User Account

All Pages

Calculate the net sale

Assignment Help Accounting Basics
Reference no: EM132604935

Question - The records for Uptown Pet Shop showed the following:

Sales $75,000 Beginning merchandise inventory $10,000

Purchases 45,000 Cost of goods sold 50,000

1. Calculate the ending merchandise inventory.

2. If gross sales is $40,000, sales returns and allowances $1,000, sales discounts $400, and delivery expenses $100. Calculate the net sale.

3. On December 16, TechCom receives a $3,000, 60-day, 6% promissory note and $1,000 cash to settle a $4,000 past due account. Record the journal entry on the same day.

4. What is trade discount? Explain with example.

5. What are four principles of internal control?

Reference no: EM132604935

Questions Cloud

What is effect of eliminating contracts on net value : Under the current industry economics, what is the effect of eliminating contracts on the net lifetime value of a customer
Regulations of international banking system : Giving examples, discuss any five issues arising from the regulations of international banking system.
Animals AND non-animals in terms of Social distance : Do animals socially distance? What is the what, why, where, who of animals AND non-animals in terms of Social distance?
How many payments are needed : Milton Investments borrowed $32,000 at 11% compounded semiannually. How many payments are needed. How much of the principal will be repaid by the fifth payment
Calculate the net sale : If gross sales is $40,000, sales returns and allowances $1,000, sales discounts $400, and delivery expenses $100. Calculate the net sale
Technology makes vast amounts of information : Technology makes vast amounts of information (and misinformation) readily available.
What amount should ZGC record as a lease liability : ZCG's incremental borrowing costs for transactions of this are 6% per annum. What amount should ZGC record as a lease liability on inception
Details about contract formation and performance : Should individuals be held to agreements even if they did not know about them? Use specific details about contract formation and performance in your response.
What amount should Dragonstone record as a lease liability : The economic life of the equipment is six years. What amount should Dragonstone record as a lease liability on inception of the lease

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain why the cost of treatment may fall over time

Explain why the cost of treatment may fall over time, and how this may influence decisions as to whether or not to adopt a new treatment that is more effective

  What does the cash flow on total assets ratio measure

Compute the recent two years' cash flow on total assets ratios for Research In Motion and Apple.

  Prepare journal entries for amortization of deferred costs

Prepare journal entries for the amortization of deferred costs in 2015 and 2016, assuming that actual revenues are as expected

  Calculate depreciation expense using straight-line method

What will be each year's depreciation charge if Pemberton uses the units of production method to calculate depreciation?Calculate Depreciation expense

  During 2011 towson recording company increased its

during 2011 towson recording company increased its investment in marketable securities by 40726 funded fixed-assets

  Tony siebers is an accounting major at a midwestern state

tony siebers is an accounting major at a midwestern state university located approximately 60 miles from a major city.

  What is the amount of the adjusting journal entry

Later on, during the year, $900 of the $6,900 of the debts previously written off were collected. What is the amount of the adjusting journal entry

  Calculate Alfonsos net capital gain

Question - Capital Gains - Active Asset reduction and small business rollover. Calculate Alfonso's net capital gain for the 2017/18 tax year

  Return on the investment in the crane

Valdivieso Roofing is considering the purchase of a crane that would cost $137,885, would have a useful life of 9 years, and would have no salvage value. The use of the crane would result in labor savings of $23,000 per year. The internal rate of ..

  Compute the largest tax deduction possible

Compute the largest tax deduction possible in 2010 for the equipment (consider the Section 179 election, Bonus Depreciation, and MACRS):

  Compute the amount of your monthly payment

You've saved up enough money for a down payment and now you're ready to buy your first home. Compute the amount of your monthly payment

  Prepare the entry that opie should record on september

Prepare the entry that Opie should record on September 1, 2014. Then, assuming that the price of PET is $.72 on December 31, 2014.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd