Reference no: EM132462221
Question 1:
Alpha Company used the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchase & sales are, FOB Destination, 2/10, n30 and the gross method is used.
- Alpha Company sold on account merchandise costing $3,000 to Bravo Company on May 2, 2016. Selling price was $4,500. Freight charges related to this transaction of $200 were paid by Alpha Company.
- Bravo Company returned, to Alpha Company, merchandise with an original cost to Alpha of $300 on May 3, 2016. Merchandise was sold to Bravo for $450
Use this information to prepare Alpha Company's General Journal entries (without explanation) for May 2 & May 3 entries. If no entry is required then write "No Entry Required."
Question 2:
Dorchester Company had the following balances at the end of 2018 and 2019 respectively:
Net Credit Sales - $930,000 for 2018 and $1,032,000 for 2019.
Accounts Receivable - $96,000 for 2018 and $111,000 for 2019.
Allowance for Doubtful Accounts - $4,000 for 2018 and 7,500 for 2019
Problem 1: Calculate the accounts receivable turnover ratio to one decimal place.
|
Discuss whether only a small portion of the frauds occur
: Discuss whether only a small portion of the frauds that occur within a company are ever discovered. Back up your reasoning with facts, examples
|
|
What balance will allen show in subsidiary earnings account
: What balance will Allen show in its Subsidiary Earnings account,Complete the worksheet by consolidating the financial information for these two companies.
|
|
Analyzes how current research supports the picot
: Analyzes how current research supports the PICOT, as well as identifies what is known and what is not known in the evidence
|
|
Calculate goodwill impairment loss and profit attributable
: Calculate goodwill impairment loss and profit attributable to non-controlling interest for the year ended December 31, Year 6, under the identifiable net assets
|
|
Determine the accounts receivable turnover ratio
: Alpha Company used the periodic inventory system for purchase,Calculate the accounts receivable turnover ratio to one decimal place.
|
|
Assume the loan was advanced on january
: Receive repayment in full in cash or to accept 40,000 common shares as full repayment. Assume the loan was advanced on January 1, 2020
|
|
KB7008 Advanced Stress and Structural Analysis Assignment
: KB7008 Advanced Stress and Structural Analysis Assignment Help and Solution, Northumbria University - Assessment Writing Service - Defend your engineering
|
|
Prepare the journal entry to record the accrual of interest
: Prepare the journal entry to record the accrual of interest and the related amortization on December 31, 2020.Prepare the journal entry to record the accrual
|
|
Calculate the standard deviation of the distribution
: What would you expect to happen to variance or risk if the pool was extremely large? Why?Calculate the standard deviation of the distribution
|