State college technology store is a retail computer store

Assignment Help Accounting Basics
Reference no: EM13482809

State College Technology Store is a retail computer store in the university center of a large mid-western university. SCTS engaged in the following transactions during November of the current year: Nov. 1 Purchased 20 Nopxe laptop computers on account from Led Inc. The laptop computers cost $800 each, for a total of $16,000. Payment is due in 30 days. Nov. 6 Sold four Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1,200 each, for a total of $4,800. Payment is due in 30 days. Dec. 1 Paid the $16,000 account payable to Led Inc. Dec. 6 Collected the $4,800 account receivable from State College's Department of Microbiology. Assume that the other expenses incurred by SCTS during November and December were $1,000, and assume that all of these expenses were paid in cash. SCTS is not subject to income tax because it is a wholly-owned unit of a nonprofit organization.

Reference no: EM13482809

Questions Cloud

Stower research issues bonds dated january 1 2011 that pay : stower research issues bonds dated january 1 2011 that pay interest semiannually on june 30 and december 31. the bonds
The market value of lake corporations inventory has : the market value of lake corporations inventory has declined below its cost. sheryl conan the controller wants to use
How much will bkfcoms monthly profits change if they decide : in this make or buy problem you should compute the total cost of making a particular part and the total costs of buying
Review the wacc calculations in the attached excel file in : review the wacc calculations in the attached excel file. in your own words do the followingexplain the steps for
State college technology store is a retail computer store : state college technology store is a retail computer store in the university center of a large mid-western university.
Delmott sells a snowboard xpert that is popular with : delmott sells a snowboard xpert that is popular with snowboard enthusiasts. below is information relating to delmotts
Assume that you have been assigned to explain the following : assume that you have been assigned to explain the following to upcs capital planning committeechallenges associated
If required round your cost per equivalent unit amounts to : information for the sandy manufacturing company for the month of july 2012 is as follows.beginning work in
Carson is paid by commission only he receives 16 of his : carson is paid by commission only. he receives 16 of his sales. how much would he earn in a week if he sales reached

Reviews

Write a Review

Accounting Basics Questions & Answers

  Consolidated balance sheet at the date of takeover

Bailey,Inc.,buys 60 percent of the outstanding stock of Luebs,Inc.,in an acquisition that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000 but was worth $500,00 at the acquisition date. What value should be at..

  The method of evaluating financial data which change under

the method of evaluating financial data that change under different courses of action is calleda. financial statement

  From e-activity measure two different software packages and

you are part of a project management team evaluating accounting software packages that could be used by samps i.e. the

  The zenith manufacturing corporation sells a certain

the zenith manufacturing corporation sells a certain product at a price of 50 each. the variable costs involved in the

  Calculate the book value of mr howells shares before and

thurston howell iv is the sole heir to the howell enterprise fortune.nbspnbsphe does not participate in the business

  Aviss taxable income for the year is 300000 and bests

aviss taxable income for the year is 300000 and bests taxable income for the year is 425000. for each of the scenarios

  Suppose that goodrich corporation is evaluating a capital

suppose that goodrich corporation is evaluating a capital expenditure proposal that has the following predicted cash

  Provide evidence from the text to support your position

There are arguments (for and against) variable costing and absorption costing.  Select one of these costing methods and explore the various arguments.  Determine whether you are "for" or "against" this selected method.  Provide evidence from the text..

  Explain why starting a large number of wafers into

techno enterprises is a manufacturer of microchips its production process is complex and involves more than 100 steps

  Determine each of the following round answers to one

the balance sheet for bearing industries inc. at the end of the current fiscal year indicated the following bonds

  How operating income be affected

If Hoffman accepts the special order, the company would not have to pay its salespeople their normal commission of $2 per unit, but the company would incur a shipping cost of $3 per unit on the items in the special order. If Hoffman accepts the sp..

  Statement of cash flows basics

In addition Explain the differences between the "Direct Method" and the "Indirect Method" of presentation of the Statement of Cash Flows and how each differs for the reporting classifications.

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