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Aug. 1 Purchased merchandise from Arotek Company for $5,100 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 4 At Arotek’s request, Sheng paid $340 cash for freight charges on the August 1 purchase, reducing the amount owed to Arotek. 5 Sold merchandise to Laird Corp. for $3,570 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $2,549. 8 Purchased merchandise from Waters Corporation for $4,400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. The invoice showed that at Sheng’s request, Waters paid the $240 shipping charges and added that amount to the bill. (Hint: Discounts are not applied to freight and shipping charges.) 9 Paid $240 cash for shipping charges related to the August 5 sale to Laird Corp. 10 Laird returned merchandise from the August 5 sale that had cost Sheng $425 and been sold for $595. The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems with the merchandise purchased on August 8, Sheng received a credit memorandum from Waters granting a price reduction of $664. 15 Received balance due from Laird Corp. for the August 5 sale less the return on August 10. 18 Paid the amount due Waters Corporation for the August 8 purchase less the price reduction granted. 19 Sold merchandise to Tux Co. for $3,060 under credit terms of 1/10, n/30, FOB shipping point, invoice dated August 19. The merchandise had cost $2,124. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sheng sent Tux a $510 credit memorandum to resolve the issue. 29 Received Tux’s cash payment for the amount due from the August 19 sale. 30 Paid Arotek Company the amount due from the August 1 purchase. Prepare journal entries to record the above merchandising transactions of Sheng Company, which applies the perpetual inventory system. (Round your answers to 2 decimal places.)
Little Joe just graduated from High School at the age of 17. His grandmother, as a graduation present decided to give him $10K in a high yield mutual fund that is expected to average at least 10% interest. If little Joe decides to leave it in the acc..
Determine the current year's overhead application rate
The following information was taken from Slater Company's balance sheet: Determine the company's ratio of fixed assets to long-term liabilities. Determine the company's ratio of liabilities to stockholders' equity.
Below are transactions for Hurricane Company during 2018. a. On October 1, 2018, Hurricane lends $7,700 to another company. The other company signs a note indicating principal and 12% interest will be paid to Hurricane on September 30, 2019. Record t..
Question 4. Question : The accounting equation is the basis for analyzing, summarizing, and recording transactions in accounting. The accounting equation is:
Alson Enterprises needs someone to supply it with 168,000 cartons of machine screws per year to support its manufacturing needs over the next 4 years, and you've decided to bid on the contract. It will cost you $873,600 to install the equipment neces..
The statement also shows that the company has depreciation and amortization expenses equal to $50,000 and taxes equal to $120,000. Illustrate what was Barbell’s net cash flow?
Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent sales agents to market its products. Compute Pittman Company’s break-even poin..
What is your theory of damages, and what are the components of your damage model? What are your plans to counter the plaintiffs’ damage calculations?
Intel Inc. is the pioneer in the manufacture of microprocessor for computers. The company's fiscal year runs from April 1 to March 31. On 4/1/2013, Intel Issued $5,000,000 of 11% Bonds due in 10 years. The interest is payable annually on April 1.
Calculate the predetermined overhead rate and compute the total manufacturing overhead applied to the Work in Process Inventory account during the first month of operations.
A $20 late fee will be added if the payment is made after the 15th of the month. Illustrate what is the effective annual interest rate if the clinic pays the bill on the 17th of the month?
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