K. Fen, a sports retailer, made the following purchases during the month of May. May 2 Received a bill (Invoice # 142) from H. Evening for the purchase of 5 basketballs worth $83 each and 15 footballs worth $40 each. Received a bill (Invoice #152) from H. Johnson for the purchase of 7 cricket bats worth $55 each, 5 pairs of ice skates worth $27 each and 4 rugby balls worth $27 each. May 7 Received a bill (Invoice # 162) from M. Codd for the purchase of 5 cricket bats worth $64 each. Received a bill (Invoice # 239) from M. Moore for the purchase of 9 packages of golf balls at $40 each. May 10 May 18
Q: In order to confirm the previous clerk's payroll calculations, you have been asked to supply the…
A: Payroll subject to federal and state unemployment taxes=Federal Unemployment Tax PayableFederal…
Q: factory equipment delivery trucks labor $18 15 60
A: Answer :a) Manufacturing overhead: Factory utilities $18,700 Depreciation on factory equipment…
Q: Which of the following describes the investing activities as shown in the statement of cash flows?…
A: Investing activities are the events or transactions which are incurred in relation to the…
Q: Calculate depreciation expense using the activity-based method for 2024 and 2025, assuming a…
A: Activity based depreciation method is a method which expense off depreciation as per the usage of…
Q: Required: 1. Restate the statement of earnings to reflect the valuation of the ending Inventory on…
A: Smart Company Statement of Earnings (LC & NRV Basis) For the Year Ended Dec 31, 2020 Sales…
Q: What advantages do MNEs, as compared to domestic enterprises, have with regards to raising capital,…
A: There has been an increase in the number of multinational firms with the integration of world…
Q: The gain on discharge of debt is Select one: a. $1,110,000 b. $710,000 c. $780,000 d $130.000
A: The correct solution is: c. $780,000
Q: The level of inventory of a manufactured product has increased by 7,871 units during a period. The…
A: Absorption costing: Absorption costing is also called traditional costing. This method of costing…
Q: A petty cash fund was established with a $525 balance. It currently has cash of $65 and petty cash…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Coastal Cycles makes three models of electric bicycles: E20, E35, and E60. The models differ by the…
A: The cost per unit is calculated as total cost divided by number of units produced. The work in…
Q: Explain what you understand by the following framework in relation to Financial Reporting process:…
A: Framework in relation to Financial Reporting process The set of regulations that serve as guidance…
Q: Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2021, that pay interest…
A: Bonds are not always issued at par. If the stated rate of the bond is less than the market rate,the…
Q: On July 1, 20X1, Pushway Corporation issued 100,000 shares of common stock in exchange for all of…
A: Total equity in the consolidated balance sheet is the total of existing equity of Pushway plus the…
Q: STI Industries manufactures two types of industrial staplers, small and regular. During October, STI…
A: Lets understand the basics. Material price variance is a variance between the rate at which material…
Q: Deferred tax assets and deferred tax liabilities represent the tax effect of the temporary…
A: A deferred tax asset represents a financial benefit, while a deferred tax liability indicates a…
Q: Why is it important to consider the cost of long-term capital expenditures when they reside on the…
A: The assets acquired through capital outlay are long-term investments having a minimum one-year…
Q: A business operated at 100% of capacity during its first month and incurred the following costs:…
A: Absorption costing: Absorption costing is also called traditional costing. This method of costing…
Q: Don Donay Inc. has identified an activity cost pool to which it has allocated estimated overhead of…
A: Overheads are those expenses which are incurred by the business entities so as to carrying out its…
Q: Eco Corporation had no short-term investments prior to this year. It had the following transactions…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Here is the following data extracted from the records of a company during the year 2019, as follows:…
A: COST STATEMENT RAW MATERIAL CONSUMED 325000 OPENING STOCK 350000 PURCHASES 125000…
Q: 15. What would be the per unit overhead cost for product Y, if activity-based costing was used? 16.…
A: Meaning of Activity based costing: 1. Activity-based costing (ABC) is a method of assigning overhead…
Q: Garden Landscapers is a monthly depositor whose 4th quarter FUTA taxes and 4th quarter voluntary…
A: Journal entry is the procedure for initially documenting commercial transactions in the books of…
Q: J4
A: James purchased a fundraising theater performance that came with a qualified charity. The fair value…
Q: Samberg Incorporated had the following transactions. October 1 – Sold $17,500 of merchandise on…
A: Notes receivable are defined as the instruments in which a written promise is made to disburse a…
Q: Scotland Beauty Products manufactures face cream, body lotion, and liquid soap in a joint…
A: Joint cost means the cost incurred to produce more than one units and then joint cost need to be…
Q: Julia's Motorcycles Inc. produces one model of motorcycle, called the Lightning. The Lightning has…
A: MSRP stands for "manufacturer's recommended retail price," which refers to the price that a…
Q: WEngageU is a specialist jeweller that designs, makes and sells high end engagement and wedding…
A: Current ratio is the ratio of entity's current assets to its current liabilities. It is a liquidity…
Q: Explain TWO attributes of a good tax system citing examples.
A: Disclaimer: "Since you have asked multiple question in a single question, so we answered first…
Q: sing the Financial Statements below Calculate the Free Cash flows for RPI , Inc for the year ended…
A: A cash flow statement is a statement that provides sources of inflows of funds and sources of…
Q: n on equity of 12 per aordinary dividend of lends, what should th d your final answer
A: Answer : Price of the ordinary dividend = D0 (1+g)/(Ke-g) Price of the ordinary dividend =…
Q: Using semiannual compounding, find the prices of the following bonds: a. A 9.4%, 15-year bond priced…
A: Note:- Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Evaluating Investment Centers Terry Enterprises, Inc. has two divisions-the Foods division and the…
A: Return on Investment: Return on investment is a measure of the profitability of an investment. It…
Q: Gaines Corporation invested $124,000 to acquire 21,000 shares of Owens Technologies, Inc. on March…
A: Lets understand the basics. When entity holds less than the 20% of the ownership of the invested…
Q: Ace Architects employs two architects, each having a different area of specialization. Caitlin…
A: Lets understand the basics. Predetermine overhead is required to calculate to allocate cost to the…
Q: John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that…
A: A tax return is the form which is to be submitted to a taxing body that includes all the details…
Q: On December 29, Patel Products, Incorporated, sells a delivery van that cost $20,000. After…
A: Accumulated depreciation is the cumulative balance of the depreciation expense which is shown in the…
Q: Presented below is information related to equipment owned by Novak Company at December 31, 2025.…
A: Asset is defined as any resource or item that assists in attracting income to the owner. Each asset…
Q: Prepare a report that compares the non-value-added costs for 20x2 with those of 20x1. Enter all your…
A: A non-value added activity is one which, if eliminated, would not detract from the customer's…
Q: [The following information applies to the two next questions. Suppose that you buy an office…
A: As per federal tax laws a commercial property can be depreciated for a period of 39 years on a…
Q: A company’s sales on account for the coming months are as follows: May $120,000 June $126,000…
A: Expected cash receipts in July- Cash receipts of July received in the same month= $132,300 *70% i.e…
Q: The following is from the 2021 annual report of Kaufman Chemicals, Inc.: Statements of Comprehensive…
A: In business accounting, revenues, costs, gains, and loses that have yet to be recognized but aren't…
Q: Selected information related to warranties provided by IBM follows (in millions of U.S. dollars):…
A: Journal entry is the primary step to record the transaction in the books of accounts. Warranty is…
Q: Which statement is incorrect with respect to the number-of-shareholders test in filing an S…
A: The correct answer is: (E) None of the above statements is incorrect. i.e a. Husband Jaime and…
Q: Pedro Company has $191,000 of machinery being depreciated over 5 years. There is no estimable…
A: Straight line depreciation is a common method of depreciation where the value of a fixed asset is…
Q: Bett Inc. has the following 8 units A-H Description A B Assets 50 70 Revenue Profit Units 7 C 40 650…
A: A entity should report all the segments which has at least 10℅ of revenue, or 10℅ of profit or…
Q: Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable…
A: The answer is: Debit Bad debts expense $61,000 Credit Accounts Receivables $61,000
Q: In 1982, the average price of a new car sold in Canada was $10,668. By 2009, the average price of a…
A: An increase in prices can be due to inflation. The average annual rate of change in car prices is…
Q: The management team of Gwapo Co. is deciding to acquire Beauty Co., an entity that sells a product…
A: When one company purchases another company for consideration it is known as an acquisition. To…
Q: When proposing research, two issues are evaluated and they are: Select one: a. Budget and value…
A: Research is described as the development of new information and/or the innovative application of…
Q: Legacy issues $740,000 of 7.5%, four-year bonds dated January 1, 2021, that pay interest…
A: The total interest paid on a company's payable bonds over the course of a reporting period is known…
Step by step
Solved in 3 steps
- Cullumber's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,300 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $2,800. The cost of the books sold was $1,800. 6 Received $200 credit for books returned to Binsfeld Publishers. 9. Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,500. The cost of the merchandise sold was $1,500. Purchased books on account for $2,500 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full. 28 Sold books on account to Baeten Bookstore for $1,200. The cost of the merchandise sold was $970. 30 Granted Baeten Bookstore $170 credit for books returned costing $102. Journalize the…Blossom Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,065 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,500. The cost of the merchandise sold was $700. 6 Received $65 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,900, terms of 2/10, n/30. The cost of the merchandise sold was $750. 20 Purchased books on account for $800 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full, less discount from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,250. The cost of the merchandise…Blossom’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Blossom’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred. June 3 Sold books on account to Reading Rainbow for $2,600. The cost of the books sold was $1,700. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020. 24 Received payment in full from Rapp Books. 28 Sold books on account to Baeten Bookstore for $1,100. The cost of the books sold was $970. 30 Granted Baeten Bookstore $110 credit for books returned costing $66. Journalize the transactions for the month of June for Blossom’s Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the…
- Culver’s Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. 30 Granted General…Culver’s Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. 30 Granted General…Martinez’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Martinez’s inventory consisted of books purchased for $1,600. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,300 from Kline Publishers, FOB destination, terms 1/10, n/30. The appropriate party also made a cash payment of $40 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,900. The cost of the books sold was $940. 6 Received $100 credit for books returned to Kline Publishers. 9 Paid Kline Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Blanco Books for $1,700. The cost of the books sold was $1,020. 20 Purchased books on account for $1,200 from Dietz Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60 for…
- The following transactions were selected from among those completed by Bennett Retallers in November and December: November 20 November 25 Sold 20 items of merchandise to Customer 8 at an invoice price of $6,400 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 1 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 2/10, n/38. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. December 6 Customer D paid the account balance in full. December 20 Customer 8 paid in full for the invoice of November 20. November 28 November 29 Required: Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your…Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,760 (including freight) from Catlin Publishers, terms 4/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,750. The cost of the merchandise sold was $850. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,750. The cost of the merchandise sold was $700. 20 Purchased books on account for $850 from Priceless Book Publishers, terms 3/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,950. The cost of the merchandise sold was $980. 30 Granted General…The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $600 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Customer C at an invoice price of $3,600 (total); terms 2/10, n/30. 28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,800 (total); terms 2/10, n/30. 30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 06 Customer D paid the account balance in full. 30 Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. I just need help with the journal entry on Dec. 06 and also computing the net sales.
- Crane Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,280 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $800. 6 Received $80 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,100. The cost of the merchandise sold was $950. 20 Purchased books on account for $800 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,550. The cost of the merchandise sold was $800. 30 Granted General…Crane Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,180 (including freight) from Catlin Publishers, terms 4/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $900. The cost of the merchandise sold was $700. 6 Received $80 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,600. The cost of the merchandise sold was $950. 20 Purchased books on account for $800 from Priceless Book Publishers, terms 3/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,800. The cost of the merchandise sold was $820. 30 Granted General…Crane’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Crane’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,700 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,400. The cost of the books sold was $1,400. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,000. The cost of the books sold was $1,200. 20 Purchased books on account for $2,000 from McGinn Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60…