Homework Answers
Answer 40
B) $ 750.00
Calculation:
Gross Profit = (Selling Price - Cost ) * Number of units
= (10 - 5) * 150
= $ 750.00
Answer 41
D) The company is reversing ...............from the company.
Explanation:
Sales returns is debited. It means that the goods sold are now returned by the customers.
In case of any doubt, please comment.
Add Answer to:
40&41 please 39. Preparing a trial balance: Barnes Company showed the following balances at the end...
(7 points) The trial balance before adjustment of Risen Company reports the following balances: Cr. Dr....
(7 points) The trial balance before adjustment of Risen Company reports the following balances: Cr. Dr. $800.000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $60,000 9,750,000 147.000 Instructions (3 points) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 8% of gross accounts receivable. (b) (2 points) Assume that all the information above in is the same except that the Allowance for Doubtful Accounts has a debit...
Question 6) This trial balance of Costello Company does not balance 850 Costello Company Trial Balance...
Question 6) This trial balance of Costello Company does not balance 850 Costello Company Trial Balance May 31, 2020 Cash Debit Credit S 5.340 Accounts Receivable $ 2.090 Prepaid Insurance 700 Equipment 9.000 Accounts Payable 4,100 Income Tax Pavable Common Stock 5.700 Retained Eamines 5.580 Service Revenue 7,690 Salaries Expense 4.200 Advertising Expense 1,100 Income Tax Expense 900 $28,680 $18.570 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors 1....
ect trial 700 P2-4A The trial balance of Dominic Company shown below does not balance. DOMINIC...
ect trial 700 P2-4A The trial balance of Dominic Company shown below does not balance. DOMINIC COMPANY Trial Balance May 31, 2019 Debit Credit Cash $ 3,850 Accounts Receivable $ 2,750 Prepaid Insurance Equipment 12,000 Accounts Payable 4,500 Unearned Service Revenue 560 Common Stock 11,700 Service Revenue 8,690 Salaries and Wages Expense 4,200 Advertising Expense 1,100 Utilities Expense 800 $30,800 $20,050 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors....
The trial balance before adjustment for Headland Company shows the following balances. Cr. Accounts Receivable Allowanc...
The trial balance before adjustment for Headland Company shows the following balances. Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Dr. $86.900 2,410 $452,700 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Headland factors without recourse $28,300 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 2. To obtain a 1-year loan of $59,500, Headland pledges...
This al balance of Pharoah Company does not balance PHAROAH COMPANY Trial Balance June 10. 2012...
This al balance of Pharoah Company does not balance PHAROAH COMPANY Trial Balance June 10. 2012 Debit Credit Cash $ 4.790 Accounts Receivable $ 4.890 2,150 4.700 Supplies Equipment Accounts Payable Uncamed 5,206 2,550 Revenue Commor 10,700 800 Dividends Service Reverive 5,190 Salaries and Wages Expense 3,540 990 Expense $19,570 $25,876 Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a...
The following account balances were listed on the trial balance of Huan Company at the end...
The following account balances were listed on the trial balance of Huan Company at the end of the period: Account Balance Accounts Payable $ 30,600 Cash ? Common Stock 30,000 Equipment 13,500 Land 45,000 Notes Payable 60,000 What is the correct balance in the cash account? $57,900 O $31,500 $2,100 O $62,100 Question 8 1 pts The following entry appears in Sterling Company's general journal on October 1, 2019: Supplies 26,000 Accounts Payable 20,000 Cash 6,000 Before the journal entry...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivab...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,000 500,000 20,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all the information above is...
The trial balance before adjustment for Sheridan Company shows the following balances. Dr. Cr. Accounts receivable...
The trial balance before adjustment for Sheridan Company shows the following balances. Dr. Cr. Accounts receivable $74,000 Allowance for doubtful accounts 1,800 Sales revenue $430,000 The following cases are independent: 1. To obtain cash, Sheridan factors without recourse $22,000 of receivables with Anila Finance. The finance charge is 10% of the amount factored. 2. To obtain a one-year loan of $67,000, Sheridan assigns $77,000 of specific accounts receivable to Ruddin Financial. The finance charge is 6% of the loan; the...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances:...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances: Cr. Dr. $143,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,570 600,000 55,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 14% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all...
Exercise 7-16 The trial balance before adjustment for Teal Company shows the following balances. Dr. Cr....
Exercise 7-16
The trial balance before adjustment for Teal Company shows the
following balances.
Dr.
Cr.
Accounts Receivable
$84,800
Allowance for Doubtful Accounts
2,420
Sales Revenue
$434,200
Using the data above, give the journal entries required to record
each of the following cases. (Each situation is independent.)
1.
To obtain additional cash, Teal factors without recourse
$29,700 of accounts receivable with Stills Finance. The finance
charge is 11% of the amount factored.
2.
To obtain a 1-year loan of $57,600,...
(7 points) The trial balance before adjustment of Risen Company reports the following balances: Cr. Dr. $800.000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $60,000 9,750,000 147.000 Instructions (3 points) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 8% of gross accounts receivable. (b) (2 points) Assume that all the information above in is the same except that the Allowance for Doubtful Accounts has a debit...
Question 6) This trial balance of Costello Company does not balance 850 Costello Company Trial Balance May 31, 2020 Cash Debit Credit S 5.340 Accounts Receivable $ 2.090 Prepaid Insurance 700 Equipment 9.000 Accounts Payable 4,100 Income Tax Pavable Common Stock 5.700 Retained Eamines 5.580 Service Revenue 7,690 Salaries Expense 4.200 Advertising Expense 1,100 Income Tax Expense 900 $28,680 $18.570 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors 1....
ect trial 700 P2-4A The trial balance of Dominic Company shown below does not balance. DOMINIC COMPANY Trial Balance May 31, 2019 Debit Credit Cash $ 3,850 Accounts Receivable $ 2,750 Prepaid Insurance Equipment 12,000 Accounts Payable 4,500 Unearned Service Revenue 560 Common Stock 11,700 Service Revenue 8,690 Salaries and Wages Expense 4,200 Advertising Expense 1,100 Utilities Expense 800 $30,800 $20,050 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors....
The trial balance before adjustment for Headland Company shows the following balances. Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Dr. $86.900 2,410 $452,700 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Headland factors without recourse $28,300 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 2. To obtain a 1-year loan of $59,500, Headland pledges...
This al balance of Pharoah Company does not balance PHAROAH COMPANY Trial Balance June 10. 2012 Debit Credit Cash $ 4.790 Accounts Receivable $ 4.890 2,150 4.700 Supplies Equipment Accounts Payable Uncamed 5,206 2,550 Revenue Commor 10,700 800 Dividends Service Reverive 5,190 Salaries and Wages Expense 3,540 990 Expense $19,570 $25,876 Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a...
The following account balances were listed on the trial balance of Huan Company at the end of the period: Account Balance Accounts Payable $ 30,600 Cash ? Common Stock 30,000 Equipment 13,500 Land 45,000 Notes Payable 60,000 What is the correct balance in the cash account? $57,900 O $31,500 $2,100 O $62,100 Question 8 1 pts The following entry appears in Sterling Company's general journal on October 1, 2019: Supplies 26,000 Accounts Payable 20,000 Cash 6,000 Before the journal entry...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,000 500,000 20,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all the information above is...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances: Cr. Dr. $143,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,570 600,000 55,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 14% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all...
Exercise 7-16
The trial balance before adjustment for Teal Company shows the
following balances.
Dr.
Cr.
Accounts Receivable
$84,800
Allowance for Doubtful Accounts
2,420
Sales Revenue
$434,200
Using the data above, give the journal entries required to record
each of the following cases. (Each situation is independent.)
1.
To obtain additional cash, Teal factors without recourse
$29,700 of accounts receivable with Stills Finance. The finance
charge is 11% of the amount factored.
2.
To obtain a 1-year loan of $57,600,...
Most questions answered within 3 hours.
-
5. The developer of a new welding rod claims that spot welds
using his product will...
asked 3 minutes ago -
A few random results for you to ponder…do the results justify
the conclusions? Why or why...
asked 6 minutes ago -
Which of the following is the most accurate description of how a
sound wave propagates?
a)...
asked 5 minutes ago -
Before the final distribution of cash, account balances are:
Cash $23,000; S. Penn, Capital $19,000 (Cr.);...
asked 10 minutes ago -
On May 1, Sequoia Inc. issued 30,000 shares of its common stock
with a $15 par...
asked 11 minutes ago -
For Python 2.7.8, Write a program that defines
a function that prints a short poem or...
asked 11 minutes ago -
An optical disk drive in your computer can spin a disk up to
10,000 rpm (about...
asked 22 minutes ago -
Is the purpose of lightning rods to attract lightning?
asked 31 minutes ago -
Let A be an event included in S that is independent of itself.
Then we have:...
asked 30 minutes ago -
The Adverse Childhood Experiences (ACE) Study has had a great
impact on moving psychologists to be...
asked 27 minutes ago -
Write a paper on: Assume that you have been assigned as the
project manager for a...
asked 31 minutes ago -
You plan to save $5,700 per year for the next 10 years. After
the last deposit,...
asked 1 hour ago