User Account

All Pages

What was blossom gross profit for july

Assignment Help Accounting Basics
Reference no: EM132827819

Blossom Company commenced operations on July 1. Blossom Company uses a periodic inventory system. During July, Blossom Company was involved in the following transactions and events:

July

  1. 2 Purchased $14,000 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point.
  2. 3 Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.
  3. 4 Paid $500 of freight costs on July 2 shipment.
  4. 8 Sold merchandise for $2,000 cash.
  5. 11 Paid Suppliers Inc. the full amount owing.
  6. 15 Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point.
  7. 25 Received full payment for the merchandise sold on July 15.
  8. 31 Blossom did a physical count and determined there was $9,500 of inventory on hand.

Problem 1: What was Blossom gross profit for July?

Reference no: EM132827819

Questions Cloud

Leaders employ different leadership styles : If leaders employ different leadership styles with various followers, how might it impact organizational effectiveness?
What is the corporation recognized gain or loss : Barbara sells an asset to her wholly-owned corporation.What is the corporation's recognized gain or loss if it sells the asset for $30,000 several years later?
Develop an attitude of inquiry and asking questions : Your Chief Nurse Executive (CNE) recognizes you are pursuing your BSN and has asked you to be a member of the nursing evidence-based practice (NEBP) committee.
Find all continuous functions : Find all continuous functions - how that f is discontinuous at infinitely many points - If p is a prime number and a > 0 is an integer divisible
What was blossom gross profit for july : What was Blossom' gross profit for July? Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.
Create a journal entry to record the cash dividend : Flounder Corporation has outstanding 200,000 common shares that were issued at $11 per share. Create a journal entry to record the cash dividend
Identify contemporary management challenges : Identify contemporary management challenges facing health care organizations.
How author review of literature supported research purpose : Discuss how the author's review of literature (studies) supported the research purpose/problem. Share something that was interesting to you as you read through.
Prepare the correcting entries for oriole company : Prepare the correcting entries. A payment on account of $700 to a creditor was debited $580 to Accounts Payable and credited $580 to Cash.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the company margin of safety for the year

ABC Passenger Service Airlines has determined the breakeven point, both in dollars and passengers, What is the company's margin of safety for the year

  How would you determine the impairment of fixed assets

How would you determine the impairment of fixed assets? Provide an appropriate numerical example to support your response

  Describe the concept of corporate governance

Describe the concept of corporate governance. Explain how internal audit ?ts into the corporate governance equation, and outline what the corporate governance.

  Should a corporation be in a position to liquidate detail

should a corporation be in a position to liquidate detail the order of payment to debt and equity holders. consider

  How do public attitudes differ about own source funding

Grants use "other people's money" to pay for programs. How do public attitudes differ about "own source" funding and grant funding?

  How much is carrying amount of note receivable on dec

How much is the carrying amount of note receivable on December 31, 2020? On December 31, 2019, Gel Company sold used equipment.

  Computing and Recording Cost and Depreciation of Assets

Question - Computing and Recording Cost and Depreciation of Assets. What will be the net book value of the property (land and building) at the end of year 2

  Patriot paid dividends of 39000 during the year there were

the following changes in patriots corp account balances occured during 2011 assets 267000 increaseliabilities 81000

  Determine the variable cost per unit and total fixed cost

Question - High-low method - Using the high-low method, determine (a) the variable cost per unit and (b) the total fixed cost

  Determine the break-even point

Lance Company has a unit selling price of $250, variable cost per unit of $160, and fixed costs of $135,000. Compute the break-even point in units using (a) the mathematical equation and (b) contribution margin per unit.

  Determine the amount of money in a savings account at the

determine the amount of money in a savings account at the end of five years given an initial deposit of 3000 and an 8

  On february 24 amw purchased 4000 shares of kmp newly

on february 24 amw purchased 4000 shares of kmp newly issued 6 percent cumulative 75 par preferred stock for 304000.

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