1. On September 2nd the company sold inventory that cost $28,000 for a price of $59,000. Terms to the customer were 0.5/15, n 30. Payment of $20,000 was received on September 14th. The customer returns goods with a sales price of $1,600 on September 16th. $25,000 was received on September 29th. All amounts are stated as "gross". Record the required journal entries for the sale and collections given the company uses the A. net method B. gross method

1. On September 2nd the company sold inventory that cost $28,000 for a price of $59,000. Terms to the customer were 0.5/15, n 30. Payment of $20,000 was received on September 14th. The customer returns goods with a sales price of $1,600 on September 16th. $25,000 was received on September 29th. All amounts are stated as "gross". Record the required journal entries for the sale and collections given the company uses the A. net method B. gross method

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $49,000 Work in process Finished goods 9,600 64,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials. Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. O
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Unit 1 question 16
00 X + Create 24 Find text or tools Q ℗ 4 Question 4 The following cash book receipts can be found in the books of Bushveld Traders for April 2024: X 2024 Al Assistant (Marks:15) Doc No Day e DR510 1 Jock Bush Α B/S 04 8 00 Jedi Dealers Internet sales A Details Fol. Analysis of Receipts (R) Bank (R) Debtors Control (R) Output VAT (R) Sales Sundries (R) Amount Fol. Details 82 080 00 82 080 00 82 080 00 Capital 75 753 00 9 880 83 65 872 17 B C B/S 04 15 Blah Bank: Interest 906 30 on deposit D E FL G DS327 21 Stuart Smith cash 17 907 12 17 907 12 sales H DS328 24 Commercial 8 406 36 8 406 36 B/S 04 DS329 27 DR511 30 26 Tenant: Bill Tong Norma Edwards J K L 6 947 35 6.947 35 B Belton cash sales 84 303 00 84 303 00 10 996 04 73 306 96 Steve Brown ? M N 352 431 01 O 154 750 54 ? Abbreviations in the Document Number column: DR, B/S, and DS, indicate Duplicate Receipts, Bank Statement and Duplicate Cash Slips respectively. Required: ments Fill in the missing amounts/details for the letters A…
Chap 11. Q.3
Current Attempt in Progress Suppose the following items were taken from the December 31, 2025, assets section of the Boeing Company balance sheet. (All dollars are in millions.) F2 w S Inventory Notes receivable-due after December 31, 2026 Notes receivable-due before December 31, 2026 Accumulated depreciation-buildings Current Assets Patents #3 80 F3 E D $ 4 Prepare the assets section of a classified balance sheet. (List the Current Assets in order of liquidity. Enter amounts in millions.) F4 R F % 5 F5 T $15,840 4,950 G 340 12,930 December 31, 2025 6 Patents Buildings BOEING COMPANY Partial Balance Sheet Cash F6 Accounts receivable Debt investments (short-term) (in millions) Y MacBook Air Assets & 7 H 8 Ad F7 U CV B N # * 00 8 J 11,980 DII F8 $11,980 1 21,620 ( 9 M 7,800 5,580 1.580 DD K ) 0 4 F10 L < P
MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
X CengageNOWv2 | Online teachin X + .cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $32,558 Accounts receivable 60,589 Accrued liabilities 6,279 Cash 21,662 Intangible assets 44,020 Inventory 81,454 Long-term investments 97,693 79,992 Long-term liabilities Notes payable (short-term) 27,484 699,362 Property, plant, and equipment 2,375 Prepaid expenses 37,009 Temporary investments Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? Oa. 15.7 Ob. 0.9 Oc. 1.8 Od. 3.1 L $ H % 5 6 a & 7 8