Reference no: EM13873603
Sykes Company for the year ended December 13,2014
Balances January 1,2014
Accounts receivable (various customers) $120,000
Allowance for doubtful accounts 8,000
The company sold merchandise and made collections on credit terms 2/10, n/30 (assume a unit sales price of $500 in all transactions and use the gross method to record sales revenue)
Transaction during 2014
a. Sold merchandise for cash, 235,000
b. Sold merchandise to R. Dmith: invoice price, 11,500
c. Sold merchandise to K. Miter; invoice price, 26,500
d. Tow days after purchase date, R. Dmith returned one of the units purchased in (b) and received account credit.
e. Sold merchandise to B Sean; invoice price. 24,000
f. R. Dimth paid his account in full within the discount period.
g. Collected 98,000 cash from customer sales on credit in prior year, all within the discount periods
h. K. Miter paid the invoice in (c) within the discount period
i. Sold merchandise to R. Roy; invoice price, 19,000
j. Three days after paying the account in full, K. Miter returned seven defective units and received a cash refund
k. After the discount period, collected 6,000 cash on an account receivable on sales in a prior year
l. Wrote off a 2013 account of 3.000 after deciding that the amount would never be collected.
Required:
Prepare Journal Entry for all the transactions above
|
Whats the value of share of firm
: What’s the value of a share of a firm that is promised to pay a constant dividend of $3 per share forever, starting from a year from now, assuming the required rate of return is 8%?
|
|
Estimated quarterly sales for next year
: Kennedy's has the following estimated quarterly sales for next year. Projected first quarter sales $11,400, second quarter $13,200, third quarter $15,800 & fourth quarter $12,700. The accounts receivable period is 70 days. What is the expected accoun..
|
|
Develop an implementation plan that sets out the actions
: Develop an implementation plan that sets out the actions you will use to implement, monitor and evaluate changes. You may find it helpful to fill out the implementation plan template attached
|
|
What is the purpose of a rating agency?
: What is the purpose of a Rating Agency?
|
|
Prepare journal entry for all the transactions
: Sykes Company for the year ended December 13,2014. The company sold merchandise and made collections on credit terms 2/10, n/30 (assume a unit sales price of $500 in all transactions and use the gross method to record sales revenue). Prepare Journal ..
|
|
Create a console program that prompts the user
: Create a console program that prompts the user to enter the name and address of their employer and position they hold or the name and address of their favorite restaurant and their favorite meal
|
|
The project has cash outflow
: Jonathan’s company wants to know whether to accept the following project or not. The project has a cash outflow of $100,000, the company is expecting the follow inflows for years 1 through 3 in order: $50,000, $40,000, $30,000 and the rate of return ..
|
|
Prepare a global business etiquette trading strategy
: Demonstrate leadership and collaborative skits to perform effectively in a team within your host institution.
|
|
How should a business use working capital analysis?
: How should a business use working capital analysis?
|