Northwest Fur Co. started 2021 with $105,000 of merchandise inventory on hand. During 2021, $540,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paíd freight.charges of $8,500. Merchandise with an invoice amount of $3,400 was returned for credit. Cost of goods sold for the year was $378,000. Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale?
Q: Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its…
A: a.
Q: Bayabas Company started operations on January 1, 2021. Following data are available as of June 30,…
A: Particulars Amount Purchase of Merchandise P9,000,000 Less: Ending inventory 1,500,000 Cost of…
Q: Arrow Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: Arrow Manufacturing A Opening refund liability $400,000 B Less: Returns prior to 2021…
Q: Honesty Corporation’s shipments to and from its Quezon City branch are billed at 125% of cost. On…
A: Adjusted branch net income is an income actually earned by the branch. It is calculated after…
Q: Ayo Company started 2022 with P94,000 of merchandise inventory on hand. During 2022, P400,000 in…
A: Note: 1/15, n/45: Here, 1 represents the discount rate if payment is made within 15 days. And if…
Q: I. The branch ending inventory that represented purchase from outsiders II. The branch net income…
A: In some organisations, there is a head office and has multiply branches at different places. When…
Q: Johnson Co. began operations on January 1, 2021. During the next 2 years, they completed a number…
A: The bad debt expense = 2% of outstanding accounts receivables Bad debt expense for year 1 = 2% (…
Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: Adjustment entries are those that are made after the trial balance is made by taking balances from…
Q: ABC started operations on January 1,2021. The following data are available as of June 30,2021:…
A: Allowance for Doubtful accounts: It estimates the percentage of accounts receivable which are…
Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: Journal entry refers to the recording made by the business in the books of accounts, of all the…
Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: Refund Liability account represents the amount of revenue that an organization does not expects to…
Q: The home office ships merchandise to the branch at 25 percent above cost. At what amount should the…
A: As per question: home office ships merchandise to the branch at 25 percent above cost i.e selling…
Q: On January 15, 2021, Marimar Company shipped 100 cellphone units to Sergio Company. The related…
A: Entity's accounts receivable under the net method, at month-end: Accounts receivable…
Q: Hola Corporation’s shipments to and from its Manila branch are billed at 125% of cost. On December…
A: Generally, the head office sends goods to a branch at a price above the cost that is at a markup.…
Q: 1. What is the correct amount of inventory? 2. What is the correct amount of accounts payable? 3.…
A:
Q: Ayo Company started 2022 with P94,000 of merchandise inventory on hand. During 2022, P400,000 in…
A: Note: 1/15, n/45: Here, 1 represents the discount rate if payment is made within 15 days. And if…
Q: yo Company started 2022 with P94,000 of merchandise inventory on hand. During 2022, P400,000 in…
A: Solution Concept Under gross method the amount is recorded at the price gross of discounts We do not…
Q: YE Company ships inventory to its branch at a mark-up of 125% of cost. The required balance of the…
A: Some time , head office sent the goods to branch at price over the cost price for which the head…
Q: ending inventory at cost as of January 31, 2021, using the retail method which approximates lower of…
A:
Q: The following transactions relating to branch SG and branch Popsters are the following: • On…
A: Branch Accounting The purpose of preparing branch accounting is to determine the profitability of…
Q: Winston started business on Jan. 1. During ghe year, the company purchased merchandise with an…
A: Net purchases=Purchase+Freight-Purchase return-Purchase…
Q: Bayabas Company started operations on January 1, 2021. Following data are available as of June 30,…
A: Accounts receivable is the outstanding amount from the parties to whom the credit sales has been…
Q: Revolution Hardware reported $475,000 of inventory on December 31, 2020, based on a physical count.…
A: Goods out of consignment=Sale price×100100+Markup+Shipping cost=$26,500×100100+15+$590=$23,633
Q: Vangie Company, a merchandising concern entity, has the following transactions during 2020:…
A: NOTE : As per BARTLEBY guidelines, when multiple questions are given, then first question is to be…
Q: GIVEN: The balances of accounts of Super Grocery Store for December 31, 2018. The balances are as…
A:
Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: Estimated Sales return are deducted from the sales of the year to arrive at the net sales as per the…
Q: Bayabas Company started operations on January 1, 2021. Following data are available as of June 30,…
A: Cost of Goods Sold = (Inventory, January 1 + Purchases) - Inventory, June 30…
Q: ABC Company sold selected merchandise on consignment basis during 2021. ABC's 2021 accounting…
A: The question is based on the concept of Cost Accounting.
Q: ABC Merchandising Corporation has beginning inventory at the start of 2018 of $ 679,000, during the…
A: Cost of goods sold = Beginning inventory + Goods purchased - Ending inventory
Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: SOLUTION- ADJUSTING ENTRY- THEY ARE JOURNAL ENTRIES THAT ARE MADE AT THE END OF THE ACCOUNTING…
Q: Also prepare journal entries to record he December 20 purchase and the December 29 sales using…
A: The perpetual inventory method and periodic inventory method are the methods used to count the…
Q: Ayo Company started 2022 with P94,000 of merchandise inventory on hand. During 2022, P400,000 in…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Stefan Company provided the following data for the current year, the first year of operations. a.…
A: In Gross method, make a entry by putting gross amount of sales and purchase without subtracting…
Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: a. Prepare the year-end adjusting entry for estimated returns:
Q: The Company has a single branch in Southwest. On March 1, 2020, the home office accounting records…
A: Solution:- Preparation of working paper for the home office to analyse the flow of merchandise to…
Q: As of December 31, 2021, a shipment with a billing price of P11,000 was in transit to the branch.…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: How much is the cost of goods available for sale of the branch?Required to answer. Single line text.
A: Cost of Goods Sold is the cost of producing the goods, and it consists of direct materials, direct…
Q: Anpanman, Inc. reported the following information for the year 2020: • Beginning Inventory-…
A: Gross profit= Sales x Gross profit ratio Cost of goods sold = Sales - Gross profit
Q: Following are the transactions of PQR Company in year 2019 and 2020: 2019 July 1 October 1 Borrowed…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: 0 What amount should YELLOW report as cost of goods sold in its 2020 income statement? a.…
A: The inventory management will include ordering of goods, storing/holding of goods, work in progress…
Q: ncluded an Allowance for Overvaluation of Inventories: Southwest Branch ledger account with a credit…
A: 1) Flow of Stock during March 2020 March 4: Goods send from home office - $92,400 (66,000 + 40% )…
Q: During 2021, your company completed the following summarized transactions. Prepare journal entries…
A: Journal entries recording is treated as first step of accounting cycle process, in which atleast one…
Q: On January 1, 2020, the merchandise inventory of Minaj, Inc. was $1,760,000. During 2020 Minaj…
A: Ending Inventory=Beginning Inventory+Purchases-Cost of Goods Sold
Q: Vangie Company, a merchandising concern entity, has the following transactions during 2020: a.…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: Journal entry refers to the process of recording commercial transactions for the first time in the…
Q: On January 15, 2021, Marimar Company shipped 100 cellphone units to Sergio Company. The related…
A: sale price = list price - trade discount sales is recorded at invoice price invoice price = 60% of…
Q: Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after…
A: 1. (a) Record actual returns in 2021 of merchandise that was sold prior to 2021 : DATE…
Q: What was Good Buy's cost of inventory?
A: Cost of Inventory = Purchase price + Freight in + Purchase Return + Discount.
Q: On May 1, 2021, Company A shipped merchandise costing $16,000 to Company B on consignment. Company A…
A: Solution Goods sold on consignment Under goods sold on consignment the consignor sends the goods…
Q: During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000.…
A: Meaning of Multi Step Income Statement Multi-step income statements are one of the two income…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- ducation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl=https%253A%252F%252Fbbhosted.cuny.edu%252Fwebapps%252Fportal% ks Login - Hh Module 5- Chap 1 &.. H Office templates & . - Chapter 5 G Help Save & Saved FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1 1 1.03000 0.97087 1.0000 0.97087 1.0300 1.00000 1.06090 0.94260 2.0300 1.91347 2.0909 1.97087 3 1.09273 o.91514 3.0909 2.82861 3.1836 2.91347 4 1.12551 0.88849 4.1836 3.71710 4.3091 3.82861 1.15927 0.86261 5.3091 4.57971 5.4684 4.71710 1.19405 0.83748 7 1.22987 0.81309 6. 6.4684 5.41719 6.6625 5.57971 7.6625 6.23028 7.8923 6.41719 1.26677 O.78941 1.30477 0.76642 10 1.34392 0.74409 8. 8.8923 7.01969 9.1591 7.23028 9. 10.1591 7.78611 10.4639 8.01969 11.4639 8.53020 11.8078 8.78611 11 1.38423 0.72242 12 1.42576 0.70138 12.8078 9.25262 13.1920 9.53020 14.6178 10.25262 16.0863 10.95400 14.1920 9.95400 15.6178 10.63496 17.0863 11.29607 18.5989 11.93794 13 1.46853 0.68095 14 1.51259 0.66112 17.5989 11.63496 19.1569 12.29607 20.7616…ucation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl=https%253A%252F%252Fbbhosted.cuny.edu%252Fwebapps%252Fporta2521 Login - Module 5 Chap 1& Office templates & .. Saved Help Save & Exit Chapter 5 FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1 1 1.03000 0.97087 1.0000 0.97087 1.0300 1.00000 2 1.06090 0.94260 3 1.09273 0.91514 2.0300 1.91347 2.0909 1.97087 3.0909 2.82861 3.1836 2.91347 4 1.12551 0.88849 4.1836 3.71710 4.3091 3.82861 5 1.15927 0.86261 5.3091 4.57971 5.4684 4.71710 5.57971 6 1.19405 0.83748 7 1.22987 0.81309 8 1.26677 0.78941 9 1.30477 0.76642 10 1.34392 0.74409 | 11.4639 11 1.38423 0.72242 12.8078 12 1.42576 0.70138| 14.1920 6.4684 5.41719 6.6625 7.6625 6.23028 7.8923 6.41719 8.8923 7.01969 9.1591 7.23028 10.1591 7.78611 |10.4639 8.01969 8.53020 11.8078 8.78611 9.25262 13.1920 9.53020 9.95400 14.6178 10.25262 16.0863 10.95400 13 1.46853 0.68095| 15.6178 10.63496 14 1.51259 0.66112 17.0863 11.29607 17.5989 |11.63496 15 1.55797 0.64186 18.5989 11.93794 16…=U&launchmuri=nttps76253A pps76252rportal6252FITal poks Login -. Bb Module 5- Chap 1 &. H Office templates & t.. Il - Chapter 5 6 Sul Saved Help Save & Exit N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1 1 1.03000 0.97087 1.0000 0.97087 1.0300 1.000Θ 1.06090 0.94260 2.0300 1.91347 2.0909 1.97087 1.09273 o.91514 3.0909 2.82861 3.1836 2.91347 1.12551 0.88849 1.15927 0.86261 1.19405 0.83748 4 4.1836 3.71710 4.3091 3.82861 5.3091 4.57971 5.4684 4.71710 6 6.4684 5.41719 6.6625 5.57971 1.22987 0.81309 7.6625 6.23028 7.8923 6.41719 8 1.26677 0.78941 8.8923 7.01969 9.1591 7.23028 1.30477 0.76642 10.1591 7.78611 10.4639 8.01969 10 1.34392 0.74409 11 1.38423 0.72242 11.4639 8.53020 11.8078 8.78611 12.8078 9.25262 13.1920 9.53020 14.6178 10.25262 16.0863 10.95400 12 1.42576 0.70138 14.1920 9.95400 13 1.46853 0.68095 15.6178 10.63496 17.5989 11.63496 17.0863 11.29607 18.5989 11.93794 19.1569 12.29607 20.1569 12.56110 14 1.51259 0.66112 15 1.55797 0.64186 16 1.60471 0.62317 20.7616 12.93794 Rosie's…
- ducation.com/ext/map/index.html?_con%3con&externalbrowser%3D0&launchUrl=https%253A%252F%252Fbbhosted.cuny.edu%252Fwebapps%252Fportal9%252Fframes Es Login Module 5- Chap 1&. H Office templates & t.. Saved Help Save & Exit Subr Chapter 5 i FVAD $1 N FV S1 11.03000 0.97087 2 1.06090 0.94260 3 1.09273 0.91514 41.12551 0.88849 5 1.159270.86261 6 1.19405 0.83748 71.22987 0.81309 8 1.266770.78941 9 1.30477 0.76642 | 10.1591 10 1.343920.74409 11.4639 11 1.38423 0.72242 | 12.8078 12 1.42576 0.70138 | 14.1920 13 1.46853 0.68095 14 1.51259 0.66112 15 1.55797 0.64186 16 1.60471 0.62317 PV $1 FVA SI PVA $1 PVAD $1 1.0000 0.97087 1.0300 1.00000 2.0300 1.91347 2.0909 1.97087 3.0909 2.82861 3.1836 2.91347 4.1836 3.71710 4.3091 3.82861 5.3091 4.57971 5.4684 4.71710 6.4684 5.41719 6.6625 5.57971 7.6625 6.23028 7.8923 6.41719 8.8923 7.01969 9.1591 7.23028 7.78611 | 10.4639 8.53020 11.8078 9.25262 13.1920 9.95400 14.6178 10.25262 8.01969 8.78611 9.53020 15.6178 10.63496 | 16.0863 16.95400 17.0863 11.29607…omework x ezto.mheducation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl=https%253A%252F%252Ffaytechcc.blackboard.co.. Q E User Management,. H https://outlook.offi. FES Protection Plan System 7 - North C... ework Exercises Saved Help Bushard Company (buyer) and Schmidt, Inc. (seller), engaged in the following transactions during February 20X1: Bushard Company DATE TRANSACTIONS 20X1 Feb. 10 Purchased merchandise for $6,800 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $380 that was returned; the goods were purchased on Invoice 1980, dated February 10. 19 Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010. Schmidt, Inc. DATE TRANSACTIONS 20X1 Feb. 10 Sold merchandise for $6,800 on account to Bushard Company, Invoice 1980, terms 1/10, n/30. The cost of merchandise sold was $3,900. 13 Issued…- Conne X + mheducation.com/ext/map/index.html?_con=con&external_browser=0&launch Url=https%253A%252F%252Fmybsc.bryantstratton.edu%252Fwebapps%252Fportal... = T-Connect Assignment 1 Saved Help Save & Exit Subm Check my work Required information [The following information applies to the questions displayed below.] Following are the transactions of a new company called Pose-for-Pics. August 1 M. Harris, the owner, invested $14,500 cash and $62,350 of photography equipment in the company. August 2 The company paid $4,000 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,755 cash. August 20 The company received $2,950 cash from taking photos for customers. August 31 The company paid $885 cash for August utilities. k Required: 1. Post the above transactions to the T-accounts. t 2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics. nces Complete this question by entering your…
- launchon-ntips%253A%252F%252Fnewconnect.mheducation.com%... R To nfor.. Scinapse | Academi. G Top 10 Soft Skills E.. (3 Universiti Teknologi. AllI Notes - Evernot. CAS MYUTM Login Page 6 UTMWIFI > Login O Sci-Hub: removing. I Other bookm ss Costing i Saved Help Save & Exit SL Romain Surgical Hospital uses the direct method to allocate service department costs to operating departments. The hospital has two service departments, Information Technology and Administration, and two operating departments, Surgery and Recovery. Service Department Operating Department Information Technology $ 34,850 Administration Recovery Surgery $ 516,070 Departmental costs $ 35,907 $ 714,110 Computer workstations Employees 38 30 69 54 34 20 80 40 Information Technology Department costs are allocated on the basis of computer workstations and Administration Department costs are allocated on the basis of employees. The total Surgery Department cost after service department allocations is closest to: Multiple…nework E x ezto.mheducation.com/ext/map/index.html?_con=con&external_browser%3D0&launchUrl=https%253A 52F%252Ffaytechcc.blackboard.co.. - User Management,.. H https://outlook.off.. FES Protection Plan System 7 - North C.. work Exercises Soved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate ce Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $1,600, terms 2/10, n/30; freight of $32 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $1,632). Paid amount due to O'Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. Purchased merchandise on credit from Kroll Company, Invoice 145, $1,050, terms 2/10, n/30; freight of $55 prepaid by Kroll and added to the invoice. Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $50. Paid the amount due to Kroll Company for the purchase of…Glasgow Corporation has the following inventory transactions during the year. Unit Number of Units 53 133 Cost $ 45 47 Total Cost $ 2,385 6,251 10,150 5,763 Date Transaction Jan. 1 Beginning inventory Purchase Purchase Purchase Apr. 7 Jul.16 203 50 Oct. 6 113 51 502 $24,549 For the entire year, the company sells 433 units of inventory for $63 each.
- 5 X100 ry https://ng.cengage.com/static/nb/ui/evo/index.html?deploymentld-5829202317504197666520360810&eISBN=97... A S CENGAGE | MINDTAP I Chapter 4 Assignment Maria is a divorce attorney who practices law in San Francisco. She wants to join the American Divorce Lawyers Association (ADLA), a professional organization for divorce attorneys. The membership dues for the ADLA are $500 per year and must be paid at the beginning of each year. For instance, membership dues for the first year are paid today, and dues for the second year are payable one year from today. However, the ADLA also has an option for members to buy a lifetime membership today for $4,500 and never have to pay annual membership dues. Obviously, the lifetime membership isn't a good deal if you only remain a member for a couple of years, but if you remain a member for 40 years, it it's a great deal. Suppose that the appropriate annual interest rate is 8.5%. O 13 years O 15 years What is the minimum number of years that…1V Prin Accou X 1... -40 d ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheduca WP WileyPLUS Login B Bloomberg for Edu... Frontline - Sign In R myRutgers Portal R My Services on Rut... Mc Graw Mill 1 FI Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Q A A process manufacturer that uses the weighted-average method reports the following. Compute the total equivalent units of production for conversion. Multiple Choice O McGraw-Hill Education Campus X J F2 2 806,000. 868,000, S 684,000 W F3 # 3 E D DII F4 4 R F Units 304,000 624,000 684,000 244,000 Question 16 - Exam II - Connect FS % 5 Conversion Percent Complete F6 T 80% U W] * 8 F9 1 prt sc ( F10 9 K home F11 ScarletApp 0 end Pces - Cor X nheducation.com/ext/map/index.html?_con=con&external_ browser%=D0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-g.. PTC Pathway | Login S The GOAT. Let's gra. @ Encrypted Messages O Cisco Webex Meeti. Sign In in Connect Connect Math - T'.. Deborah meeting r. ses i Saved Help Save & Exit Submit Check my work On a given day a stock dealer maintains a bid price of $1,006.50 for a bond and an ask price of $1,009.75. The dealer made 19 trades that totaled 950 bonds traded that day. What was the dealer's gross trading profit for this security? Multiple Choice $950.00 $1,173.25 $3,087.50