Events involving a recent purchase of merchandise

Assignment Help Accounting Basics
Reference no: EM13342526

Question 20: Flip's Market recorded the following events involving a recent purchase of merchandise:
Received goods for $50,000, terms 2/10, n/30. Returned $1,000 of the shipment for credit. Paid $250 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company's inventory increased by
a. $48,020.
b. $48,265.
c. $48,270.
d. $49,250.

Reference no: EM13342526

Questions Cloud

Define heat and temperature all have units of joules : If heat is given off by a system then the heat has a negative sign If work is done on a system then the work has a negative sign Work, heat and temperature all have units of joules The 1st law of thermodynamics is represented
The use of fair value to report assets : The use of fair value to report assets
Explain how many grams of aluminum oxide are produced : How many grams of aluminum oxide are produced according to the reaction below given that you start with 10.0 g of Al and 19.0 grams of O2
Determine how fast is the skier moving : A 62.0kg skier is moving at 6.50m/s on a frictionless, horizontal snow-covered plateau when she encounters a rough patch 3.50m long. How fast is the skier moving when she gets to the bottom of the hill
Events involving a recent purchase of merchandise : Question 20: Flip's Market recorded the following events involving a recent purchase of merchandise
Find the volume flow rate through the pipe : Water moves through a constricted pipe in steady, ideal flow. At the lower point the pressure is 1.65 105 Pa and the pipe radius is 2.60 cm. Find the volume flow rate through the pipe
Explain the treatment of the pi electrons in ethane : can someone write out and solve the Huckel MO approximation for the treatment of the pi electrons in ethane
What is the estimated manufacturing cost before separation : What is the estimated manufacturing cost before separation, using the reversal cost method?
What was the period of oscillation of the pendulum : In 1851 Jean Bernard Leon Foucault demonstrated the rotation of the Earth using a pendulum 11.0 m long, What was the period of oscillation of the pendulum

Reviews

Write a Review

Accounting Basics Questions & Answers

  Five-year noncancelable lease for equipment

On January 1, 2011, Sauder Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Sauder to make annual payments of $50,000 at the beginning of each year for five years with title to pass to Sauder at t..

  Prepare journal entry to record the issuance of the bond

Pueblo Company issued $300,000 of 5-year, 8% bonds at 98 on January 1, 2014. The bonds pay interest twice a year. Prepare the journal entry to record the issuance of the bonds. Prepare the journal entry to record the issuance of the bonds, assuming t..

  Government taking account when creating a tax

Which of the following is an example of a consideration the government takes into account when creating a tax?

  Prepare journal entries

Entries for Bonds Payable.Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co.,  On April 1, 2009, Quirk issued $500,000, 9% bonds for $537,868 including accrued interest. Interest is payable annually ..

  General ledger of hoffman electric

At 12/31/07 the general ledger of hoffman electric had the following account balances. All adjusting entries (except forincome taxes @ 35%) have been made.

  Comparing and contrasting federal and state tax research

Write down a 3-5 pg paper comparing and contrasting Federal and state tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.

  Net income for the year amounted

The owner's equity in a business amounted to $56,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted to ..

  Flexible budgets-2012 article review

Perform an Internet search using the term, flexible budgets, and locate an article (from 2012) from the results of your search.

  Interest in corporate capital partnership

Christie purchases a one-third interest in the Corporate Capital Partnership (CCP) in 2006 for $40,000. During 2006, CCP earns an income of $90,000, and Christie withdraws $30,000 in cash from the partnership.

  What amount of equity income would starge

Starge Inc. owns 30% of the outstanding voting common stock of Ticker Co. and has the ability to significantly influence the investee's operations and decision making.

  Type of deferred income tax

A company uses the equity method to account for an investment. This would result in what type of difference and in what type of deferred income tax?

  Determine total current assets

The following accounts were included on Megan's Style Consultants adjusted trial balance at December 31, 2010: What are total current assets?

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!

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