The following schedule shows cash and credit sales 40 of

Assignment Help Accounting Basics

Reference no: EM13575812

A) The following schedule shows cash and credit sales. 40% of credit sales are collected in the current month after a 2% discount, and 55% in the first month following the sale. Determine the amount of cash received in January, February and March.

B) Record the following journal entries:

Nov 18 Investors gave the company cash and received $25,000 of common stock.

Nov 20 A payment of $2,000 was made on a note payable which included $200 of interest.

Nov 28 Received $3,500 in cash for the sale of tables which initially cost $2,400.

Nov 30 Depreciation expense on the vehicle for the month was $800.

Nov 30 Wage expenses for the first three days of the week were $6,000. Wages are paid on Friday.

Month	December	January	February	March
Cash Sales	5,000	3,000	4,000	6,000
Credit Sales	30,000	35,000	40,000	37,500

Reference no: EM13575812

Questions Cloud

What is the probability of tossing a coin 5 times and : what is the probability of tossing a coin 5 times and getting all

The company has decided to allocate the cost based on the : tylers consulting company has purchased a new 15000 copier. this overhead cost will be shared by the purchasing

An electrical distribution system consists of 3 subsystems : an electrical distribution system consists of 3 subsystems in parallel with the following individual subsystem

Conan companyrsquos monthly activity level ranged from a : conan companys monthly activity level ranged from a low of 17000 units in may to a high of 26000 units in october.

The following schedule shows cash and credit sales 40 of : a the following schedule shows cash and credit sales. 40 of credit sales are collected in the current month after a 2

Finding the wacc given the following information for : finding the wacc. given the following information for janicek power co. find the wacc. assume the companys tax rate is

The management of kunkel company is considering the : the management of kunkel company is considering the purchase of a 34000 machine that would reduce operating costs by

Agency costs tom scott is the owner president and primary : agency costs tom scott is the owner president and primary salesperson for scott manufacturing. because of this the

If the materials price varies is 600 f and the materials : if the materials price varies is 600 f and the materials quantity and labor variances are each 450 u what is the total

User Account

All Pages