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 - Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. Unless otherwise noted, FOB Destination will apply to all purchases & sales. The value of inventory is based on periodic system. On January 1, 2016, beginning inventory consisted of 325 units of widgets costing $10 each. Alpha prepares monthly income statements. The following events occurred during the month of Jan.:
Date
Activity
a.
Jan. 3
Purchased on account 350 widgets for S11 each.
b.
Jan. $
Sold on account 425 widgets for S30 each. Paid freight out with petty cash of $150.
c.
Jan. 10
Purchased on account 600 widgets for S12 each.
d.
Jan. 11
Shipping cost for the January 10 purchased merchandise was $400 was paid with a cheque by Alpha directly to the freight company.
e.
Jan. 12
Returned 25 widgets received from Jan. 10 purchase as they were not the correct item ordered.
f.
Jan. 13
Paid for the purchases made on Jan. 3.
g.
Jan. 21
Sold on account 550 widgets for S30 each. Paid freight out with petty cash of $250.
h.
Jan. 22
Authorize credit without return of goods for 50 widgets sold on Jan. 21 when customer advised that they were received in defective condition.
Jan. 25
Received payment for the sale made on Jan. 5.
j.
Jan. 26
Paid for the purchases made on Jan. 10.
k.
Jan. 31
Received payment for the sale made on Jan. 21.
Use this information to prepare the General Journal entries (without explanation) for the January events. If no entry is required then enter the date and write "No Entry Required."
the following information for cooper enterprises is given below december 31 2013assets and obligations plan assets at
rugby rocks inc. had a retained earnings balance of 12000 at december 31 2010. the company had an average income of
two years ago your corporate treasurer purchased for the firm a 20 year bond at its par value of 1000. the coupon rate
Phyllis sued Martin's estate and won a $65,000 settlement. She showed the probate court that she carried out her end of a compensatory arrangement with her companion, under which she provided "traditional wifely services" without benefit of matrim..
Prepare a table to summarize the required adjusting entries as they affect the accounting equation. Use the format in Exhibit 3-1 on page 109. Identify each adjustment by letter.
Refer to the information in Problem. Razorback Company's actual income statement for 2011 follows.
compute the ending balance in the work in process inventory account. assume that this balance consists entirely of
Barrys policy is to maintain an ending inventory equal to 25% of the next quarter's sales. Each widget costs $1 and is sold for $1.50. How much is budgeted sales revenue for the third quarter of 2004?
guyer company publishes a monthly sports magazine fishing preview. subscriptions to the magazine cost 20 per year.
Optimum Weight Co. offers personal weight reduction consulting services to individuals.
a machine is purchased by making payments of 6000 at the beginning of each of the next five years. the interest rate
Describe employer responsibilities for reporting payroll taxes.(To the extent possible reference the form to be filed for each tax.)
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