What the journal entry to be made by fc on april is

Assignment Help Financial Accounting
Reference no: EM132499701

Question 1: On April 4, Fignola Company (FC) sold sweaters to one of its customers for $65,000 on credit terms of 3/15, net 30. On April 8, the customer contacted FC to say that the sweater colours did not match their original order. FC reached an agreement with the customer to keep the shipment and FC granted the customer a price reduction of $3,000. The customer paid the outstanding bill on April 15. The journal entry to be made by FC on April 15 is ?

Reference no: EM132499701

Questions Cloud

Compute what are the projected spontaneous liabilities : Sales are expected to grow by 8% next year. Assuming no change in operations from this year to next year, what are the projected spontaneous liabilities?
Implement contemporary data analysis tools : Implement contemporary data analysis tools to analyse business performance and Interpret findings and effectively communicate solutions to business scenarios
What will be the effect of the loss on comprehensive income : $8800 during the current year. Assuming a 32% tax rate, what will be the effect of this loss on comprehensive income? How much increase or decrease?
Best estimate of the stock current intrinsic value : Paradise Tours, Inc. just paid a dividend of $4.95. Analysts expect the company's dividend to grow by 35% this year, by 20% in year 2, and at a constant rate
What the journal entry to be made by fc on april is : FC granted the customer a price reduction of $3,000. The customer paid the outstanding bill on April 15. The journal entry to be made by FC on April 15 is ?
What is the project mirr : What is the project's MIRR? Do not round intermediate calculations. Round your answer to two decimal places.
Prepare and present a complete mentoring : Prepare and present a complete Mentoring Peer-to-Peer (P2P) Learning Strategy covering peer-to-peer learning within a defined organisation or entity
Provide the definitions of a discount bond and premium bond : Why might the Standard & Poor's 500 Index be a better measure of stock market performance than the Dow Jones Industrial Average?
What is the firm value of operations : Florida Development, Inc.'s free cash flow (FCF) during the year just-ended (t = 0) was $75 million, and FCF is expected to grow at a constant rate of 5% per

Reviews

Write a Review

Financial Accounting Questions & Answers

  Number of unrelated transactions for the village

Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet. Prepare in general journal form the necessary ..

  What is the marginal cost of making one additional chair

If the company is able to produce and sell 44,000 chairs, how much will the company make on the chairs? What is the marginal cost of making one additional chair?

  Expect to make additional profits or losses

Lark Art Company sells unfinished wooden decorations at a price of $15.00. The current profit margin is $5.00 per decoration. The company is considering taking individual orders and customizing them for sale. To finish the decoration the company woul..

  Some analytical procedures that heiss might perform

The audit of GolfDay Company, a manufacturer of bicycle racks and golf carts, is almost finished. Krista Heiss is the most experienced auditor on this audit and is in charge of performing review analytical procedures. What are some analytical procedu..

  How does their formal code of ethics help the company

ACG2102 Evaluate it based on how clearly it identifies proper and improper behavior. Discuss its strengths and if, and how it might be improved

  Present value of an ordinary annuity

On January 1, Mojo Company purchased a new machine for $100,000 to be depreciated over 5 years. It will have no salvage value at the end of its useful life. For both book and tax purposes, depreciation will be $20,000 per year.

  Evaluate the amount of depreciation expense

Evaluate the amount of depreciation expense recognized in Year 2, Year 3, and Year 4 under (a) the revaluation model of IAS 16 and (b) U.S. GAAP. Evaluate the book value of the building under the two different sets of accounting rules at 2 nd Janu..

  Accumulate the costs by account

Accumulate these costs by account. Assign the costs of salaries and commissions to selling expense and administrative expense by filling in the following table.

  Rate of return for investment in the axb corporation

What was Kate's TOTAL rate of return for her investment in the AXB corporation?

  Illustrate what amounts should bbc record for the bonds

BBC incurred $200,000 in accounting fees and $50,000 in banking fees related to this transaction. Illustrate what amounts should BBC record for the bonds upon issuance using US GAAP and IFRS?

  What is consolidated net income for green tree

What is consolidated net income for Green Tree and its subsidiary?

  Claculate the cost of ending work in process

At the start of November, Penco Refinery had work in process inventory consisting of 4,000 units that were 90 percent complete with respect to materials and 50 percent complete with respect to conversion costs. Calculate the cost per equivalent unit ..

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