
| OR | ||||||
| sales on account | 440 | |||||
| less cash collected | 160 | |||||
| Balance in A/R | 280 | answer | ||||
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Question 8 1 pts On January 1, Year 1, ABC Merchandising Company was started. The company...
Question 7 1 pts On January 1, Year 1, ABC Merchandising Company was started. The company...
Question 7 1 pts On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first year of operation: 1. Started the business by Issue common stock for $1,000 cash. 2. Purchased $250 of inventory on account. 3. Sold merchandise costing $200 for $220 on account. 4. Collected $140 cash from accounts receivable. 5. Pald $180 of outstanding accounts payable. What is the value of ABC Merchandising Company's Cost of Goods Sold expense...
On January 1, 2018, Jana started a small flower merchandising business that she named Jane's Flowers....
On January 1, 2018, Jana started a small flower merchandising business that she named Jane's Flowers. The company experienced the following events during the first year of operation: 1. Started the business by issuing common stock for $41,000 cash. 2. Pald $27,000 cash to purchase Inventory 3. Sold merchandise that cost $19,000 for $40,000 on account. 4. Collected $36,000 cash from accounts receivable. 5. Pald $9,300 for operating expenses. Required a. Organize ledger accounts under an accounting equation and record...
Expert Computers was started in Year 1. The company experienced the following accounting events during its...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation: 1. Started business when it acquired $40,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. 3. Pald off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $28,000. Credit terms were 120, 1/30. The merchandise had cost Expert Computers $16,000....
Expert Computers was started in Year 1. The company experienced the following accounting events during its...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation 1. Started business when it acquired $40,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10,n/30. 3. Paid off one-half of the accounts payable balance within the discount period, 4. Sold merchandise on account for $28,000. Credit terms were 120./30. The merchandise had cost Expert Computers $16.000 5. Collected...
Question 10 O out of 1.5 points Alexa Company was started in Year 1. At the...
Question 10 O out of 1.5 points Alexa Company was started in Year 1. At the end of Year 1 the Company's had the following accounting equation, Assets Liabilities Stockholders' Equity + Cash + Land = Notes Payable + Common Stock + Retained Earnings 700 + 2,100 1.000 + 1,200 + 600 During Year 2, the company experienced the following accounting events. • Paid off $675 of its note payable. • Eamed $2,600 of cash revenue • Paid $1,150 of...
Expert Computers was started in 2018. The company experienced the following accounting events during his first...
Expert Computers was started in 2018. The company experienced the following accounting events during his first year of operation 1. Started business when It acquired $75,000 cash from the issue of common stock 2. Purchased merchandise with a list price of $59,000 on account, terms 3/10, 1/30 3. Pald off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $47,900. Credit terms were 2/20, 1/30. The merchandise had cost Expert Computers $28,700. 5....
Dan Watson started a small merchandising business In Year 1. The business experienced the following events...
Dan Watson started a small merchandising business In Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual Inventory system. a. Acquired $30,000 cash from the issue of common stock. b. Purchased Inventory for $18,000 cash. c. Sold Inventory costing $15,000 for $32,000 cash. Required a. Record the events in a horizontal financial statements model. b. Prepare an Income statement for Year 1 (use the multistep format). c. What is...
Expert Computers was started in 2018. The company experienced the following accounting events during its first...
Expert Computers was started in 2018. The company experienced the following accounting events during its first year of operation: 1. Started business when it acquired $82,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $66,000 on account, terms 2/10, n/30. 3. Paid off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $53,600. Credit terms were 1/20, n/30. The merchandise had cost Expert Computers $32,200. 5....
With explanation please Question 18 O out of 1.5 points During 2019, Hadley Merchandising Company purchased...
With explanation please
Question 18 O out of 1.5 points During 2019, Hadley Merchandising Company purchased $34,843 of inventory on account. Hadley sold inventory on account that cost $19,854 for $35,089. Cash payments on accounts payable were $21,685. There was $26,756 cash collected from accounts receivable. What is the balance of Inventory at the end of 2019? Question 20 Janeek Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $19,070 cash. 2....
Dan Watson started a small merchandising business in Year 1. The business experienced the following events...
Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual Inventory system, 1. Acquired $28,500 cash from the issue of common stock. 2. Purchased inventory for $22,800 cash. 3. Sold inventory costing $17.000 for $31,000 cash. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA...
Question 7 1 pts On January 1, Year 1, ABC Merchandising Company was started. The company experienced the following events during the first year of operation: 1. Started the business by Issue common stock for $1,000 cash. 2. Purchased $250 of inventory on account. 3. Sold merchandise costing $200 for $220 on account. 4. Collected $140 cash from accounts receivable. 5. Pald $180 of outstanding accounts payable. What is the value of ABC Merchandising Company's Cost of Goods Sold expense...
On January 1, 2018, Jana started a small flower merchandising business that she named Jane's Flowers. The company experienced the following events during the first year of operation: 1. Started the business by issuing common stock for $41,000 cash. 2. Pald $27,000 cash to purchase Inventory 3. Sold merchandise that cost $19,000 for $40,000 on account. 4. Collected $36,000 cash from accounts receivable. 5. Pald $9,300 for operating expenses. Required a. Organize ledger accounts under an accounting equation and record...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation: 1. Started business when it acquired $40,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. 3. Pald off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $28,000. Credit terms were 120, 1/30. The merchandise had cost Expert Computers $16,000....
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation 1. Started business when it acquired $40,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10,n/30. 3. Paid off one-half of the accounts payable balance within the discount period, 4. Sold merchandise on account for $28,000. Credit terms were 120./30. The merchandise had cost Expert Computers $16.000 5. Collected...
Question 10 O out of 1.5 points Alexa Company was started in Year 1. At the end of Year 1 the Company's had the following accounting equation, Assets Liabilities Stockholders' Equity + Cash + Land = Notes Payable + Common Stock + Retained Earnings 700 + 2,100 1.000 + 1,200 + 600 During Year 2, the company experienced the following accounting events. • Paid off $675 of its note payable. • Eamed $2,600 of cash revenue • Paid $1,150 of...
Expert Computers was started in 2018. The company experienced the following accounting events during his first year of operation 1. Started business when It acquired $75,000 cash from the issue of common stock 2. Purchased merchandise with a list price of $59,000 on account, terms 3/10, 1/30 3. Pald off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $47,900. Credit terms were 2/20, 1/30. The merchandise had cost Expert Computers $28,700. 5....
Dan Watson started a small merchandising business In Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual Inventory system. a. Acquired $30,000 cash from the issue of common stock. b. Purchased Inventory for $18,000 cash. c. Sold Inventory costing $15,000 for $32,000 cash. Required a. Record the events in a horizontal financial statements model. b. Prepare an Income statement for Year 1 (use the multistep format). c. What is...
With explanation please
Question 18 O out of 1.5 points During 2019, Hadley Merchandising Company purchased $34,843 of inventory on account. Hadley sold inventory on account that cost $19,854 for $35,089. Cash payments on accounts payable were $21,685. There was $26,756 cash collected from accounts receivable. What is the balance of Inventory at the end of 2019? Question 20 Janeek Inc. experienced the following events in 2018, its first year of operation: 1. Performed counseling services for $19,070 cash. 2....
Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual Inventory system, 1. Acquired $28,500 cash from the issue of common stock. 2. Purchased inventory for $22,800 cash. 3. Sold inventory costing $17.000 for $31,000 cash. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA...
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