How does company A record its payment on March

Assignment Help Accounting Basics
Reference no: EM133119275

Question - Company A purchased $12,000 of merchandise on march 8,2021 with credit terms of 4/20, n/60. Company A returned $1,500 worth of merchandise on March 12 and paid its invoice on March 19. How does company A record its payment on March 19 if it uses the perpetual inventory system and gross method for recording purchase discounts?

Reference no: EM133119275

Questions Cloud

Total return swap from a loan portfolio swap : 1. What differentiates a Total Return Swap (TRS) from a Loan Portfolio Swap (LPS)?
Compute break-even sales using the contribution margin ratio : The company's top product, anti-aging face serum sells for $29 each. Compute break-even sales using the contribution margin ratio
Understanding of the specific components of formula : Consider the cost of funds - the risk adjusted return on capital (RAROC benchmark) for a bank and identify some of the limitations of using this approach.
Interbank money market at a klibor yield : Suppose you borrow RM10,000,000 in the interbank money market at a KLIBOR yield of 6% p.a for aterm of 1 month. Should you buy or sell KLIBOR futures contract i
How does company A record its payment on March : How does company A record its payment on March 19 if it uses the perpetual inventory system and gross method for recording purchase discounts
What is the marginal tax rate for a corporation : What is the marginal tax rate for a corporation with $60,000 of taxable income and an average tax rate of 18% if the next-lowest marginal tax rate of 15% covers
Calculate the income effect of dividends on preferred shares : The balances at December 31, 2020 do not reflect the conversion of April 1, 2020. Calculate the income effect of the dividends on preferred shares
Shares outstanding on a fully diluted basis : Assume in a VC financing, company M's pre-money valuation is $6 million, the amount invested by the VC investors is $4 million. The principal plus accrued inter
Is ann wood high-involvement manager : Is Ann Wood a high-involvement manager? If so, provide evidence. If not, how well do you think she'll perform in her new job as head of marketing?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Product a has a sales price of 11 per unit based on a

product a has a sales price of 11 per unit. based on a 9000-unit production level the variable costs are 6 per unit and

  Describe and contrast the purchase and pooling method

Describe and contrast the purchase and pooling method of business combinations. How was this modified by FASB in 2001

  Plant-property and equipment

The following is a note accompanying a financial statement of International Paper Company:

  Veltri corporation is working on its direct labor budget

veltri corporation is working on its direct labor budget for the next two months. each unit of output requires 0.72

  The general fund charged the investment trust fund

The General Fund charged the Investment Trust Fund $ 500 for administrative expenses This amount was paid in cash Income of $ 50,000 was distributed to the participating cities according to the trust agreement

  Toying with nature wants to take advantage of childrens

toying with nature wants to take advantage of childrens current fascination with dinosaurs by adding several

  What is the fixed costs

Given - Selling price per unit 25, Number of units sold 15,000, Contribution margin ratio 30%, Net Income 50,000. What is the fixed costs

  Prepare the entry to record the issuance of the convertible

Prepare the entry to record the issuance of the convertible bonds

  Journalize the transaction to record the payment

Journalize the transaction to record the payment of sales tax to the state.

  Determine dividends for preferred and common stock

Determine the dividends per share for preferred and common stock for each year. If required, round your answers to two decimal places

  What is difference between business risk and financial risk

What is the difference between business risk and financial risk? How can they be measured in a market risk

  Common stock and transaction

On April 18, 2010 Jim sold 300 shares of Redwood Corporation common stock for $8400. Jim acquired the stock in 2006 at a cost of $10000. On May 9, 2010 he repurchased 150 shares of Redwood corporation common stock for $3600 and held them until Aug..

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