What is the correct amount of the check

Assignment Help Accounting Basics
Reference no: EM132240417

Question - On July 1 Anne teak's knick knack store has 55 lamps in its inventory, which cost $110 per lamp to purchase. During the month, it reports only the following transactions:

July 3: Purchase 21 lamps from Shanda Lear's lighting store at $126 per lamp, with terms 4/8, net 12

July 7: Purchase 38 lamps from Floral and hardy designs at $208 per lamp, with terms 3/15, net 25

July 10: returns 3 lamps to Shanda Lear's lighting store which it accepts

July 13: Floral and hardy designs grants an allowance for 5 lamps which were damaged

July 15: pays the correct balance to Shanda lear's lighting store

July 21: Pays the correct balance to Floral and Hardy designs

What is the correct amount of the check Anne Teak's Knick Knack Store wrote to Shanda Lear's Lighting store on July 15?

Reference no: EM132240417

Questions Cloud

What are motivating factors for early americans to construct : Which approach - assimilation, melting pot, fusion and/or pluralism - matches most closely to the new definition of race in contemporary America?
Culture eats strategy for breakfast : How will or can you use this way of thinking as a leader in the organizations and work settings where you find yourself?
Determine the dollar value of cost of goods sold : Sales were 530 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May
Create an employee benefits brochure : Create an employee benefits brochure that you would present to new employees during their initial orientation and Include in this brochure mandatory.
What is the correct amount of the check : What is the correct amount of the check Anne Teak's Knick Knack Store wrote to Shanda Lear's Lighting store on July 15
What amount should alpha company record the equipment : Bravo Company, third party, offered Alpha, $185,000 for this equipment. What amount should Alpha Company record the equipment purchase
Evaluate each hazard for severity and frequency : Evaluate each hazard for severity and frequency. Determine the societal and economic (direct) effects and the indirect effects or costs.
Find the revenue : A total increase in stockholders' equity of $24,000 during the current year. Expenses incurred during the year were $88,000. How do find the revenue
Public management practice : How are some of the more formal management theories such as expectancy theory or job characteristics theory important for public management practice?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Account for investment in an acquired subsidiary

When a parent uses the initial value method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is true before making adjustments on the consolidated worksheet?

  Discuss the some changes may be in order

In fact, the FASB at one point discussed some changes may be in order. Historically, earnings have been the main measurement of profitability of a firm.

  The esposito import company had 1 million shares of common

the esposito import company had 1 million shares of common stock outstanding during 2013. its income statement reported

  Create journal entries for the book debt restructure

Create journal entries for the book debt restructure

  Prepare the inventory statements for the years

Please prepare the inventory statements for the years 2016 and 2017 based on the FIFO and WAC methods

  A companys annual accounting period ends on december 31

a companys annual accounting period ends on december 31. during the current year a depreciable asset that cost 28000

  Determine the total costs of direct materials for august

Ending inventory should be 150% of beginning inventory. Determine the total costs of direct materials for August purchases

  Why is proper management of the revenue cycle critical

Why is proper management of the revenue cycle critical to the financial performance of healthcare providers?

  Capital loss carry forward to future years

Bill is single and has a 447,500 salary as his sole source of income. Bill also sustains a long-term capital loss of $10,000. What is Bill's capital loss carry forward to future years?

  A company is considering a special order for 1000 units to

a company is considering a special order for 1000 units to be priced at 8.90 the normal price would be 11.50. the order

  On january 1 2013 vki corporation awarded 12 million of its

on january 1 2013 vki corporation awarded 12 million of its 1 par common shares to key personnel subject to forfeiture

  Use apa style on margins, fonts

Write a memo identifying the legal ISSUE(s), conclusion, list of relevant authorities, discussion of the law, and the application of the law. Use the headings on page 149 of the text.

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