User Account

All Pages

What is the amount of the check

Assignment Help Financial Accounting
Reference no: EM132757973

Questions -

Q1. Sunland's Market recorded the following events involving a recent purchase of inventory:

Received goods for $121000, terms 2/15, n/30.

Returned $2900 of the shipment for credit.

Paid $700 freight on the shipment.

Paid the invoice within the discount period.

As a result of these events, the company's inventory

A. increased by $115738.

B. increased by $116424.

C. increased by $118800.

D. increased by $116438.

Q2. The collection of a $2300 account within the 2 percent discount period will result in a

A. credit to Accounts Receivable for $2254.

B. debit to Sales Discounts for $46.

C. debit to Accounts Receivable for $2254.

D. credit to Cash for $2254.

Q3. Skysong, Inc. sells merchandise on account for $6400 to Sheridan Company with credit terms of 2/8, n/30. Sheridan Company returns $1400 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?

A. $4900

B. $6272

C. $6300

D. $5000

Reference no: EM132757973

Questions Cloud

Which if any competitor product have a product positioning : Which, if any, competitor products below have a product positioning (Performance & Size) that indicate it is a competitor in the High Tech Customer segment?
What were the downsides of the decision : Risk is a consideration in many of the decisions we make. Describe a risky financial decision made by you or someone else. What were the downsides of the.
Discuss how you can better manage your cash balances : Discuss how you can better manage your cash balances. Please ensure you explain what you can do regarding your current mutual funds account balances
Find what gain on purchase commitment to be recognized : RT company entered into a commitment to purchase 10,000 units of product G, What is the gain on purchase commitment to be recognized on February 15, 2020?
What is the amount of the check : Skysong, Inc. sells merchandise on account for $6400 to Sheridan Company with credit terms of 2/8, n/30. What is the amount of the check
Identify analytical tools used to process data collection : Identify two analytical tools used to process data collection. How are they processed through organizational information systems?
What formula would use to find the interest rate : What formula would use to find the Interest Rate? Calculate what interest rate Jenny would need to earn to reach his goal. No inflation
Standard deviation of the returns of the market : Equity: 500,000 shares. The company just paid a dividend of £2 and the dividends are expected to grow by 3% per year indefinitely.
Evidence against market efficiency : The closing price of the company at the end of the day is up 5% from yesterday. Is this evidence against market efficiency? Explain.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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