Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $370,000. During 2021, Halifax sold merchandise on account for $12,200,000. Halifax's merchandise costs is 65% of merchandise selling price. Also during the year, customers returned $481,000 in sales for credit, with $266,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year.
Required -
1. Prepare entries to (a) record actual returns in 2021 of merchandise that was sold prior to 2021; (b) record actual returns in 2021 of merchandise that was sold during 2021; and (c) adjust the refund liability to its appropriate balance at year end.
2. What is the amount of the year-end refund liability after the adjusting entry is recorded?
carter corporation applies manufacturing overhead on the basis of machine-hours. at the beginning of the most recent
Revenue $36,000, Utilities expense $400, Wage expense $9,800 and Dividends $2,200. What is the company's net income for the month
for each of the following independent situations indicate the apparent internal control weakness and suggest
Read the article at http://xbrl.us/learn/documents/betterreporting.pdf. Briefly describe what this article says about how XBRL has transformed financil
At the end of the accounting period, Adams Company's general ledger contained the following adjusted balances:
Examine the potential impact of ABC costing on services provided online with those provided through traditional channels, considering how this knowledge.
qwik repairs has over 200 auto-maintenance service outlets nationwide. it provides primarily two lines of service oil
Prepare a 1,050-word bank reconciliation report - What principles of internal control were violated in this case
According to Walter (2012), the risk management entails a process of evaluating overall goals of an organization's against risks attached to planned activities. To achieve this component in running of a business, measures have been devised to ide..
Fraud is more than just the intentional misstatement of financial statements. What are other areas where they may be fraud risk that are perhaps not on the level of financial statement misstatement?
Midwest Enterprises made the following entry on December 31, 2012. Interest Expense 10,000 Interest Payable 10,000 (To record interest expense due on loan from Anaheim National Bank.)
in september direct labor was 45 of conversion cost. if the manufacturing overhead for the month was 73700 and the
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd