State college technology store is a retail computer store

Reference no: EM13569124

State College Technology Store is a retail computer store in the university center of a large mid-western university. SCTS engaged in the following transactions during November of the current year: Nov. 1 Purchased 20 Nopxe laptop computers on account from Led Inc. The laptop computers cost $800 each, for a total of $16,000. Payment is due in 30 days. Nov. 6 Sold four Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1,200 each, for a total of $4,800. Payment is due in 30 days. Dec. 1 Paid the $16,000 account payable to Led Inc. Dec. 6 Collected the $4,800 account receivable from State College's Department of Microbiology. Assume that the other expenses incurred by SCTS during November and December were $1,000, and assume that all of these expenses were paid in cash. SCTS is not subject to income tax because it is a wholly-owned unit of a nonprofit organization.

Reference no: EM13569124

Questions Cloud

Ned has active modified adjusted gross income before : ned has active modified adjusted gross income before passive losses of 170000. he has a loss of 15999 on rental

Discuss which year would the wages expense be reported on : employees performed services in 2012 but got paid in 2013. discuss which year would the wages expense be reported on

Hazelnut company earned net income of 95000 during the year : hazelnut company earned net income of 95000 during the year ended december 31 2012. on december 15 hazelnut declared

Tyrene products manufactures recreational equipment one of : tyrene products manufactures recreational equipment. one of the companys products a skateboard sells for 35. the

State college technology store is a retail computer store : state college technology store is a retail computer store in the university center of a large mid-western university.

Write a 2 page paper apa style on one of this topics a : write a 2 page paper apa style on one of this topics a disastrous date a moment of failure or success or your first

Dynamo corp is expecting annual payments of 34225 for the : dynamo corp. is expecting annual payments of 34225 for the next seven years from a customer. what is the present value

For each of the following scenarios identify the : for each of the following scenarios identify the appropriate reporting opinion by selected matching option from the

Acorporation paying tax at 35 and an individual with an : the expected pretax return on three stocks in divided between dividends and capital gains in the following way stock a

User Account

All Pages