Question

In: Accounting

English Company billed its customers a total of $1,785,000 for the month of November. The total...

English Company billed its customers a total of $1,785,000 for the month of November. The total includes a 5% state sales tax.Instructions(a) Determine the proper amount of revenue to report for the month.(b) Prepare the general journal entry to record the revenue and related liabilities for the month.(c) Assume English does separate revenue from sales tax and the revenue for the month of November is $1,600,000. Prepare the general journal entry to record the revenue and related liabilities for the month.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

X Company is a service company and prepares monthly financial statements. In April, it billed customers...
X Company is a service company and prepares monthly financial statements. In April, it billed customers $400,000 for services it provided; in May, it billed customers $369,000 for services it provided. In May, the company received $282,000 from its April customers and $254,000 from its May customers. Which of the following amounts will appear on X Company's May Income Statement and Statement of Cash Flows? - Income Statement, $536,000; Statement of Cash Flows, $769,000 - both statements, $254,000 - Income...
X Company is a service company and prepares monthly financial statements. In April, it billed customers...
X Company is a service company and prepares monthly financial statements. In April, it billed customers $418,000 for services it provided; in May, it billed customers $353,000 for services it provided. In May, the company received $282,000 from its April customers and $241,000 from its May customers. Which of the following amounts will appear on X Company's May Income Statement and Statement of Cash Flows? both statements, $353,000 Income Statement, $353,000; Statement of Cash Flows, $523,000 Income Statement, $523,000; Statement...
The Following Information is available for the Tierney Company for the month of November. *On November...
The Following Information is available for the Tierney Company for the month of November. *On November 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $27,202. *The company's bank statement shows a balance on November 30th of $29,279. *Outstanding checks at November 30 incude check #3030 in the amount of $1,525 and check #3556 in the amount of $1,459. *Included with the bank statement was a credit memo in the amount...
The following inventory information for ABC Company is given for the month of November: November 1...
The following inventory information for ABC Company is given for the month of November: November 1 Beginning inventory 740 units @ $2.20 cost per unit November 7 Purchased 400 units @ $6.64 cost per unit November 15 Sold 500 units November 19 Purchased 200 units @ $5.14 cost per unit November 28 Sold 600 units November 30 Purchased 700 units @ $8.00 cost per unit Calculate the dollar amount of ending inventory shown on ABC Company's November 30 balance sheet...
Total Solution Ltd. is rendering its service on Network Solution to two types of customers: Company...
Total Solution Ltd. is rendering its service on Network Solution to two types of customers: Company and Household. It categorised its operating department into: Company-Service and Household Service. Total Solution Ltd. also has two support departments: Administration (Admin) and Technician (Tech). Each of the operating departments conducts its operations independently. Total Solution Ltd. uses the number of technician’s hours used to allocate Tech costs and the number of admin staff used to allocate Admin costs. The following data are available...
Northern Manufacturing wants to outsource its leather processing function for the month of November so it...
Northern Manufacturing wants to outsource its leather processing function for the month of November so it can renovate its buildings. Dakota Manufacturing has offered to supply Northern Manufacturing with 1,500 ft2 of processed leather for $9.50 per square feet in November so that Northern Manufacturing can continue to fulfill its regular orders. This will allow Northern Manufacturing to pause its facility and not incur any manufacturing costs for the month of November. Upon review of November’s production data of Northern...
On November 30, the end of the first month of operations, Weatherford Company prepared the following...
On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 1 Sales (22,000 units) $2,200,000.00 2 Cost of goods sold: 3 Cost of goods manufactured (25,200 units) $2,016,000.00 4 Inventory, November 30 (3,200 units) (256,000.00) 5 Total cost of goods sold 1,760,000.00 6 Gross profit $440,000.00 7 Selling and administrative expenses 160,000.00 8 Income...
On November 30, the end of the first month of operations, Weatherford Company prepared the following...
On November 30, the end of the first month of operations, Weatherford Company prepared the following income statement, based on the The reporting of the costs of manufactured products, normally direct materials, direct labor, and factory overhead, as product costs.absorption costing concept: Weatherford Company Absorption Costing Income Statement For the Month Ended November 30 Sales (5,900 units) $123,900 Cost of goods sold: Cost of goods manufactured (7,000 units) $105,000 Inventory, November 30 (1,000 units) (15,000) Total cost of goods sold...
Budget Variance Analysis Hertzler Corporation uses customers served as its measure of activity. During November, the...
Budget Variance Analysis Hertzler Corporation uses customers served as its measure of activity. During November, the company budgeted for 23,000 customers, but actually served 25,000 customers. The company uses the following revenue and cost formulas in its budgeting, where q is the number of customers served: Revenue: $7.25q Wages and salaries: $30,500 + $2.30q Supplies: $0.80q Insurance: $6,200 Miscellaneous: $8,750 + $0.30q The company reported the following actual results for November: Revenue $ 185,000 Wages $ 95,000 Supplies $ 19,500...
Eight Company reported 1,500 units of inventory at a total cost of $15,000 as of November...
Eight Company reported 1,500 units of inventory at a total cost of $15,000 as of November 1, 2018. The following transactions occurred during the month. November 14: The company purchased 2,000 units of merchandise on account for $22,000 with terms 2/10, n30. The goods were shipped f.o.b. destination and arrived at the company's warehouse on November 18. The company paid $500 cash to a third party carrier for freight. November 18: The company received the inventory purchased on November 14....
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT