What were the actual sales

Assignment Help Accounting Basics
Reference no: EM131320199

Please be sure to show all of your work and calculations.

1. From the below information, calculate the final balance to be carried forward in your check stubs as of the end of October.
Oct. 1 beginning balance $1,200.50
Oct. 8 deposit $300.00
Oct. 12 checks written to bloom company $382.65
Oct. 16 deposit $400.00
Oct. 28 checks written to flex company $185.99
Oct. 31 checks written to Ryan company $88.92

2. Use the information below to determine the values of A, B, C, and D.
Item rug
List $1,400
Chain discount 18/12
Net price EQ rate (A)
Single EQ rate (B)
Amount of trade discount (C)
Net price (D)

3. A truck costing $25,00 with a residual value of $5,00 was purchased by ram corporation. The truck's estimated life is 10 years. What is the book value at the end of year 2 using the declining-balance method? Assume a depreciation rate of twice the straight-line rate.

4. Last year's sales at Mel's Cinema totaled $144,600. This year's sales should increase by 1/3. How much should sales increase by, and what will sales be in the New Year?

5. A furniture company produced five times as many beds on shift 2 as it did on shift 1. If a total of 240 beds were produced, how many were produced on each shift?

6. US Airways has a net income of $60,000 before taxes. It's expected that 45% of the net income will go to federal and state taxes. How much will US Airways have left?

7. Sullivan's Handbags marks up its bags at 45% of the selling price. Pat Sullivan saw a bag at a trade show that she would sell to her customers for $85.00. What is the most she could pay for the bag and still retain the 45% markup of the selling price?

8. Amy Koy met Pat Quin on September 8 at Queen Bank. After talking with Pat, Amy decided she would like to consider a $9,000 loan at 10 and a half percent to be repaid on February 17 of the next year on exact interest. Calculate the amount that Amy would pay at maturity under this assumption. Round all answers to the nearest cent.

9. On May 12, Bob Campbell accepted a $5,000 note in granting a time extension of a bill for goods bought by Rick Ween. Terms of the note were 8%for 120 days. On July 8, Bob needed to raise cash and discounted the note at Rick's bank at a discount rate of 9%. Calculate Bob's proceeds using ordinary interest.

10. The asset turnover of Jerry's Sleepshop is 3.2. Jerry's total assets are $32,000. What were Jerry's net sales?

11. Moore Supermarket began the year with 300 boxes of oat flake cereal with a unit cost of $1.89. During the year, the following additional purchases were made:
May 1 200 boxes@ $2.10/each
June 1 400 boxes @ $2.20/each
August 1 250 boxes @ $2.40/each
At the end of the year, Moore had 475 boxes of oat flakes on the shelf and in the back room. Assuming LIFO calculated the (a) cost of ending inventory and (b) cost of goods sold.

12. Total sales for ApplianceCenter were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales?

13. Joe Rossen opened a pizza shop. He insured his shop for $90,000 for fire. What is his insurance premium if the rate per $100 is $0.83?

Reference no: EM131320199

Computing the tax liability

In 2010, Athena reported $35000 of taxable income. Of this, $30000 came from her work at the local library and the remaining $5000 was from capital gains to be taxed at pref

Identify and assess the fraud

Based on your research, identify and assess the fraud that occurred in the organization, as well as the impact that the fraud had on the corporation's investors and creditor

What is patnode''s current ratio at the end of 2004

Patnode's 2005 statement of cash flows contains four items in the financing section. Three of them are: Short-term debt issued, $15,000; Short-term debt paid, ($10,000) and

Level of optimism of investment managers

Develop a probability distribution for the level of optimism of investment managers. Compute the expected value for the level of optimism. Compute the variance and standard de

Realized and recognized gain or loss

Sarah owns 100 shares of Drake,Inc. (adjusted basis of $50,000). On October 11, 2010, she sells the 100 shares for their fair market value of $45,000. On November 5, 2110, s

Prepare the december 31, 2014 adjusting entries

Journalize the transactions described as (1) through (3). Include the date - Prepare any adjusting entries required at April 30 and Prepare the December 31, 2014 adjusting ent

Foreign policy obervations-illegal foreign payments

Bribes and kickbacks are against U.S. law, but are considered standard practice in many countries. Take a position and argue your position on how the U.S. should treat bribe

Prepare entries in the general fund to record

1. Estimated revenues for the fiscal year were $250,000 and appropriations were $248,000. 2. The tax levy for the fiscal year, of which 99% is believed to be collectible, was


Write a Review

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