Reference no: EM133074900
Question - Buffalo Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $649,000 (cost of $460,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,000. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Buffalo for the full sales price.
(a) Prepare the journal entry(ies) to record the sale and related cost of goods sold for Buffalo Company on January 2, 2020, and the payment on January 28, 2020. Assume that Buffalo Company records the January 2, 2020, transaction using the net method.
(b) Prepare the journal entry(ies) to record the sale and related cost of goods sold for Buffalo Company on January 2, 2020, and the payment on January 28, 2020. Assume that Buffalo Company records the January 2, 2020, transaction using the gross method.
|
Carefully examine each of the dimensions of wellness
: Carefully examine each of the dimensions of wellness in your own life. For each dimension, list as many actions you take to support that dimension in your life
|
|
Cost of trade credit and bank loan
: XYZ Inc. buys $10 million of materials (net of discounts) on terms of 3/5, net 60, and it currently pays on the 5th day and takes discounts. XYZ plans to expand
|
|
What is the bank lcr
: A bank has an adjusted amount of $536 million in high-quality liquid assets, and $425 million in adjusted potential outflows, with an additional $75 million in
|
|
Simplified income statement of abc bank
: The simplified beginning Balance Sheet of "ABC" Bank on December 31st , 2020 in Million USD is given by
|
|
Prepare the journal entry to record the sale
: Prepare the journal entry(ies) to record the sale and related cost of goods sold for Buffalo Company on January 2, 2020, and the payment on January 28, 2020
|
|
UGB224 Business Management Assignment
: UGB224 Business Management Assignment Help and Solution, University of Sunderland - Assessment Writing Service
|
|
How much would abc corp total income
: ABC earned interest income of $12,000 during 1990. How much would ABC Corp.'s total income form its income would be on the profit or loss portion
|
|
Private placement versus a public offering
: What is a private placement versus a public offering?
|
|
Describe the role of capital markets
: Describe the role of capital markets from the firm's and investors' per-spectives. What is the efficient markets hypothesis?
|