rief Exercise 9-2 ndan Company incurs these expenditures in purchasing a truck: cash price $27,170, accident insurance (during use) $2,310, sales taxes $1,270, motor vehicle license $460. painting and lettering $2,170. at a the cost of the truck? ast of the truck 2$. if you would like to Show Work for this question: Open Show Work
Q: Mix ‘Em Up engages in research to develop cures for famous diseases. Costs incurred during…
A: Since you have asked two different questions under a single question. As per protocol we are…
Q: Ofelia April: 3 Purchased 50 lounge chairs at P1,500 each with terms 2/10, net 45. The chairs were…
A: The merchandise transactions include the entries for purchases, sales and cost of goods sold for the…
Q: Rus exchanged a number of used trucks plus cash for semi-truck. The used trucks have a combined book…
A: In a situation where commercial substance exists, the asset acquired should be recorded initially at…
Q: 3. Prepare journal entries to record all of the transactions for this period in the Central Garage…
A: In Central Garage Funds…
Q: Sky Probe sells state-of-the-art telescopes to individuals and organizations interested in studying…
A: We will answer only first three sub parts as which sub part is to be answered is not mentioned.…
Q: Stainless Works Mfg. Co. consigned 5 dozens of stainless chairs to Urban Furniture Co. on April 1,…
A: Sales value = (amount remitted + selling expenses + deliver and installation) / (1 - commission…
Q: Rodgers Company purchased equipment and these costs were incurred: Cash price…
A: Equipment: In accounting, equipment is a long term or fixed asset that is depreciated over the life…
Q: I need help with this question. Norman Geological Surveys located in Baltimore, Maryland purchased…
A: Norman Geological SurveysMaryland purchase an equipment from a manufacture of North Carolina…
Q: PROBLEM 5-9. On April 1, 2021, the AA Company established an agency in Bulacan, sending its…
A: Net Income Net income is the profit earned by a company after deducting the cost of goods sold,…
Q: The Receiving Department has three activities: unloading, counting goods, and inspecting. Unloading…
A: The cost incurred specifically in an activity need not be distributed over to the other activities…
Q: Rochester Flour Mills purchased new equipment and made the following expenditures: Purchase price…
A: Expenditure: The sum amount paid for the acquisition of a product or service is referred to as the…
Q: 2) Sea Travel sells motor boats. One of Sea Travel’s most popular models is the Wing. During the…
A: Please find the answers to the above questions below:
Q: Ross Company incurs these expenditures in purchasing a truck: cash price $25,000, accident insurance…
A: Cost of the truck = Cash price + Sales taxes + Painting and lettering
Q: Problem 10-10 (AICPA Adapted) At year-end, Kerr Company purchased goods costing P500,000 FOB…
A: The Free on Board FOB destination If a seller of goods quotes a price that is FOB destination, the…
Q: Explain how each of these costs would be accounted for.
A: Cost: It is the economic value incurred by a company to manufacture a product or to render a…
Q: Attempt in Progress Ivanhoe Co. both purchases and constructs various equipment it unes in its…
A: Capitalized cost is the cost incurred in purchasing or building fixed assets . In purchasing fixed…
Q: Sea Travel sells motor boats. One of Sea Travel’s most popular models is the Wing. During the…
A: Note: No inventory valuation method is specified therefore the question is solved with First in…
Q: IGNMENT RESOURCES Problem 3-36 (Part Level Submission) Pharoah's Pantry is a chain of arts and…
A: Degree of Operating Leverage tell us how much company's operating income will change in response to…
Q: Problem 1 Purchase price of raw materials Rebates on raw material purchases P100,000 2,000 Import…
A:
Q: PROBLEM. Please show your computations to receive full credit. Mariposa Manufacturing builds custom…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Seipp Company purchased a vehicle on January 1, 2018. During 2018, 2019 and 2020 they made various…
A: Note: “Since you have asked multiple question, we will solve the first question for you. If you…
Q: 5. The following information was taken from the records of Afternoon Co. Lan. 1, 20x1 29,000 5,000…
A:
Q: Required information [The following information applies to the questions displayed below.] Great…
A: Allocated Transaction price = Combined package * ratio of parts/services
Q: Kindly arrange the journal entries of a company that imported a truck for $38,000. The total…
A: Kindly arrange the journal entries of a company that imported a truck for $38,000. The total…
Q: please prepare the journal entries 1. Received inflatable castle of $40,000 consignment goods…
A: Received inflatable castle=$40000 journal entry will be-
Q: Great American Oilchange (GAO) sells a combined oil change service and parts package for $46. A…
A: Standalone selling price of Parts = $20 Standalone selling price of Service = $20 Total Standalone…
Q: Question Seema Company purchased a machine on April 01, 2017 at a list price of Rs 1,000,000 with a…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: DATE TRANSACTIONS 20x1 Sept. 2 Purchased ski boots for $7,600 plus a freight charge of $310 from…
A: Journal entries shows the recording of transactions during an accounting year and every transaction…
Q: Problem 27-4 (IFRS) establishing a taxi business in a local city during the current year. Legal cost…
A: Amortization is a method under which the book value of the intangible assets or the loan is reduced…
Q: BE9.2 (LO 1) Jawson Repairs incurs the following expenditures in purchasing a truck: cash price…
A: Cost of Fixed Asset - Fixed assets are the assets that are held by the organization for the long…
Q: Yellow Company acquired a delivery truck, making payment of $2,680,000, the payment being analyzed…
A:
Q: A company purchased goods worth RO 10,000 excluding VAT and sold to customers for RO 25,000…
A: Value Added Tax (VAT): It is the consumption tax on goods and services which gets applied on each…
Q: Brief Exercise 9-02 Cullumber Company incurs these expenditures in purchasing a truck: cash price…
A: Capital Expenditure: These costs are incurred to extend the useful life, production capacity, and…
Q: Unit of Measure Quantity Purchased Price per Extended Total Cost Item Unit Rolls 120 $4 $480 Shop…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Store Equipment Delivery Truck 6% per annum on cost 4% per annum on cost 2. During the year, RM8,500…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Record these transactions and any other required adjusting entries by showing their impact on the…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: Corristan Company purchased equipment and incurred these costs: Cash price $24,000 Sales taxes 1,200…
A: Sales Taxes- Sales Tax is a form of tax paid to a leading body for the sale of goods and services.…
Q: gned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on November…
A: The consignor needs to record the gross amount of goods sold to the customer at the time of transfer…
Q: [Ans : Dep. : for Furniture Rs. 24,240; Plant : Rs. 37,380] rom the following particulars, prepare…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Explorer Scopes sells state-of-the-art relescopes to individuais and organizations interested in…
A: “Hey, since there are multiple questions posted, we will answer first three questions. If you want…
Q: nsigned 1,000 video players costing P900 per unit and retailing for P1,500 per unit to UUU on…
A: DEF Company would record the net income after deducting the cost of goods sold for 700 units,…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s EquityPA3. LO 12.2 Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.Tess3false Merchandise is sold for cash. The selling price of the merchandise is $2,000 and the sale is subject to a 7% state sales tax. The journal entry to record the sale would include a credit to Oa. Sales for $1,860 Ob. Cash for $2,000 O c. Sales Tax Payable for $140 Od. Sales for $2,140 Previous Submit Test f Email Instructor All work saved. 64°F ^ E I 99+
- PA3. 12.2 Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.Accounts Payable Subsidiary Ledger The cash payments and purchases journal for Outdoor Artisan Landscaping follow. The accounts payable control account has a June 1, 20Y1, balance of $4,820, consisting of an amount owed to Augusta Sod Co. CASH PAYMENTS JOURNAL Page 31 Date Ck. No. Account Debited Post Ref. Other Accounts Dr. Accounts Payable Dr. Cash Cr. 20Y1 June 4 203 Augusta Sod Co. √ 4,820 4,820 5 204 Utilities Expense 54 630 630 15 205 Home Centers Lumber Co. √ 7,900 7,900 24 206 Nu Lawn Fertilizer √ 1,400 1,400 30 630 14,120 14,750 (√) (21) (11) PURCHASES JOURNAL Page 22 Date Account Credited Post Ref. Accounts Payable Cr. Landscaping Supplies Dr. Other Accounts Dr. Post Ref. Amount 20Y1 June 3 Home Centers Lumber Co. √ 7,900 7,900 7 Concrete Equipment Co. √ 3,660 Equipment 18 3,660 14 Nu Lawn Fertilizer √ 1,400 1,400 24 Augusta Sod Co.…ab User Management,... H https://outlook.offi... FES Protection Plan System 7 - North C... Homework Exercises Saved Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $1,005; terms n/30. 15 Recorded purchases for cash, $1,490. 30 Paid amount due to Salinas Company for the purchase on June 4. June Book Required: Record these transactions in a general journal. erences View transaction list Journal entry worksheet 1. 21 3 Paid amount due to Salinas Company for the purchase on June 4. Note: Enter cebits before credits.
- Online Test Window-Google Chrome tests.mettl.com/test-window/f55ac827#/testWindow/0/20/1 EY Accounting Assessment Total 00:54:23 Finish Test Section 1 of 1 Section #1 v 15 16 17 18 19 20 21 23 24 22 25 21 of 45 All 2 43 Question # 21 G Revisit Choose the best option Under the accrual basis of accounting, if cash is received prior to the sale, then. Revenue is recognized when cash is received O A liability is recognized when cash is received O A liability is removed from the system when the cash is received O Revenue is removed from the system when the services have been performed or the goods have been delivered. Next Question Prev Question +91-82878-03040 Zaineh | Support +1-650-924-9221 4:14 PM meti gRへコ伝り) A 1/16/2021 Tyne here to searchtests.mettl.com/test-window/f55ac827#/testWindow/0/13/1 EY Accounting Assessment Total 00:55:04 Finish Te Section 1 of 1 Section #1 v 5 6 10 11 12 8. 9. 13 14 15 14 of 45 All 2 43 Question # 14 G Revisit Choose the best option The following costs were among those incurred by Woodcroft Corporation during 2007 Merchandise purchased for resale $500,000, Salesmen's commissions 40,000, and Interest on O $500,000 O $505,000 notes payable to vendors 5,000. How much should be charged to the cost of the merchandise purchases? $540,000 O $545,000 Prey Queston Next Questic +91-82878-03040 Zaineh Support +1-650-924-9221 413 PM meti 1/16/2021 Tyne bere to searchquestion O C. Work in Progress Finished Product 48 Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000 What will be the average debtors? ut of O a. OMR 15000 uestion O b. OMR 7500 O c. OMR 30000 O d. OMR 10000 pe here to search Pa lenovo
- 12 - Our company has paid a maintenance cost of 5,900 TL, including 18% VAT, from the bank for the vehicle purchased for use in its commercial activities. Which of the following accounts is correct to use in the relevant accounting record? a) 254 Vehicles Hs. 5,000 TL B) 391 Calculated VAT Hs. 900 TL (Borrower) NS) 191 VAT Deductible 900 TL (Creditor) D) 760 Marketing Distribution and Sales Expenses Hs. 5,000 TL (Borrower) TO) 254 Vehicles Hs. 5.900 TL (Borrower)Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales b. Gross Profit c. Net ProfitRecord the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Aug. 3 Shipping charges Aug. 7 Purchase with cash Aug. 12 Payment