FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- The following information pertains to Sage Hill Solar Panels, Inc. Sold $144,000 of solar panels to Oriole Company with terms 2/15, n/30. Sage Hill uses the gross method to record cash discounts. Sage Hill estimates allowances of $1,500 will be honored on this sale. July 1 Sold $88,000 of solar panels to Cheyenne Corp. with terms of 3/10, n/60. Sage Hill expects no allowances related to 12 this sale. 18 Cheyenne Corp. paid Sage Hill for its July 12 purchase. Oriole calls to indicate that the panels purchased on July 1 work well, but the color is not quite right. Sage Hill grants a credit of $2,000 as compensation. 20 29 Oriole Company paid Sage Hill for its July 1 purchase. 31 Sage Hill expects allowances of $4,380 to be grated in the future related to solar panel sales in July. Prepare the necessary journal entries for Sage Hill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the…arrow_forwardPlease answer G part with explanationarrow_forwardII- Chapter 4 Saved Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 ACcounts receivable Merchandise inventory Net sales Cost of goods sold $78,000 47,000 $55,000 73,000 300, 000 127, 000 305,900 152, 000 424,000 244,000 Total assets 463,000 Total shareholders' equity 278,000 61,000 Net income 47,000 Hulkster's 2021 receivables turnover is: (Round your answer to 2 decimal places.) Multiple Choice 1.95. 11 of 15 Next > < Prevarrow_forward
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