User Account

All Pages

Compute net sales for the two months ended August

Assignment Help Accounting Basics
Reference no: EM132773384

Question - Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales

The following transactions were selected from the records of OceanView Company:

July 12 Sold merchandise to Customer R, who charged the $3,800 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee.

July 15 Sold merchandise to Customer S at an invoice price of $10,400; terms 3/10, n/30.

July 20 Sold merchandise to Customer T at an invoice price of $5,300; terms 3/10, n/30.

July 23 Collected payment from Customer S from July 15 sale.

Aug. 25 Collected payment from Customer T from July 20 sale.

Required - Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.

Reference no: EM132773384

Questions Cloud

By what amount will the entry to record : Jake only prepares AJEs every December 31. By what amount will the entry to record the 07-01-14 conversion increase Jake's additional paid-in-capital
What journal entry would the company have recorded : Assume that the remaining increase in Class A share is due to new share issuances for cash. What journal entry would the Company have recorded
What is the tax marriage penalty : What is the tax marriage penalty and when does it apply? Under what circumstances would a couple experience a tax marriage benefit
At what price is Chang selling the product at end of August : Chang imports initially sells a product at $100. August 14 markup cancellation of $10. At what price is Chang selling the product at the end of August
Compute net sales for the two months ended August : Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31
Compute the cash payback period : Marigold Inc. is contemplating a capital investment of $68000. The cash flows over the project's four years are: Compute the cash payback period
At what amount should Loro Piana identifiable net assets : At what amount should Loro Piana's identifiable net assets and goodwill be reported on LVMH's consolidated financial statements at the end of 2016
How many shares are issued at September : Following is the stockholders' equity section from the The Walt Disney Company balance sheet. How many shares are issued at September 29, 2018
Calculate the Payback Period and Net Present Value : Aussie Ltd has decided to sell a new line of golf clubs. Calculate the Payback Period and Net Present Value followed by your recommendations

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare general journal entries for all transactions

ACC1100D ACCOUNTING INDIVIDUAL ASSIGNMENT. Prepare General Journal entries for all transactions for December, post the December journal entries to "T" ledger accounts in the General Ledger, and prepare a Trial Balance, of ledger account balances at..

  Prepare lazaro entry to record the repossession

Lazaro Inc. sells goods on the installment basis and uses the installment-sales method. Prepare Lazaro's entry to record the repossession

  Assumption of no tax consequences

The machine will have a 5-year life, at which time the terminal disposal value is expected to be $20,000. Upper Darby Park Department is assuming no tax consequences. If Upper Darby Park Department has a required rate of return of 10%, which of th..

  Calculate the dollar value of ending inventory

Calculate the dollar value of ending inventory and cost of goods sold using: a. FIFO b. Moving weighted average. Round all unit costs to two decimal places

  On may 1 2012 chance corp issued 427800 9 5-year bonds at

on may 1 2012 chance corp. issued 427800 9 5-year bonds at face value. the bonds were dated may 1 2012 and pay interest

  What key contract provisions would you insist on for client

What key contract provisions would you insist on for your client if you represented: (a) Owner? (b) General Contractor

  Journalize the entry to record the warranty work

Lachgar Industries warrants its products for one year. The estimated product warranty is 3% of sales. Journalize the entry to record the warranty work provided

  Make the journal entries for the above given transactions

Prepare the journal entries for the above transactions, on the dates mentioned for each lettered item

  Prepare the journal entry to record the income tax expense

Prepare the journal entry to record the income tax expense, deferred income taxes, and income taxes payable

  The company would like to initiate an intensive advertising

marple associates is a consulting firm that specializes in information systems for construction and landscaping

  Chambers inc uses flexible budgets at normal capacity of

chambers inc. uses flexible budgets. at normal capacity of 16000 units budgeted manufacturing overhead is 64000

  Gazzs days sales outstanding accounts receivableavg

gazz electronics manufactures audio equipment selling itthrough various distributors.gazzs days sales outstanding

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