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Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
April 1. Sold merchandise for $3,000, granting the customer terms of 2/10, EOM; invoice dated April 1. The cost of the merchandise is $1,800.
April 4. The customer in the April 1 sale returned merchandise and received credit for $600. The merchandise, which had cost $360, is returned to inventory.
April 11 Received payment for the amount due from April 1 sale less the return on April 4.
Maintenance costs at a Straiton Corporation factory are listed below: Machine Hours Maintenance Cost March 3,627 $54,384 April 3,588 $53,980 May 3,637 $54,453 June 3,638 $54,491 July 3,572 $53,843 August 3,611 $54,196 September 3,644 $54,550 October ..
one company purchases the outstanding debt instruments of an affiliated company on the open market. Why is amount of this adjustment reduced from year to year?
Under a modified wage plan, an employee earns $1.50 for each finished unit and is guaranteed $18 per hour as a minimum wage. If the daily quota is 96 units, on a particular day when an employee completes 90 units and works 8 hours, the amount of the ..
Emily Enterprises' comparative balance sheets included accounts receivable of $224,600 at December 31, 2013, and $205,700 at December 31, 2014. Sales reported on Emily's 2014 income statement amounted to $2,250,000.
Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard cost system to help control costs and has established the following standards for the Maze toy: Direct materials: 6 microns per toy at $0.33 per micron..
Walters Audio Visual Inc. offers an incentive stock option plan to its regional managers. On January 1, 2013, options were granted for 40 million $1 par common shares. The exercise price is the market price on the grant date—$8 per share. Determine t..
Boyne Inc. had beginning inventory of $13,600 at cost and $20,500 at retail. Net purchases were $114,668 at cost and $172,300 at retail. Net markups were $10,800; net markdowns were $8,200; and sales revenue was $155,700. Compute ending inventory at ..
Suppose Jim worked 76 hours during this payroll period and is paid $11.00 per hour. Assume FICA is 6.2%, Medicare is 1.45% and withholding tax is 10%. Calculate Jim's employer's total payroll tax liability for the period.
Calculate the cost of inventory reported on the balance sheet. the total merchandise on hand at the end of the year as determined by taking a physical inventory is $62,000, $8,000 has been sold FOB destination and is awaiting pickup by the carrier.
target cost for the new price and change in operating income for the year.we-catch corporation manufactures fishing
question margarets adjusted basis in her 50 interest in mp partnership a common partnership was 10000. during 2012
When the contract rate of interest on bonds is equal to the market rate of interest, bonds sell at: Declaration of a cash dividend causes: The current ratio is:
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