User Account

All Pages

How each of the events affects company financial statements

Assignment Help Managerial Accounting
Reference no: EM132985111

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: EM132985111

Questions Cloud

How to make ethical decisions in the business field : How to make ethical decisions in the business field? And what not to do?
Performance appraisals and performance management system : Consider an organization's performance appraisals and performance management system. Do performance management systems measure significant and meaningful employ
What is the balance of the cash account at the end : What is the balance of the cash account at the end of 2012? Sold merchandise on account for $25,000. The inventory sold had cost $14,000.
Elements of designing compensation system : (a) How compensation plays its role as a strategic business partner? Draw your opinion from the perspective of any service oriented organization.
How each of the events affects company financial statements : Burlington Supply Company for January, how each of the events affects the company's financial statements, using the horizontal financial statement model.
Why is mapping the actions that drive performance important : Why is mapping the actions that drive performance important to a 21st Century Entrepreneurial Leader?
How much cash was paid to settle the account payable : What amount the purchase should be recorded on 1 March 2022 and how much cash was paid to settle the account payable
Record the transactions in a horizontal financial statements : Record the transactions in a horizontal financial statements model to reflect their effect on Hardt's financial statements. Paid $15,000 on accounts payable.
What amount of inventory will appear on the balance sheet : What amount of inventory will appear on the balance sheet for 2012? A count of the inventory revealed that there was $18,500 of inventory on hand at the end.

Reviews

Write a Review

Managerial Accounting Questions & Answers

  What is its p-e ratio

Reno Revolvers has an EPS of $1.60, a free cash flow per share of $4.20, and a price/free cash flow ratio of 8.0. What is its P/E ratio?

  Possible economic impacts of greater competition

If a large US chocolate manufacturer entered the EU chocolate market, what are the possible economic impacts of greater competition in this market?

  Prepare a flexible budget performance report

Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately

  Compute the cost per cost driver

Compute the cost per cost driver for each of the three cost centers and use the results from part 1 to allocate costs from each of the three cost centers to both financial planning and tax preparation.

  What sales volume contribution variance for the month was

What sales volume contribution variance for the month was? The standard price of the meal is $4.50 and the budgeted sales volume is 4,650 meals each month.

  What is recommendation in both norman and anne

Both Norman and Anne ask for your recommendation as the management accountant. What is your recommendation?recruit more customers with aggressive discounting

  Prepare journal entries for these transactions

Johnson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred

  Some citizens complained to victoria city council

Some citizens complained to Victoria city council members that there should be equal protection under the law against the occurrence of crimes. The citizens argued that this equal protection should be interpreted as indicating that high-crime areas s..

  Find what maximum profit that the company can earn yearly

Find what is the maximum profit that the company can earn yearly? At how many units and at what selling price per unit would the company generate this profit?

  Prepare the adjusting general journal entry for the december

How would you use this information to prepare the adjusting General Journal entry (without explanation) for the December 31, 2017?

  Revenue recognized by playing the first home game

Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized by playing the first home game.

  What is the marginal propensity to save

An increase in income of P 500 per month occurs, an individual spends P 2,800. What is the marginal propensity to save (MPS)?

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