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!
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. Halifax only makes credit sales. The company began 2013 with an allowance for sales returns of $300,000. During 2013, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65% of selling prices). Also during the year, customers returned $450,000 in sales for credit. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year.
Required:
1.Prepare the entry to record the merchandise returns. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
2.Prepare the entry to record the year-end adjusting entry for estimated returns. Note: Record the estimated returns at net amounts. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
What is the amount of the year-end allowance for sales returns after the adjusting entry is recorded?
A company issued 300,000 of 20-year, 8 percent bonds at 96. If interest is paid semiannually, what is the amount of bond interest expense recorded on any interest date?
although you plan to do all of your own manufacturing in the near term you are confident that as volume grows you may
suppose a corporations bonds have 8 years remaining to maturity. in addition suppose the bonds have a 1000 face value
Many companies hold equity securities of other companies as investments. The journal entries and accounting methods differ, depending on the percentage of interest held. Discuss briefly the various categories of these investments and why the accou..
how is the transfer of energy by radiation diffrent from either conduction or
which of the following statements concerning users of accounting information is incorrect?management is considered an
at the time, russ has paid $14,000 in premiums, and he collcts the $100,000 face value. how much of the proceeds is taxable to Russ?
Determine the annual net cost of these checking accounts: a. Monthly fee $5, check-processing fee of 25 cents, average of 19 checks written per month.
Second Church is going to operate a gift and book shop that will include only religious articles in its inventory. The shop will be staffed by employees who are not church members.
in january 2007 the average price of an asset was 27558. 5 years earlier the average price was 21408. what was the
If Fama Company, with a break-even point at $360,000 of sales, has actual sales of $480,000, what is the margin of safety expressed (1) in dollars and (2) as a percentage of sales? Round the percentage to the nearest whole number.
If a partner withdraws from a partnership and receives more cash than the amount recorded in the appropriate capital account, what accounting does the business make of the excess payment?
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