User Account

All Pages

What account is debited by Elkhorn Company

Assignment Help Managerial Accounting
Reference no: EM132751156

Problem - Purchases transactions - Elkhorn Company purchased merchandise on account from Springhill Company for $42,000, terms 2/10, n/30. Elkhorn returned merchandise with an invoice amount of $8,000 and received full credit.

a. If Elkhorn Company pays the invoice within the discount period, what is the amount of cash required for the payment?

b. What account is debited by Elkhorn Company to record the return?

Reference no: EM132751156

Questions Cloud

Social study and emotional development : How an infant's early social- emotional experience have direct consequences for neural and physiological development - strengthen scientific writing and primary
What is the net cash flow of this arbitrage strategy : What is the net cash flow of this arbitrage strategy at the option expiration date, assuming that Stock XLT trades at $23 at expiration three months
Should the sales tax be recorded at the time of sale : A sale of merchandise on account for $36,000 is subject to an 8% sales tax. Should the sales tax be recorded at the time of sale or when payment is received
Find What are the monthly lease payments : What are the monthly lease payments (before tax)? You have $2,000 for a down payment. The term of the lease is three years and the interest rate is 7.5% APR.
What account is debited by Elkhorn Company : Elkhorn Company purchased merchandise on account from Springhill Company for $42,000, What account is debited by Elkhorn Company to record the return
What ramsey share of vapor income is : On January 1, 2019, Ramsey Company purchased 35%,Ramsey accounted for the investment using the equity method. what Ramsey's share of Vapor's income for 2019 is?
What is the maximum number of withdrawals : What is the maximum number of $35,000 withdrawals that he can make and still have at least $25,000 left in the account? Provide solution
What accounts would be debited and credited : What accounts would be debited and credited to record the adjustment for the inventory shrinkage at the end of the accounting period
What is the february contribution margin for steele ltd : ?There were no beginning inventories for January 2011, What is the February contribution margin for Steele Ltd. using the variable costing method?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  List and describe the various methods used to get transfer

Explain how transfer pricing can affect performance evaluation measures. List and describe the various methods used to get transfer price.

  Annual cash flows over the expected life of the equipment

Based on the information calculate the following items for this proposed equipment purchase,  Annual cash flows over the expected life of the equipment, Payback period, Annual rate of return, Net present value, Internal rate of retur

  Determine the company''s utility cost equation

A. Use the high/low method to determine the company's utility cost equation. B.  What would be the expected utility cost of producing 120,000 units? (The relevant range is 85,000 to 125,000 units of production.) C.    Using the data shown and a sprea..

  Prepare proper title for the annual manufacturing statement

1.Prepare a proper title for the annual manufacturing statement of Arctic Cat. Does the date match the balance sheet or income statement? Why?

  Prepare a statement of owners equity for april

Prepare a statement of owner's equity for April. The statement of owner's equity for a proprietorship is similar to the retained earnings statement for a corporation.

  Compute the direct materials price variance for last period

Swansea Company,Explain the relationship between the direct labor rate variance and the direct labor efficiency variance in this case.

  Solve the markup percentage

Ahmed Corporation,Using absorption-cost pricing, calculate the markup percentage. (Round answer to 2 decimal places, e.g. 15.25%.)

  What is the financial advantage or disadvantage of investing

What is the financial advantage (disadvantage) of closing the plant for the two-month period? Should Andretti close the plant for two months?

  What additional facts would need to know

They need your help! What kind of guidance would you provide to them in this situation? What additional facts would you need to know?

  Calculate the personnel variance

Stivason Clinic uses client-visits as its measure of volume. During June, the clinic budgeted for 3260 client-visits, Calculate the sales volume variance.

  Whats the performance evaluation report that uses a flexible

Whats the performance evaluation report that uses a flexible and a static budget. Please assume that all the costs are variable.

  Why manufacturing overhead cost often shift from high-volume

Discuss why manufacturing overhead costs often shift from high-volume products to low-volume products when activity-based costing is used.

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd