What the account that appears in the chart of accounts

Assignment Help Accounting Basics
Reference no: EM132818056

Problem 1: The account that appears in the chart of accounts for a merchandising entity but not for a service entity is

a. accounts receivable.                       C. advertising expense.

b. accumulated depreciation.                d. sales returns and allowances.

Problem 2: Olive Valenzuela Traders purchased merchandise from San Jose Suppliers for P3,600 list price, subject to a trade discount or 25%. The goods were purchased on terms of 2/10, n/30, F.O.B. destination. Valenzuela paid P100 transportation costs. Valenzuela returned P400 (list price) of the merchandise to San Jose and later paid the amount due within the discount period. The amount paid is

a. P2,254.         C. P2,246.

b. P2,252.          d. P2,352.

Reference no: EM132818056

Questions Cloud

What was the cost of goods sold for aileen maglana company : Purchases returns and allowances, P2,000; transportation in, P3,000; ending inventory was P8,000. What was the cost of goods sold for 2019?
Relevant components for the black-scholes formula : How would you value the equity of a firm using real options if the face value of the firms liabilities are bigger than the value of the firms asset'
What potential changes could the federal government enact : After watching the video Generational Theft regarding our nation's debt situation and the impact of entitlements like Social Security and Medicare.
Find key financial variables unchanged : The most recent dividend Blue Mountain Breweries Limited paid was $39% per share. The company expects to pay the same dividend each year.
What the account that appears in the chart of accounts : Valenzuela returned P400 (list price) of the merchandise to San Jose and later paid the amount due within the discount period. The amount paid is
Calculate the current market value of bluenose chip stock : Calculate the current market value of Bluenose Chip's stock. Show your work!
Calculate degree of operating leverage : Calculate degree of operating leverage, degree of financial leverage and degree of combined or total leverage, change in sales is 5%
Describe the cec ethical principles : IDEA requires that specific topics be covered in an IEP meeting. The IEP team consists of general education teachers, special education teachers.
What the seller will issue to the customer a : When a seller of, merchandise allowed a customer a reduction from the original price for defective goods, the seller will issue to the customer a

Reviews

Write a Review

Accounting Basics Questions & Answers

  What were pepsicos total current liabilities

Answer the questions on the following page using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section.

  What is the maximum CCA deduction for Class

The old equipment was acquired 6 years ago for $18,000. B's Class 8 UCC balance the beginning of the current year was $10,000. What is the maximum CCA deduction

  Assuming that depreciation is to be computed on the

goldman corporation bought a machine on june 1 2010 for 44838 f.o.b. the place of manufacture. freight to the point

  What number of units should the firm sell

Fixed costs = $ 36,000; and Tax rate = 40%. What number of units should the firm sell to achieve an after tax target income of $ 6,000

  Determine the standard cost per dining room table if

cumberland furniture company manufactures unfinished oak furniture. cumberland uses a standard cost system. the direct

  Prepare an acquisition analysis for the parent acquisition

What are needed to be done to prepare an acquisition analysis for the parent's acquisition in a subsidiary? How to prepare the disclosures required

  Stockholders equity and before transaction

Assume the a corporation has the following balances before the stock issuance indicated below. Stockholders Equity, Before Transaction. How much cash did the corporation receive? What is the balance in "Contributed capital in excess of par, Common St..

  Discuss what is the opportunity cost of this investment

what is the opportunity cost of this investment

  Match the term to the correct definition

Decrease in equity that occurs from using assets or increasing liabilities in the course of delivering goods or services to customers.

  Compute dow basic and diluted earnings per share

On February 28, 2013, Dow sold 64,000 common shares. Compute Dow's basic and diluted earnings per share for the year ended December 31, 2013

  Wenner furnace corp purchased machinery for 421290 on may 1

wenner furnace corp. purchased machinery for 421290 on may 1 2012. it is estimated that it will have a useful life of

  Determine the current ratio based on Walker balance sheet

Goods purchased costing $21,090 were shipped f.o.b. shipping point by a supplier on December 28. Determine the current ratio based on Walker balance sheet

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!

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