Reference no: EM132740264
Problem - Sales and purchase-related transactions for seller and buyer using perpetual inventory system
The following selected transactions were completed during August between Summit Company and Beartooth Co.:
Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800.
Aug. 2. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1.
Aug. 5. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000.
Aug. 9. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company.
Aug. 15. Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000.
Aug. 16. Beartooth Co. paid Summit Company for purchase of August 1.
Aug. Aug. 20. Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise.
Aug. 31. Beartooth Co. paid Summit Company on account for purchase of August 5.
Aug. 31. Summit Company issued Beartooth Co. a credit memo for merchandise with an invoice amount of $4,000 that was returned from the August 15 sale. The cost of the merchandise returned was $2,500.
Instructions - Journalize the August transactions for (1) Summit Company and (2) Beartooth Co.
Accounting method to account for the acquisition
: If the bidder uses the purchase accounting method to account for the acquisition, find its goodwill.
|
What cost of goods manufactured during the month of october
: October was $10 000 and the cost of goods sold during the month was $20 000. The cost of goods manufactured during the month of October was
|
Referenced has on business environment
: Describe the effect the regulatory agency they have referenced has on the business environment.
|
Calculate the equivalent units of conversion for the month
: Softcloth Textile Pty Ltd, Using the weighted average method process costing, calculate the equivalent units of conversion for the month of April.
|
Journalize the August transactions for Summit Company
: Aug. 9. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. Journalize the August transactions for (1) Summit Company
|
Explain produce for the coming month
: Beginining inventory for October is 300 units. How many units should the firm produce for the coming month?
|
Describe set of steps in the od action research model
: Describe the set of steps in the OD Action Research Model, Appreciative Inquiry, and Kotter's Eight Step Model.
|
What the present value of the machine costs is
: What The present value of the machine costs is? A machine costs $20,000 today, and has annual operating costs of $4,000 in each of the next four years.
|
Journalize entries to record transactions of Betz Company
: July 1. Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30. Journalize entries to record transactions of Betz Company
|