Question
In: Accounting
The company quickly acquired $41,000 in inventory, 30% of which was acquired on open accounts that...
The company quickly acquired $41,000 in inventory, 30% of which was acquired on open accounts that were payable after 30 days. The rest was paid for in cash.
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Account: Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank Dollar amount:
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On June 30, 2018, the Esquire Company sold some merchandise to a customer for $41,000 and...
On June 30, 2018, the Esquire Company sold some merchandise to a
customer for $41,000 and agreed to accept as payment a
noninterest-bearing note with an 6% discount rate requiring the
payment of $41,000 on March 31, 2019. The 6% rate is appropriate in
this situation. Esquire views the financing component of this
contract as significant.
Required:
1. Prepare journal entries to record the sale
of merchandise (omit any entry that might be required for the cost
of the goods...
What accounts are in the chart of accounts of a perpetual inventory system? Which inventory method...
What accounts are in the chart of accounts of a perpetual
inventory system?
Which inventory method will yield the least net income?
If you owned a merchandising business, how would you decide
which credit cards, if any, to accept?
List the accounts of a merchandising company which employs a perpetual inventory system that will not...
List the accounts of a merchandising company
which employs a perpetual inventory system that will not appear in
the financial statements of a service company.
When listing the account names, indicate if it appears on the
Income Statement or on the
Balance Sheet..
Explain what sales discounts and a
purchase discounts are. What
account will a buyer credit for the amount of the
purchase discount.
Why would a financial statement user prefer a
multiple-step income statement instead of a
single-step...
List the accounts of a merchandising company which employs a perpetual inventory system that will not...
List the accounts of a merchandising company
which employs a perpetual inventory system that will not appear in
the financial statements of a service company.
When listing the account names, indicate if it appears on the
Income Statement or on the
Balance Sheet..
Explain what sales discounts and a
purchase discounts are. What
account will a buyer credit for the amount of the
purchase discount.
Why would a financial statement user prefer a
multiple-step income statement instead of a
single-step...
Balance Sheet ASSETS Cash $96,000 Accounts receivable 31,000 Inventory 41,000 Prepaid expenses 18,000 Total current assets...
Balance Sheet
ASSETS
Cash
$96,000
Accounts receivable
31,000
Inventory
41,000
Prepaid expenses
18,000
Total current assets
$186,000
Gross plant and equipment
403,000
Accumulated depreciation
(69,000)
Total assets
$520,000
LIABILITIES AND OWNERS' EQUITY
Accounts payable
$89,000
Accrued liabilities
62,000
Total current liabilities
$151,000
Long-term debt
130,000
Common stock
206,000
Retained earnings
33,000
Total liabilities and equity
$520,000
Income Statement
Sales*
$211,000
Cost of goods sold
(85,000)
Gross profit
$126,000
Selling, general, and administrative expenses
(27,000)
Depreciation expenses
(28,000)
Operating income
$71,000...
On June 30, Year 7, Apple Company, which prepares monthly financial statements, acquired from Bee Company...
On June 30, Year 7, Apple Company, which prepares monthly
financial statements, acquired from Bee Company for 500,000 yen a
machine with life of 5 yrs and no residual value. To pay Bee
Company, Apple Company borrowed 500,000 yen from Soy Bank (in
China) on a 12%, 60 day note. Apple Company acquired a 510,000 yen
draft to York Bank (in the U.S.) on August 29, Year 7 to pay the
maturity value of the note to Soy Bank. Relevant...
Account Balance Accounts Payable* $62,000 Accounts Receivable* $41,000 Accumulated Depreciation – PPE* $116,000 Accumulated Other Comprehensive...
Account
Balance
Accounts Payable*
$62,000
Accounts Receivable*
$41,000
Accumulated Depreciation – PPE*
$116,000
Accumulated Other Comprehensive Income
$17,000
Additional Paid in Capital
$159,000
Amortization Expense
$5,000
Cash and Cash Equivalents *
$79,000
Common Stock
$6,000
Cost of Goods Sold
$1,650,000
Depreciation Expense
$20,000
Dividends
$8,000
Gain on Sale of Discontinued Operations
$60,000
Gain on Sale of Held-To-Maturity Securities
$1,000
Goodwill*
$26,000
Impairment of Intangible Assets
$40,000
Interest Expense
$10,000
Interest Revenue
$2,000
Inventory*
$88,000
Long-Term Debt
$115,000
Long-Term Investments*
$18,000...
?1. Days' sales in inventory measures how quickly a company can collect its receivables. True or...
?1. Days' sales in inventory measures how quickly a company can
collect its receivables.
True or False
2.Steve owns? 64% and Mark owns? 36% of a partnership business.
They purchase equipment with a suggested value of? $9,600. The
current market value of the equipment at the time of purchase
was?$9,100. At the time of the balance sheet? preparation,
depreciation of? $160 was recorded. Based on the information?
provided, which of the following is true of the? partnership?
A.The Equipment account...
Great Adventures obtains a $41,000 low-intrest loan for the company from the cuty council, which has...
Great Adventures obtains a $41,000 low-intrest loan for the company
from the cuty council, which has recently passed an initiative
encouraging business developement related to outdoor activities.
The loan is due in three years, and 6% annual intrest is due each
year on July 31. Record the appropriate journal entry
A company has inventory balance of $24,318, accounts receivable of $9,637, and accounts payable of $14,365....
A company has inventory balance of $24,318, accounts receivable
of $9,637, and accounts payable of $14,365. If the credit sales are
$183,030 and cost of goods sold are $128,952, what is the company's
cash (conversion) cycle in number of days? (Use ending balances and
assume 365 days in a year.)
A) 36.59
B) 37.61
C) 38.63
D) 39.64
E) 40.66
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