Reference no: EM132678452
Continuing Cookie Chronicle 5 (Part Level Submission)
Because Natalie has had such a successful first few months, she is considering other opportunities to develop her business. One opportunity is to become the exclusive distributor of a line of fine European mixers. The current cost of a mixer is approximately $550, and Natalie would sell each one for $1,100. Natalie comes to you for advice on how to account for these mixers. Each appliance has a serial number and can be easily identified.
In the end, Natalie decides to use the perpetual method of accounting for inventory, and the following transactions happen during the month of January.
Jan. 4 She buys five deluxe mixers on account from Kzinski Supply Co. for $2,750, terms n/30.
6 She pays $100 freight on the January 4 purchase.
7 Natalie returns one of the mixers to Kzinski because it was damaged during shipping. Kzinski issues Cookie Creations credit for the cost of the mixer plus $20 for the cost of freight that was paid on January 6 for one mixer.8She collects the amount due from the neighborhood community center that was accrued at the end of December 2014.
12 She sells three deluxe mixers on account for $3,300, FOB destination, terms n/30. The mixers cost $570 each (including freight).
13 Natalie pays her cell phone bill previously accrued in the December adjusting journal entries.
14 She pays $75 of delivery charges for the three mixers that were sold on January 12.
14 She buys four deluxe mixers on account from Kzinski Supply Co. for $2,200, terms n/30.
17 Natalie is concerned that there is not enough cash available to pay for all of the mixers purchased. She issues additional common stock for $1,000.
18 She pays $80 freight on the January 14 purchase.
20 She sells two deluxe mixers for $2,200 cash.28Natalie issues a check to her assistant. Her assistant worked 20 hours in January and is also paid for amounts owing at December 31, 2014. Recall that Natalie's assistant earns $8 an hour.
28 Natalie collects amounts due from customers in the January 12 transaction.
31 She pays Kzinski all amounts due.31Cash dividends of $750 are paid.
Problem 1: Prepare the January 2015 transactions.
|
Compute dj diluted eps
: Compute DJ diluted EPS for 2019. The Company's common stock was affected by the following activity, On January 1, Common shares 360,000
|
|
Identify the transposition and the slide
: Problem - Assume that a trial balance is prepared with an account balance of $8,900 listed as $9,800. Identify the transposition and the slide
|
|
Explain to david the consequences of not having a valid
: David is a new client and, as requested brought copies of his financial documents. Explain to David the consequences of not having a valid will in place.
|
|
How does employee motivation impact organizational behavior
: Write a 175- to 265-word response to the following: How does employee motivation impact organizational behavior? Provide details.
|
|
How do prepare the january transactions
: Prepare the January 2015 transactions. Because Natalie has had such a successful first few months, she is considering other opportunities
|
|
What accounts should be debited and credited in October
: eCatalog Services Company performed services in October for a specific customer, for a fee of $7,890. What accounts should be debited and credited in October
|
|
What caused this unusual balance
: The cash account as of December 31 has a credit balance of $1,850, and there is no undeposited cash on hand. What caused this unusual balance
|
|
Journalize the entry to record the division of net income
: Journalize the entry to record the division of net income for 2012 under each of the independent assumptions shown, Net income is $40,000.
|
|
Journalize the entries to correct the errors
: Utilities Expense of $4,500 paid for the current month was recorded as a debit to Miscellaneous Expense. Journalize the entries to correct the errors
|