User Account

All Pages

Find how events affects company financial statements

Assignment Help Managerial Accounting
Reference no: EM132985937

Problem 1: The following events pertain to Burlington Supply Company for January, 2012. Indicate how each of the events affects the company's financial statements, using the horizontal financial statement model.

1) Jan 3. Purchased $4,000 of merchandise inventory from supplier, Kelly Distributors, Inc. The terms of the purchase: 2/10, n/30 and FOB shipping point.

2) Jan 5. Paid $90 cash for freight to trucking company to have goods shipped from Kelly Distributors, Inc.

3) Jan 7. (a) Sold merchandise for $800 to a customer on account. (b) The merchandise sold had cost $560.

4) Jan 10. Returned $500 (list price) of defective merchandise to Kelly Distributors, Inc.

5) Jan. 11. Paid amount due to Kelly Distributors for merchandise purchased on Jan. 3.

6) Jan. 12. a) Accepted a return of $150 of the goods sold on Jan. 7. b) The cost of these goods was $110.

Reference no: EM132985937

Questions Cloud

Improve the quality of data sets : Improve the quality of data sets using the software development life cycle (SDLC) methodology. Include a thorough description of each activity per each phase
Sales and marketing department of mariposa real estate : A few months ago, Arielle Cruz, Head of the Sales and Marketing Department of Mariposa Real Estate, formally announced to her staff that she will be leaving the
What was the amount of cash flows from operating activities : What was the amount of cash flows from operating activities? Sold merchandise on account for $25,000. The inventory sold had cost $14,000.
Do alternate medical treatments work effectively : What are the reasons for drug prices being so high in the United States as compared to other advanced nations globally?
Find how events affects company financial statements : Paid $90 cash for freight to trucking company.How each of the events affects the company's financial statements, using the horizontal financial statement model.
Discuss impacts of the industry revolution : It has been said that the Industrial Revolution was the most profound revolution in human history, because of its sweeping impact on people's daily lives.
What is agency theory : -Name a company that you feel has an ineffective board of directors. Why do you feel that way? What could the board do to improve your perception of them?
Prepare an income statement and statement of cash flows : Hardt Corporation began business operations and experienced. Prepare an income statement, balance sheet and statement of cash flows for 2012.
Different types of product diversification : Company analysis - Choose a company, any company. Differentiate between the different types of product diversification.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Find the cost of goods sold for the year

Find the Cost of goods sold for the year- accounting records of Karlana Corporation for the just-completed year.

  How should the company accept the special order

Should the company accept the special order?A company has the capacity to produce 20,000 units of its product per year. It is currently only producing 13,000

  Determine for december the amount of earnings

July 2 and net income was $131,500. Use this information to determine for December 31, 2018 the amount of Earnings per Share (rounded to the nearest cent).

  Which concept applies when the hold parties for patients

When doctors treat patients with Botox in their office, is that an example of a selling concept or a marketing concept? Justify your answer.

  Determine the net present value of the contract

Tabuan Wheeling Enterprise is embarking on supplying, Determine the Net Present Value of the contract and to recommend if the project is economically viable.

  Find company margin of safety as percent of current sales

Melton Inc. has sales of $1,750,000, and the break-even point in sales dollars is $875,000. Find the company's margin of safety as a percent of current sales

  State the amount of difference in reported operating income

State the amount of the difference in reported operating income under the two methods. Treat each condition as an independent case.

  Describe the benefits of implementing a balanced scorecard

List SIX different (and specific) measures that could be included in the customer perspective that may be appropriate for Fiola Hospital.

  Discuss two ethical obligations of employer governance

Discuss 2 ethical obligations of employer governance towards its employees. Discuss 1 ethical failure that may have led to the problems in the first place.

  How rapidly will the earnings and dividends grow

If XYZ Inc. can continue to reinvest at this rate and earn 12% on the investment, how rapidly will the earnings and dividends grow

  How environmental costs can be measured and reduced

Explain how environmental costs can be measured and reduced?You are now familiar with the essential terms related to quality and environmental

  Explain the contemporary can cut wallpapers fixed costs

Explain the Contemporary can cut wallpapers fixed costs by 50%. Contemporary Trends sells paint and paint supplies carpet and wallpaper

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