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She buys five deluxe mixers on account from Kzinski Supply Co. for $2,750, terms n/30. She pays $100 freight on the January 4 purchase. Natalie returns one of the mixers to Kzinski because it was damaged during shipping. Kzinski issues Cookie Creations credit for the cost of the mixer plus $20 for the cost of freight that was paid on January 6 for one mixer. She collects the amount due from the neighborhood community center that was accrued at the end of December 2011. She sells three deluxe mixers on account for $3,300, FOB destination, terms n/30. The mixers cost $570 each (including freight). Natalie pays her cell phone bill previously accrued in the December adjusting journal entries. She pays $75 of delivery charges for the three mixers that were sold on January 12. She buys four deluxe mixers on account from Kzinski Supply Co. for $2,200, terms n/30. Natalie is concerned that there is not enough cash available to pay for all of the mixers purchased. She issues additional common stock for $1,000.
She pays $80 freight on the January 14 purchase. She sells two deluxe mixers for $2,200 cash. Natalie issues a check to her assistant. Her assistant worked 20 hours in January and is also paid for amounts owing at December 31, 2011. Recall that Natalie's assistant earns $8 an hour. Natalie collects amounts due from customers in the January 12 transaction. She pays Kzinski all amounts due. CCC5 Because Natalie has had such a successful first few months, she is considering other opportunities to develop her business. One opportunity is to become the exclusive distributor of a line of fine European mixers. The current cost of a mixer is approximately $550, and Natalie would sell each one for $1,100. Natalie comes to you for advice on how to account for these mixers.
Identify the statement about current liabilities that is NOT true.
the following data in thousands of dollars have been taken from the accounting records of larden corporation for the
preferred stock 8 50 par value 300000 150000 common stock 10 par value 80000 shares authorized 80000 shares issued
What is the distinctive difference between the United States focus on promulgating and implementing accounting principles and that of other countries?
at the beginning of the year fun ships cruises line purchased a cruise ship at a cost of 55 million. fun ships expects
paulinersquos pastry shop decides to remodel its offices this year.nbsp as part of the remodeling paulinersquos trades
Bill is the regional manager for a national chain of auto-parts stores and is based in Salt Lake City. When the company opens new stores in Boise, Bill is given the task of supervising their initial operation.
What conditions/factors cause a business to have a high degree of operating leverage as compared to others?
The following are the amounts of the assets and liabilities of New World Travel Agency at December 31, 2014, the end of the current year, and its revenue and expenses for the year. The retained earnings were $53,470 on January 1, 2014, the beg..
Schuss Inc. issued $3,000,000 of 10%, 10-year convertible bonds on June 1, 2010, at 98 plus accrued interest. The bonds were dated April 1, 2010, with interest payable April 1 and October 1. Bond discount is amortized semiannually on a straight-li..
1. the prepaid insurance account shows a debit of 6624 representing the cost of a 2-year fire insurance policy dated
Brigham is single, in the 33% marginal income tax braket, and has the sales or exchanges below. At the beginning of the year, he has nonrecaptured net Sec.1231 losses of $10,000. Determine the increase or decrease in Brigham's tax liability as a r..
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