Financial statements annually-uses perpetual inventory

Assignment Help Accounting Basics
Reference no: EM13146024

January 1, 2010, Sands Company had Accounts Receivable $55,000 and Allowance for Doubtful Accounts $4,400. Sands Company prepares financial statements annually and uses a perpetual inventory system. During the year the following selected transactions occurred.

  • Jan. 5 Sold $9,000 of merchandise to Norris Company, terms n/30. Cost of the merchandise sold was $4,510.
  • Feb. 2 Accepted a $9,000, 4-month, 9% promissory note from Norris Company for balance due.
  • Feb. 12 Sold $9,120 of merchandise costing $6,490 to Loflin Company and accepted Loflin's $9,120, 2-month, 10% note for the balance due.
  • Feb. 26 Sold $5,890 of merchandise costing $4,950 to Hossfeld Co., terms n/10.
  • Apr. 5 Accepted a $5,890, 3-month, 8% note from Hossfeld Co. for balance due.
  • Apr. 12 Collected Loflin Company note in full.
  • June 2 Collected Norris Company note in full.
  • June 15 Sold $2,610 of merchandise costing $2,000 to Madrid Inc. and accepted a $2,610, 6-month, 12% note for the amount due.

Reference no: EM13146024

Questions Cloud

Ending balance in wages payable account : Employees earn $5,000 per day, work five days per week, Monday through Friday, and get paid every Friday. If the previous payday was January 26 and the accounting period ends on January 31, what amount is the ending balance in the wages payable ac..
Find proportion of men and women who support gun control : Calculate using excel analysis tools the significance of the difference between the proportion of men and women who support gun control with 74 men oppose.
Depreciation by using the straight-line method : Henry purchased the building on January 2, 2011 for $800,000. The building is to be depreciated using the straight-line method over a period of 40 years with no salvage value. Depreciation for year 1 is?
How many moles of acetylene (c2h2) will be produced : If 7.00 mol calcium carbide (CaC2) reacts with an excess of water, how many moles of acetylene (C2H2) will be produced?
Financial statements annually-uses perpetual inventory : January 1, 2010, Sands Company had Accounts Receivable $55,000 and Allowance for Doubtful Accounts $4,400. Sands Company prepares financial statements annually and uses a perpetual inventory system. During the year the following selected transacti..
How much heat is absorbed : How much heat is absorbed when 28.3g H2O(s) at 0 degrees celcuis is converted to liquid at 0 degrees celcius
State simple linear regression equation : Use the least squares method to find the regression coefficients b0 and b1. State the simple linear regression equation.
Explain the current trend of warming global climate : Explain why the current trend of warming global climate is alarming in spite of the fact that there are normal cycles of warming and cooling throughout the past several millions of year.
Compare the osmotic concentration of the blood : Kidney failure causes a build up of waste and water in the blood, A procedure called hemodialysis removes these substances from the blood, During the procedure.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why is depreciation for income tax purposes an important

Why is depreciation for income tax purposes an important concern of taxpayers and how does tax depreciation differ from financial accounting depreciation?

  Direct material price variance

If a company follows a practice of isolating variances at the earliest point in time, what would be the appropriate time to isolate and recognize a direct material price variance?

  Current price of share-davidson company

Consider the stock of Davidson Company, which will pay an annual dividend of $2 one year from today. The dividend will grow at a constant annual rate of 5 percent

  Making projections of future roes for merck

Merck is one of the largest pharmaceutical firms in the world, and over an extended period of time in the recent past, it consistently earned higher ROEs than the pharmaceutical industry as a whole. As a pharmaceutical analyst, what factors would ..

  Company annual fixed costs

Vince's Pizza delivers pizzas to dormitories and apartments near a major state university. The company's annual fixed costs are $48,000. The sales price averages $9, and it costs the firm $3 to make and deliver each pizza.

  Gaap financial statement purpose

Rubarb farms depreciates its assets at a faster rate for tax purposes than to GAAP financial statement purposes, and invest heavily in municipal bonds. in its first year of operation, the year ended Dec 31, year 1.

  Basics of bond discount amortization

Construct a bond amortization table for this problem to indicate the amount of interest expense and discount amortization at each May 31. Include only the first four years. Make sure all columns and rows are properly labeled. (Round to the nearest..

  Describing statement of cash flows

A Statement of Cash Flow is the statement which demostrate inflow and outflows of cash and cash equivalents of an enterprise during the particular period.

  What is the cost of the equipment

Tyson Chandler Company purchased equipment for $10,000. Sales tax on the purchase was $500. Other costs incurred were freight charges of $200, repairs of $350 for damage during installation, and installation costs of $225. What is the cost of the ..

  Share of the income

They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will McMann‘s share of the income be if the income for ..

  Compute the inventorial costs for the year

compute the inventorial costs for the year.

  Evaluate one proposal that has been discussed

Assess two major reasons that the Corporate Federal income tax has not been reformed to date, and elaborate on how likely it is to happen in the future. Provide support for your rationale.

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