Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period.     Transportation   Returns and a. Merchandise Paid by Seller Transportation Terms Allowances $ 8,150 $200 FOB destination, 2/10, n/30 $1,300 b. 12,750 625 FOB shipping point, 2/10, n/30 3,000

Q: help.

A: JUNE SALES = $48,500 SALARY FOR JUNE = $900   COMMISSION CALCULATION ( A ) 2% ON ALL SALES = 2% X $4...

Q: The auditor designs and performs a combination of tests of controls and substantive procedures to ob...

A: Financial statements are referred to as reports containing monetary information regarding the organi...

Q: Bloom's Company pays biweekly salaries of $40,000 every other Friday for a 10-day period ending on t...

A: Salaries expense for 10 days = $40,000 Salaries payable for 4 days of December (Dec 28 and Dec 31) =...

Q: You have been recruited as an internal auditor and you have to plan your engagement process to audit...

A: Internal controls are necessary controls to provide at least reasonable assurance but not absolute f...

Q: Which among the statements is not correct?  a. Net realizable value of accounts receivable results w...

A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance fo...

Q: The annual sales of a company are $235,000 including sales tax at 17.5%. Half of the sales are on cr...

A: We have the following information: The annual sales of a company are $235,000 including sales tax a...

Q: On February 1, 2020, Baby Goats Unlimited took out a loan from Local City Bank for $300,000. It was ...

A: Notes payable is referred to as promissory note containing a promise to repay the amount of loan tak...

Q: On May 1, 2020, GAL Co. purchased a short-term P2,000,000 face value, 9% debt instruments for P1,860...

A: Debt instruments: It is the instrument issued by the company to take loan. Under this instrument fix...

Q: The following transactions were completed by the company. a. The owner (Alex Carr) invested $15,400 ...

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of to...

Q: Data, Inc., purchased and placed in service $5,000 of office furniture on August 24, year 3. This is...

A: Office furniture is coved under 7 years MACRS. So as per depreciation list in MACRS. thr depreciatio...

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to ha...

A: Tax:- A tax is the compulsory payment which is imposed by the government on the income and capital g...

Q: Case 12-7 Accounting for Income Taxes: Different Approaches Mark or Make is a bourbon distillery. Sa...

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for...

Q: Which of the following are correct descriptions of large corporations? (You may select more than one...

A: The large corporations are that corporation that is registered as a company and have crossed the cri...

Q: The related data of Mineyah Company's Finished goods inventory:                                     ...

A:         Quantity Unit cost Total cost January 1 800 P205 P164,000   January 12 600 210 126,00...

Q: Zoey Bella Company has a payroll of $6,540 for a five-day workweek. Its employees are paid each Frid...

A: Adjusting entries are prepared at the end of the accounting period in order to ensure the accrual ba...

Q: Milos is an avid maker of tinctures, which are concentrated liquid forms of naturalherbs. One common...

A:

Q: The following information relates to Jack Company's accounts receivable for year 2: Accounts receiva...

A: Accounts receivable is an asset for a company which can be to pay off the current liabilities or deb...

Q: Presented below is the trial balance of Dr. Dale Lagman for the month of July 16, 2020 LAGMAN MEDICA...

A: Financial Statement:- These are statements prepared at the end of the financial year to know the com...

Q: 1. Define cost accounting, what are the two basic types of product costing. Explain any one of them ...

A: Cost accounting is that branch of accounting in which the cost to be incurred for the manufacturing,...

Q: On June 30 of the current year, Rosemount Copy Center has completed the Trial Balance columns of the...

A: Following are the adjusting entries have been passed with explanation

Q: Bank 1 is offering interest rate of 8.4% (compound semiannually)on fixed deposits. Bank 2 is offerin...

A: Compound interest : This concept allows charging interest on interest or earning interest on earned ...

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company ...

A: As per US GAAP Current Assets means cash and other assets or resources commonly identified as those ...

Q: Your answer is incorrect. Try again. Bramble Company's ledger shows the following balances on Decemb...

A: Cumulative preference shares are those shares that are paid a dividend every year. If any dividend p...

Q: The company determines that the interest expense on a note payable for the period ending December 31...

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in ...

Q: 7. Nizwa Marble Company has several processing departments. Costs charged to the Assembly Department...

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for...

Q: The trial balance of the Clean Laundry on June 30, 2020 end of the current fiscal year and the data ...

A: Financial Statement:- These are statements prepared at the end of the financial year to know the com...

Q: The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,0...

A: General and administrative expense are the operating expense of the organization and it does not inc...

Q: The table below shows monthly data collected on production costs and on the number of units produced...

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for...

Q: The following accounts and their balances appear in an unadjusted trial balance of Achiever Company ...

A: Current Assets are the assets which are expected to be received in the next accounting period.

Q: On December 15, Great Designs Company hired an independent contractor for a project. The contractor ...

A: Journal Entry is a record of a transaction in accounting system

Q: Sherry just received a big promotion at the corporation. Last year her salary was $100,000, but due ...

A: Salary is the payment made to the employee from the employer for the service provided by the employe...

Q: GoodMates Pty Ltd loaned one of its staff, Munir, the amount of $5,000 (interest free) for one month...

A: What is meant by Fringe Benefit? It is the additional or extra benefit provided by the employer to t...

Q: Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton...

A: Total liabilities = Accounts Payable + Notes payable

Q: DIRECTIONS: Fill in the blanks with the missing word/s. Write your answer on the blank. with both ha...

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a s...

Q: Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co.,...

A: SNo. Particulars Amount ($) Amount ($) 1 Accounts Receivable A/c     To Cash A/c     To Sales A/c...

Q: On May 1, 2020, GAL Co. purchased a short-term P2,000,000 face value, 9% debt instruments for P1,860...

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

Q: Answer Part B and C Entries for Stock Dividends Healthy Life Co. is an HMO for businesses in the Fre...

A: Stock dividend is the dividend declared by the company to its shareholders ut not in form of cash bu...

Q: The trial balance for Finders Company does not balance and the information as follows has been prese...

A: Part 1 Meaning of Trial Balance:- Trial Balance refers to a schedule, in which the balances of all l...

Q: Problem #2. You make 100 fancy chocolate tarts for Valentine's Day bake sale at a cost of $3.10 each...

A: Sale price = Cost price + Mark up

Q: Clasoiy the followtog Real "AIC Accounts futo Persoual, Ko wival O Accounts payable Goodoill O Reut ...

A: Personal account denotes the account for the persons involved in transactions of business entity suc...

Q: Blossom Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $...

A: Cash amount should be allocated based on the ratio of fair value of assets.

Q: Reconstruct adjusting and closing entries for the month ended September 30 from the following T acco...

A: Adjustment entries are passed to account for any accrued expenses or income once unadjusted trial ba...

Q: d)  Determine the prime cost & conversion cost of the cases manufactured. e)  Prepare a schedule...

A: Answer d: Workings:   Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please r...

Q: How much should be shown as capitalized interest on Pearl's financial statements at April 30, 2021? ...

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting a...

Q: 4. Identify and explain the trends in managerial accounting?

A: Managerial accounting is a accounting system which identify, interpret and measure the analysis of a...

Q: Future Tax Deductions A. Result in deferred tax liabilities. B.Rresult in deferred tax assets.  C...

A: Deferred taxes arise due to differences in accounting values and tax values of assets and liabilitie...

Q: 3. What do you mean by fixed cost and variable cost.

A: Costs: Costs are something that is incurred when a unit product is produced or when certain services...

Q: Accounting Question

A: Time value of money:   The value of money changes over a period time. The value of money depends on ...

Q: Selected data for ABC Co. for 2020 are as follows: Decrease in merchandise inventory: P20,000 increa...

A: Cost of goods sold: It can be defined as the total of direct costs that are incurred by the business...

Q: . Explain the four steps necessary to prepare a Production Cost Report?

A: Production cost report shows the total cost incurred on the production. This report classifies and a...