User Account

All Pages

Merchandise with an invoice price of 2000 was purchased on

Assignment Help Accounting Basics
Reference no: EM13482976

Merchandise with an invoice price of 2000 was purchased on October 3 terms 1/15, n/60. The company uses the net method to record purchases. The entry to record the cash payment of this purchase obligation on October 17 is Accounts payable 1980; cash 1980 Accounts payable 2000; cash 2000 Accounts payable 1980; discounts lost 20; cash 2000 Accounts payable 2000; merchandise inventory 20; cash 1980 Accounts payable 2000; merchandise inventory 40; cash 1960

Reference no: EM13482976

Questions Cloud

Gibbs company purchases sails and produces sailboats it : gibbs company purchases sails and produces sailboats. it currently produces 1258 sailboats per year operating at normal
However one of these customers subsequently made a payment : supreme sales company which sells only on account had a 100000 balance in its accounts receivable and a 4000 balance in
Given the following information how much was transferred to : 1. managerial accountinga. focuses primarily on reporting to regulatory agenciesb. is governed by generally accepted
Inventory purchase budget using the sales-managerrsquos : inventory purchase budget using the sales-managers estimate 1st 2nd 3rd 4th sales 380000 310000 280.000 480000 cost of
Merchandise with an invoice price of 2000 was purchased on : merchandise with an invoice price of 2000 was purchased on october 3 terms 115 n60. the company uses the net method to
A footnote to these statements indicated that the company : a large corporation recently reported the following amounts on its year-end balance sheets20072008accounts
Recruiters sent to college campuses must be properly : 1.recruiters sent to college campuses must be properly trained to and prepared to talk to candidates about their
Create an equally weighted portfolio of five computer : create an equally weighted portfolio of five computer software stocks. is such a portfolio a diversified portfolio?
Prepare and income statement retained earnings statement : cashnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbspnbsp

Reviews

Write a Review

Accounting Basics Questions & Answers

  Investment using the equity method

What amount of unrelaized gross profit must Panner defer in reporting this investment using the equity method?

  Clark company sells 8 bonds having maturity value of

clark company sells 8 bonds having a maturity value of 5000000 for 5421236. the bonds are dated january 1 2014 and

  Volume of sales invoices

Twyla Enterprises uses a word processing computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of sales invoices.

  Identify and explain the underlying problem or conflict

selecting a for-profit organization of interest you will research an unusual or conflicting accounting principle that

  The controller of sagehen enterprises believes that the

the controller of sagehen enterprises believes that the company should switch from the lifo method to the fifo method.

  Interest is paid on july 1 and january 1 and bonds mature

on april 1 2010 fin co. purchased 160000 of 6 bonds for166300 plus accrued interest as an available-for-sale security.

  Statement referring to fixed costs

Which of the following statements is true when referring to fixed costs?

  Preparing a differential analysis report

1. Prepare a differential analysis report, dated October 11, 2010 for the make or buy decision. 2. On the basis of the data presented, would it be advisable to make the carrying cases or to continue buying them? Explain.

  1with respect to a corporation select the statement that is

1.with respect to a corporation select the statement that is correct. a. its organization requires an approved charter

  Break-even point in sales dollars

Ashland Burglar Alarms Inc. sells a single product. The product has a selling price of $50 per unit and variable expenses of 80% of sales. If the company's fixed expenses total $150,000 per year, then it will have a break-even point in sales dolla..

  Rediger inc a manufacturing company has provided the

1.hamilton company uses job-order costing. manufacturing overhead is applied using a predetermined rate of 150 of

  Nominal annual percentage cost

Your company has been offered credit terms of 4/30, net 90 days. What will be the nominal annual percentage cost of its nonfree trade credit if it pays 120 days after the purchase? (Assume a 365-day year.) show your calculation.

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