Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
(Purchases Recorded, Gross Method) Cruise Industries purchased $10,800 of merchandise on February 1, 2014, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13.
Instructions
(a) Assuming that Cruise uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
(b) Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method.
(c) At what amount would the purchase on February 1 be recorded if the net method were used?
Waley Corporation, a merchandising company reported sales of 7,400 unite for May at a selling price of $677 per unit. The cost of goods sold ( all variable) was $441 per unit and the variable selling expense was $54 per unit. Prepare a contribution f..
Describe the difference between temporary and permanent accounts and state which ones are closed. Describe the purpose of the closing process
Compute the applied fixed overhead. Compute the fixed overhead spending and volume variances. Compute the applied variable overhead. Compute the variable overhead spending and efficiency variances.
As an alternative to advertising the factory foreman suggests that if the Company reduces the selling price to $61 per ton sales can be increased to 4,500 tons. Do you recommend the reduction in sales price?
Flite Company reported income before taxes of $900,000 and an extraordinary loss of $250,000. Assume that the company’s tax rate is 35%. What amounts will be reported on the income statement for income before irregular items and extraordinary items, ..
A machine which cost $300,000 is acquired on October 1, 2014. Its estimated salvage value is $30,000 and its expected life is 8 years. Calculate depreciation expense for 2014 and 2015 by the double-declining balance method. Show all figures used and ..
Which item would not appear on the Income Statement? Which of the following are permanent accounts?
Jesper Parnevik borrowed $96,370 on March 1, 2012. This amount plus accrued interest at 10% compounded semiannually is to be repaid March 1, 2022. To retire this debt, Jesper Parnevik plans to contribute to a debt retirement fund five equal amounts s..
evaluating absorption and variable costing as alternative costing methodsthe questions below pertain to two different
During 2013, the first year of operations, oak inc. pays salaries of $295,000 at the end of the year employees have earned salaries of $20,000 which are not paid by oak until early in 2014. what is the amount of the deduction for salary expense
What is Amazon's expected return in a year when each factor is 1 percent lower than its expectation? If Amazon.com's stock price rises by 12 percent during this period.
Discuss how judgments and estimates play a major role in preparing M&S' consolidated financial statements. Give examples from the accompanying notes.
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd