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!
Halifax Manufacturing allows its customers to return merchandise for some reason up to 90 days after delivery and receive a credit to their accounts. The company started 2013 with an allowance for sales returns of $300,000. In 2013, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65 percent of selling prices). Also through the year, customers returned $450,000 in sales for credit. Sales returns, estimated to be 4 percent of sales, are recorded as an adjusting entry at the end of the year. 1.1 Create the entry to record the merchandise returns. (If no entry is needed for a particular transaction, select "No journal entry required" in first account field.) Record the actual sales returns. Record the return of merchandise to stock. 1.2 Create the entry to record the year-end adjusting entry for predictable returns. (If no entry is needed for a particular transaction, select "No journal entry required" in first account field.) Record the year-end adjusting entry for expected returns. Record the adjusting entry for the expected return of merchandise. 1.3 Evaluate the amount of the year-end allowance for sales returns after adjusting entry is recorded?
Ending balance in allowance account:
The concept of valuing Inventories at the "Lower of Cost or Market" and the estimated "full absorption cost" of manufacturing 100 stag horn buttons
School District 25 formally integrates the budget into the accounting system and uses the encumbrance system. All appropriations lapse at year-end.
A staff auditor was listening to a conversation between two senior auditors regarding the audit risk model. Following are some statements made in that conversation.
Spacer Company has 2 service departments and two operating departments. Budgeted costs and budgeted activity in the several departments
Determine the cost of goods available for sale, the ending inventory, and the cost of goods sold. Then create the journal entries for January 4 and 18.
Would your answer change if EFL had written to King and Queen advising you that they intended to make a loan to Impulse and were relyingon the 2012 audited financial report to assist them in making their decision?
What are the expected rates of reimbursement for this time frame for each payer? What is your expected accounts receivable? What is the rate that you should charge for these services (using one charge rate for all payers)? Find the total charges for ..
The company's debt agreement with Western Financial Services requires the company to furnish the lender a report by our firm on KCN's compliance with various restrictive debt covenants.
What is the rationale for accounting for (nonexpendable) endowment funds on the full, rather than a modified, accrual basis? Why is it important that depreciation be charged on capital assets held as endowment fund investments?
Explain for the client the benefits of using an internal auditor. Explain how their background benefits the client.
Use the events and outcomes surrounding the collapse of Enron and Arthur Andersen to give insight on this issue in a one page Memo that is addressed to Mr. Tu Dewie and resolves his concerns.
Prepare the consolidation removal entries
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