Reference no: EM13933777
Poole Company began the 2013 accounting period with $36,000 cash, $80,000 inventory, $70,000 common stock, and $46,000 retained earnings. During the 2013 accounting period, Poole experienced the following events:
1. Sold merchandise costing $51,500 for $92,900 on account to Mable's General Store.
2. Delivered the goods to Mable's under terms FOB destination. Freight costs were $500 cash.
3. Received returned goods from Mable's. The goods cost Poole Company $3,200 and were sold to Mable's for $4,700.
4. Granted Mable's a $1,500 allowance for damaged goods that Mable's agreed to keep.
5. Collected partial payment of $71,000 cash from accounts receivable.
Required:
a. Record the transactions in general journal format.
b. Open general ledger T-accounts with the appropriate beginning balances and post the journal entries to the T-accounts.
c. Prepare an income statement, balance sheet, and statement of cash flows.
d. Why would Poole grant the $1,500 allowance to Mable's? Who benefits more?
|
Exchange rate and employment levels
: Explain how monetary policy can influence an economy, including the exchange rate and employment levels.
|
|
What feel are ramifications of tool on student learning
: Discuss Vygotsky's belief that language is the most significant of the cultural tools. Do you agree or disagree? Examine the given images of other psychological tools.
|
|
What would be an implication of the results
: A sample of 50 people found that 32 paid with their own money, 10 paid using insurance, and 8 paid using Medicare. At a = 0.05 is the assumption correct? Use the P-value method. What would be an implication of the results?
|
|
Describe the factors that impact the survival
: Your essay response must be a minimum of 500 words in length, not counting references listed at the end or repeating of the question. All sources used, including the textbook, must be referenced; paraphrased and quoted material must have accompanying..
|
|
Received returned goods from mable
: Open general ledger T-accounts with the appropriate beginning balances and post the journal entries to the T-accounts.
|
|
Devising improved exploration and production methods
: Whilst the oil and gas industry is exceptionally good at devising improved exploration and production methods, it appears it is not yet as successful in overcoming a very negative perception in the eyes of the general public.
|
|
Static and dynamic muscular movement
: Based on your workplace, computer station, or household, give an example of both static and dynamic muscular movement.
|
|
Critically analyse impacts of the financial crisis
: Critically analyse impacts of the financial crisis which came to a head in 2008 on an economy of your choice. Your focus should be on the macroeconomic impacts and include conclusion which discusses what you consider the future holds for your chos..
|
|
How are degrees of freedom computed for independence test
: How are the degrees of freedom computed for the independence test? Generally, how would the null and alternative hypotheses be stated for the chi-square independence test?
|