Perpetual method for inventory and record purchases

Assignment Help Financial Accounting

Reference no: EM13777914

ABC uses the perpetual method for inventory and record purchases at gross. in 2014, it has a total merchandise purchases of $324,000. It returns $19,000 of the merchandise for full credit and receives $7,000 in allowances from its vendors for defective merchandise and take cash discounts of $1,000. The net cost of ABC 2014 merchandise purchases is?

Reference no: EM13777914

Questions Cloud

Journal entries to record the transactions for clapton : On January 2, 2014, the Clapton Studios leased six computers for use in the engineering department. The lease period is for 13 years and the estimated economic life of the leased property is 15 years. Provide the necessary journal entries to record t..

Uses the perpetual method : BeCo, which uses the perpetual method, records merchandise purchases at gross. On October 3, BeCo buys $42,000 of merchandise on account. Terms are 2/10,n/40. On October 11, BeCo pays $31,360. What journal entry does BeCo record on October 11?

Do you blame wall street for creating financial products : Do you think Mortgage brokers were at fault for unethically selling and marketing these loans? Do you find fault with the borrowers who were in the best position to understand their own personal finances? Do you blame Wall Street for creating de..

Perpetual method for inventory and record purchases : ABC uses the perpetual method for inventory and record purchases at gross. in 2014, it has a total merchandise purchases of $324,000. It returns $19,000 of the merchandise for full credit and receives $7,000 in allowances from its vendors for defecti..

Describe steve jobs management style : Describe Steve Jobs' management style. What was it like working for Jobs? How would describe the culture at Apple? How would you rate Apple in terms of social responsibility and managerial ethics? Has Tim Cook adopted a different style?

What allegations do you feel could be present in this case : What information would you expect to learn from each person you interview? Provide a minimum of two pieces of information you would expect to collect from these interviews. What allegations do you feel could be present in this case? Provide a minimum..

What are your obstacles in persistence : What are your obstacles in persistence? How is your attitude in class or college and how does it improve or hinder your persistence?

User Account

All Pages