Amber Corp. bought $380,000 worth of furniture on July 15, 2014. On November 20, 2014, the company purchased $140,000 of used office equipment. If Amber Corp. Elects Section 179, what is the maximum write-off for these purchases in 2014?

Hunter Bank and Trust is considering giving Gama Company a loan. Hunter Bank and Trust is not sure about whether the inventory account’s 2016 year-end balance in Gama company is £1,188,000. Discussionswith the accountant reveal the following information. Gama company received from Alpha Inc. goods costing £100,000 on January 3, 2017. Alpha Inc. shipped the goods, under the term of FOB shipping point, on December 27,2016 to Gama Company. The goods were not included in the physical count. Gama Company received goods costing £176,000 on January 4, 2017 that were shipped, under the term of FOB shipping point, by ABC Company on December 30, 2016. The shipment was a rush order that was supposed to arrive December 31, 2016. This purchase was included in the ending inventory of £1,188,000. Gama company sold goods costing £152,000 to Grand Company, under the term of FOB shipping point, on December 27, 2016. The goods were not expected to arrive at Grand until January 10, 2017. These goods were…

alifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $470,000. During 2024, Halifax sold merchandise on account for $13,200,000. Halifax's merchandise costs are 60% of merchandise selling price. Also during the year, customers returned $524,000 in sales for credit, with $289,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. What is the amount of…

Dowell Fishing Supply, Inc., sold $47,000 of Dowell Rods on December 15, 2018, to Bassadrome. Because of a shipping backlog, Dowell held the inventory in Dowell's warehouse until January 12, 2019 (having assured Bassadrome that it would deliver sooner necessary). How much revenue should Dowell recognize in 2018 for the sale to Bassadrome? Revenue

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $410,000. During 2024, Halifax sold merchandise on account for $13,500,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $532,000 in sales for credit, with $294,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the…

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $450,000. During 2024, Halifax sold merchandise on account for $13,000,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $514,000 in sales for credit, with $283,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Record the year-end adjusting entry for estimated returns. Can someone please help me with this adjusting entry? I'm having difficulty with this

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $400,000. During 2024, Halifax sold merchandise on account for $13,400,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $661,000 in sales for credit, with $365,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year. Required: Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. What is the amount of…

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $420,000. During 2024, Halifax sold merchandise on account for $12,700,000. Halifax's merchandise costs are 60% of merchandise selling price. Also during the year, customers returned $619,000 in sales for credit, with $342,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 5% of sales, are recorded as an adjusting entry at the end of the year

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2024 with a refund liability of $390,000. During 2024, Halifax sold merchandise on account for $13,300,000. Halifax's merchandise costs are 65% of merchandise selling price. Also during the year, customers returned $386,000 in sales for credit, with $213,000 of those being returns of merchandise sold prior to 2024, and the rest being merchandise sold during 2024. Sales returns, estimated to be 3% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare entries to (a) record actual returns in 2024 of merchandise that was sold prior to 2024; (b) record actual returns in 2024 of merchandise that was sold during 2024; and (c) adjust the refund liability to its appropriate balance at year end. 2. What is the…

Oro Corporation has a branch in Cebu. The branch reported income of P130,000 for 2019. The branch has a balance in its Home Office account at the end of the year, after closing, of P765,000. Branch income has not been recorded by Oro's home office. During the year, Oro shipped inventory to the branch at a price of P160,000; Oro's original cost was P90,000. All but 45 percent of the inventory has been resold to unrelated parties by year-end. What is the balance in Oro's Investment in Branch account? Select one: P594,500 P635,000 P765,000 P603,500