Question 3 a. Premier Berhad is a retailer operating in Kota Warisan. Premier Berhad uses the perpetual inventory method. You are provided with the following information for Premier Berhad for the month of July 2022. Date July 1 July 9 July 12 July 16 July 21 July 25 July 29 Description Beginning Inventory Purchase Sale Purchase Sale Purchase Sale Required: Calculate the following using FIFO method: i. Cost of goods sold ii. Ending inventory Units 120 240 200 140 120 160 220 Unit Cost or Selling Price RM25 26 35 27 40 28 40 1
Q: Question 20 During the current year, the entity paid suppliers 4.9M and reported the following…
A: Cost of goods sold is actual cost of goods being sold to the customers. It includes beginning…
Q: Compute the following ratios for 2022. (Round Earnings per share, Current ratio and Asset turnover…
A:
Q: II. Presented below are transactions of May Daya Co. for January. Analyze and journalize the…
A: Journal entries are the transactions that are to be reported in the books primarily. These are…
Q: Universal Sports Supply began the year with an inventory balance of $72,000 and a year-end balance…
A: Inventory Turnover Ratio: The number of times that a firm has sold its inventory and then restocked…
Q: Required information P8-2 (Algo) Analyzing the Effects of Repairs, an Addition, and Depreciation…
A: Req 1 Building Accumulated Depreciation Depreciation Expense Repairs Exp Cash Balance Jan 1…
Q: What is the difference between accrued liabilities an unearned Revenue accounts?
A: Accrued Liabilities :— An expenses of a Business or an Organization incurred during a specific…
Q: When the effective-interest method is used to amortize notes premium or discount, the periodic…
A: Introduction: Amortization is the process of reducing the book value of intangible assets over a…
Q: Which of the following is NOT a way in which Process and Job Order cost systems are similar? O Both…
A: job costing is a type of posting in which there is allocation of all the cost to the particular job…
Q: Calaveras Tire exchanged equipment for two pickup trucks. The book value and fair value of the…
A: Solution:- Given, Calaveras Tire exchanged equipment for two pickup trucks. Book Value of equipment…
Q: Problem 1: The bank statement for Strivers, Inc. shows a balance of $9,410 on July 31, while the…
A: The bank reconciliation statement adjusts the balances of cash book and pass book with various…
Q: Question a. On January 1, Cardano Berhad issued RM1,200,000, 6%, 5-year bonds at face value.…
A: Bond is a liability . They are issued by the company so that it can raise the amount required . On…
Q: Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $99 in…
A: Petty cash is maintained to incur the pretty expenses without bothering the main cash balance. All…
Q: The above balance sheet pertains to a bank. Deposits consist only of demand deposits (checkable…
A: Correct option is (B) Liabilities Amount ($) Assets Amount ($) Reserves 21 Deposits 210…
Q: On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of…
A: Allowance for doubtful debts is the method of reporting the doubtful accounts in the books. These…
Q: Required information Use the following information for the Exercises below. [The following…
A: Introduction: A journal entry is a record of a commercial transaction in the accounting system of an…
Q: Merone Company allocates materials handling cost to the company's two products using the below data:…
A: Material handling cost can be calculated by multiplying the cost per labor hour by the labor hour…
Q: The following units of an item were available for sale during the year: Beginning inventory 44 units…
A: Particulars Purchase Sale Balance Units Cost per Unit Total Cost Units Cost per Unit Total Cost…
Q: Which of the following is the principal reason for preparing managerial accounting reports? a.GAAP…
A: Introduction: Managerial accounting reports are used for planning, regulation, decision making, and…
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: The different methods of inventory valuation are classified as: FIFO LIFO Weighted average method.…
Q: CONCORD INC. Comparative Balance Sheets December 31 Assets 2022 2021 Cash $80,500…
A: The cash flow statement is prepared to record the cash flow from various activities including…
Q: E7-3 (Algo) Inferring Missing Amounts Based on Income Statement Relationships LO7-1 Enter the…
A: Total cost of goods available = Beginning inventory + purchases COGS = Total cost of goods available…
Q: Ruby Company produces a chair that requires 6 yards of material per unit. The standard price of one…
A: Introduction: Variance analysis is a quantitative examination of the difference between actual and…
Q: The following information is noted on the year end payroll register for an employee employed with a…
A: RL -1 is the one which states the contribution made to the private health services plan for the…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: l of the following are true about the issuance of non-voting common stock except a. it has been…
A: Issue of Shares : The company sell its common stock of shares to collect the amount of capital from…
Q: Which of the following costs are conversion costs? a.direct materials cost and factory overhead…
A: Introduction: The costs of transferring raw materials into finished goods are known as conversion…
Q: Find the following values, using the equations, and then work the problems using a financial…
A: Present Value: The idea of present value asserts that a sum of money in the here and now is worth…
Q: lit sales (each month): ugust and September 2018 October, November and December 2018 anuary,…
A: Receipts and Payments Schedule in the business: It is the scheduled to received the cash from the…
Q: Which of the following is not an advantage of participative budgeting?a. It encourages budgetary…
A: Participatory budgeting involves lower-level management personnel in the creation of the budget.…
Q: Use the following information to compute each department’s contribution to overhead. Which…
A: Overhead cost refers to the cost or amount incurred by the company in production of its goods and…
Q: g industry in general, how do you assess the working capital requirement for a hospital? High…
A: Working capital is very important for business and for smooth movement of business but it depends on…
Q: Keep-or-Drop DecisionRefer to the information for Petoskey Company above. Assume that each of the…
A: Variable costs are those form of costs which changes with change in activity level. Contribution…
Q: Solve the following problems. Show clean and complete details of your work for each number. Problem…
A: Hi There, as per the policy of Bartleby we are bound to give the answer of first question only,…
Q: Which of the following is NOT a way in which Process and Job Order cost systems are similar? Both…
A: In case of job costing , the particular cause are incurred on the particular job in order to…
Q: Sunland, Inc. produces three separate products from a common process costing $101.000. Each of the…
A: Process costing is used wherein the identical products are produced in large quantities and the…
Q: Exercise 12-14 (Algo) Comparison of Projects Using Net Present Value [LO12-2] Labeau Products,…
A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows)
Q: M7-5 (Static) Matching Financial Statement Effects to Inventory Costing Methods LO7-2 Select whether…
A: a. Declining costs Highest net income LIFO Highest Inventory LIFO b. Rising…
Q: What is the objective of external auditing? Describe the role ofexternal auditing in meeting demands…
A: Introduction: An external audit is a review undertaken by an outside accountant. This form of audit…
Q: Patrick Inc. makes industrial solvents sold in 5-gallon drums. Planned production in units forthe…
A: The purchase budget is prepared to estimate the number of units to be produced during the period.…
Q: The Accounts Receivable balance for Lantana Company at December 31, 2023, was $27,000. During 2024,…
A: Computation of Closing Accounts Receivable:- Particulars Amount ($) Accounts Receivable, Dec…
Q: Ace Company reported the following information for the current year: Sales $ 416,000 Cost of…
A: The cost of goods sold includes the total cost of goods that are sold during the period. Cost of…
Q: Statement 1: Depreciation expense error will self correct in the next year after the moment of…
A: Hi student Since there are multiple questions, we will answer only first question. Retained…
Q: 2021 Required: al c) di Prepare the journal entries to record the transactions and net income. Show…
A: Journal Entry Here to provide the journal entry for issue of common shares and preference shares and…
Q: PROPERTY AND EQUIPMENT. Expenditures for major additions, improvements and flight equipment…
A: Depreciation is charged on the occasion of wear and tear in the value of assets. Straight line…
Q: Following is information from Jesper Company for its first month of business. Credit Purchases Jan.…
A: Accounts Payable Subsidiary Ledger: It is the accounting ledger that provide transaction history…
Q: Assume that a company pays a 5% sales commission. Also, assume (1) a company's plantwide…
A: Lets understand the basics. Total cost of job is a total of all costs that are incurred to complete…
Q: Question 5 Dejounte Corp had a margin of safety of $133086 last month, with sales revenue of $866422…
A: Contribution Margin Ratio - The contribution margin is the percentage computation of Profit earned…
Q: Paid 600€ as rent for shop premises. (from cash) Received 2.000€ as a loan from Georges frien Sally…
A: T -Accounts / Ledger Accounts: These are the accounts where all the individuals accounts are opened…
Q: Prepare a statement of cash flows for year 1
A: Working Notes: Cash from Customers : $117000 Cash paid for operating expenses : $71500 Cash Flow…
Q: S1: Employee-sponsored retirement plans can be categorized into two: current service cost and…
A: Employee Sponsored Retirement Plan :— It is a type of retirement benefits provided by companies to…
I need a
Step by step
Solved in 3 steps with 1 images
- Directions: Read each problem and do what is required. Write your answer on the table provide. Take note that the perfect score in each item Is 20 points with a corresponding one-point deduction in every incorrect Activity 2: Problem Solving answer. I. A company had the following transactions during December: 12/1/2020 - Sold merchandise on credit for PHP5.000, terms 3/10, n/30. The items sold had a cost of PHP3,500. 12/2/2020 - Purchased merchandise for cash, PHP720. 12/4/2020 - Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. 12/6/2020 - Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. 12/10/2020 - Received payment for merchandise sold on December 1. 12/14/2020 - Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. 12/20/2020 - Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). mal…Net Soltions reported the followng 0ctober purchases and sales data for one of merchandise it deals. The company uses a perpetal imventory system. l) Prepare thecompany's imventory record usimg FIFO. 2) ldentify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on 0ctober 16 and 24. please quickly thanks !Data for the next 6 questions: You are accountant for New Horizon Merchandising Company. New Horizon Merchandising Company buys and sells a product called Zoom. Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales. On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following: Zoom: Quantity Cost per Unit 1st Purchase 200 $4 2nd Purchase 110 $5 New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the…
- B. Journalize the following transactions using the Perpetual method: Sta. Rosa Trading completed the following merchandising transactions in the month of October 2020: 11-Purchased merchandise on account from Vera Supply P4,000, 2/10, n/30. 12-Sold merchandise on account to Sanchez Variety P4,300, terms: 2/10, 1/20, n/30. The cost of merchandise sold was P3,600. 13 - Received credit from Vera Supply for merchandise returned P250. 14 - Paid P150 freight on October 12 sales. 15 - Purchased supplies for cash P850. 16 -Purchased merchandise for cash P2,700. 20 -Sold merchandise for cash P6,300. The merchandise sold had a cost of P4,800.Saved Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron. 1 Purchased merchandise from Aron Company for $7,000 under credit terms of l/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4,900 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. 8 Purchased merchandise from Waters Corporation for $6, 000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. 9 Paid $100 cash for shipping charges related to the August 5 sale to Baird Corp. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems…please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Every entry should have narration please Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden. July 1 Purchased merchandise from Boden Company for $7,000 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $583. July 3 Paid $130 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,300 for $2,700 cash. July 9 Purchased…
- How should the following sales transaction be recorded in the sales journal by a business that uses a perpetual inventory system? Made a sale in cash (Invoice#1210)toA. Sander for$800(cost$620) Select one: a. Account: A. Sander; Invoice \#: 1210; Accounts Receivable/Sales: \$800 DR/CR; COGS/Merchandise Inventory: \$620 DR/CR b. The sales journal is not impacted all. c. Account: A. Sander; Invoice \#: 1210; Sales:$800DR; Merchandise Inventory:$800DR d. Account: A. Sander; invoice \#: 1210; Accounts Receivable/Sales:$800DR/CR;COGS/Merchandise inventory:$800DR/CR1.Calculate the missing information for the purchase. (Round your answers to the nearest cent.) Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax(in $) TotalPurchase Price(in $) Tire $106.99 6 $ 5 $ $14) Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The payment is received with the discount of 3% from the supplier. How would you record this in the books of buyer under the Perpetual inventory system? a. Cash RO 1,649 Dr / Account payable RO 1,649 Cr b. Cash RO 1,649 Dr / Merchandise inventory RO 1,649 Cr c. Account payable RO 1,649 Dr / Merchandise inventory RO 1,649 Cr d. Cash RO 1,700 Dr / Account receivable RO 1,700 Cr
- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron. August 1 Purchased merchandise from Aron Company for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. August 8 Purchased merchandise from Waters Corporation for $7,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $220 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After…