Sales-Related Transactions Using Perpetual Inventory System
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to other businesses and occasionally to retail customers:
| July 1. | Sold merchandise on account to Landscapes Co., $59,820, terms FOB shipping point, n/eom. The cost of the goods sold was $33,100. |
| 2. | Sold merchandise for $12,450 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,140. |
| 5. | Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, n/30. The cost of the goods sold was $12,280. |
| 8. | Sold merchandise for $29,100 plus 6% sales tax to retail customers who used VISA cards. The cost of the goods sold was $18,230. |
| 13. | Sold merchandise to customers who used MasterCard cards, $13,030. The cost of the goods sold was $7,800. |
| 14. | Sold merchandise on account to Loeb Co., $29,200, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was $15,060. |
| 15. | Received check for amount due from Peacock Company for sale on July 5. |
| 16. | Issued credit memo to Loeb Co. for merchandise with an invoice amount of $4,300 returned from the sale on July 14. The cost of the merchandise returned was $2,630. |
| 18. | Sold merchandise on account to Jennings Company, $9,000, terms FOB shipping point, 2/10, n/30. Paid $60 for freight and added it to the invoice. The cost of the goods sold was $5,250. |
| 24. | Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. |
| 28. | Received check for amount due from Jennings Company for sale of July 18. |
| 31. | Paid Black Lab Delivery Service $5,530 for merchandise delivered during July to customers under shipping terms of FOB destination. |
| 31. | Received check for amount due from Landscapes Co. for sale of July 1. |
| Aug. 3. | Paid Hays Federal Bank $800 for service fees for handling MasterCard and VISA sales during July. |
| 10. | Paid $6,463 to state sales tax division for taxes owed on sales. |
Required:
Journalize the entries to record the transactions of Green Lawn Supplies Co. If an amount box does not require an entry, leave it blank.
In: Accounting
Sales-Related Transactions Using Perpetual Inventory System
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:
| July 1. | Sold merchandise on account to Landscapes Co., $15,200, terms FOB shipping point, n/eom. The cost of merchandise sold was $9,100. |
| 2. | Sold merchandise for $21,700 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $14,100. |
| 5. | Sold merchandise on account to Peacock Company, $37,700, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $24,500. |
| 8. | Sold merchandise for $8,000 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $4,800. |
| 13. | Sold merchandise to customers who used MasterCard cards, $6,000. The cost of merchandise sold was $3,800. |
| 14. | Sold merchandise on account to Loeb Co., $11,300, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $6,700. |
| 15. | Received check for amount due from Peacock Company for sale on July 5. |
| 16. | Issued credit memo for $1,700 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,000. |
| 18. | Sold merchandise on account to Jennings Company, $5,800, terms FOB shipping point, 2/10, n/30. Paid $260 for freight and added it to the invoice. The cost of merchandise sold was $3,500. |
| 24. | Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. |
| 28. | Received check for amount due from Jennings Company for sale of July 18. |
| 31. | Paid Black Lab Delivery Service $1,600 for merchandise delivered during July to customers under shipping terms of FOB destination. |
| 31. | Received check for amount due from Landscapes Co. for sale of July 1. |
| Aug. 3. | Paid Hays Federal Bank $1,070 for service fees for handling MasterCard and VISA sales during July |
| 10. | Paid $1,960 to state sales tax division for taxes owed on sales. |
Required:
Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.
In: Accounting
Sales-Related Transactions Using Perpetual Inventory System
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:
| July 1. | Sold merchandise on account to Landscapes Co., $12,300, terms FOB shipping point, n/eom. The cost of merchandise sold was $7,400. |
| 2. | Sold merchandise for $27,800 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $18,100. |
| 5. | Sold merchandise on account to Peacock Company, $36,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $23,400. |
| 8. | Sold merchandise for $12,100 plus 5% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,300. |
| 13. | Sold merchandise to customers who used MasterCard cards, $7,000. The cost of merchandise sold was $4,400. |
| 14. | Sold merchandise on account to Loeb Co., $14,600, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $8,600. |
| 15. | Received check for amount due from Peacock Company for sale on July 5. |
| 16. | Issued credit memo for $2,200 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,200. |
| 18. | Sold merchandise on account to Jennings Company, $7,400, terms FOB shipping point, 2/10, n/30. Paid $220 for freight and added it to the invoice. The cost of merchandise sold was $4,400. |
| 24. | Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. |
| 28. | Received check for amount due from Jennings Company for sale of July 18. |
| 31. | Paid Black Lab Delivery Service $1,610 for merchandise delivered during July to customers under shipping terms of FOB destination. |
| 31. | Received check for amount due from Landscapes Co. for sale of July 1. |
| Aug. 3. | Paid Hays Federal Bank $960 for service fees for handling MasterCard and VISA sales during July |
| 10. |
Paid $2,610 to state sales tax division for taxes owed on sales. |
Required:
Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.
In: Accounting
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:
| July 1. | Sold merchandise on account to Landscapes Co., $12,900, terms FOB shipping point, n/eom. The cost of merchandise sold was $7,700. |
| 2. | Sold merchandise for $20,300 plus 5% sales tax to retail cash customers. The cost of merchandise sold was $13,200. |
| 5. | Sold merchandise on account to Peacock Company, $35,600, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $23,100. |
| 8. | Sold merchandise for $10,500 plus 8% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $6,300. |
| 13. | Sold merchandise to customers who used MasterCard cards, $9,000. The cost of merchandise sold was $5,700. |
| 14. | Sold merchandise on account to Loeb Co., $13,400, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $7,900. |
| 15. | Received check for amount due from Peacock Company for sale on July 5. |
| 16. | Issued credit memo for $2,000 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,100. |
| 18. | Sold merchandise on account to Jennings Company, $5,900, terms FOB shipping point, 2/10, n/30. Paid $270 for freight and added it to the invoice. The cost of merchandise sold was $3,500. |
| 24. | Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. |
| 28. | Received check for amount due from Jennings Company for sale of July 18. |
| 31. | Paid Black Lab Delivery Service $1,810 for merchandise delivered during July to customers under shipping terms of FOB destination. |
| 31. | Received check for amount due from Landscapes Co. for sale of July 1. |
| Aug. 3. | Paid Hays Federal Bank $1,100 for service fees for handling MasterCard and VISA sales during July |
| 10. | Paid $2,130 to state sales tax division for taxes owed on sales. |
Required:
Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.
In: Accounting
Sales-Related Transactions Using Perpetual Inventory System
The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:
| July 1. | Sold merchandise on account to Landscapes Co., $14,300, terms FOB shipping point, n/eom. The cost of merchandise sold was $8,600. |
| 2. | Sold merchandise for $20,500 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $13,300. |
| 5. | Sold merchandise on account to Peacock Company, $35,100, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $22,800. |
| 8. | Sold merchandise for $12,400 plus 7% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,400. |
| 13. | Sold merchandise to customers who used MasterCard cards, $5,500. The cost of merchandise sold was $3,500. |
| 14. | Sold merchandise on account to Loeb Co., $11,700, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $6,900. |
| 15. | Received check for amount due from Peacock Company for sale on July 5. |
| 16. | Issued credit memo for $1,800 to Loeb Co. for merchandise returned from sale on July 14. The cost of the merchandise returned was $1,000. |
| 18. | Sold merchandise on account to Jennings Company, $6,300, terms FOB shipping point, 2/10, n/30. Paid $230 for freight and added it to the invoice. The cost of merchandise sold was $3,800. |
| 24. | Received check for amount due from Loeb Co. for sale on July 14 less credit memo of July 16. |
| 28. | Received check for amount due from Jennings Company for sale of July 18. |
| 31. | Paid Black Lab Delivery Service $1,900 for merchandise delivered during July to customers under shipping terms of FOB destination. |
| 31. | Received check for amount due from Landscapes Co. for sale of July 1. |
| Aug. 3. | Paid Hays Federal Bank $1,100 for service fees for handling MasterCard and VISA sales during July |
| 10. | Paid $2,410 to state sales tax division for taxes owed on sales. |
Required:
Journalize the entries to record the transactions of Green Lawn Supplies Co. For a compound transaction, if no entry is required, leave the entry box blank.
In: Accounting
Read the statements issued by the PCAOB and SEC on May 16, 2005, and briefly describe the apparent underlying cause(s) for the auditors' failures in applying the concept of reasonable assurance. Pay special attention to the portion of the PCAOB's policy statement entitled "The Importance of Professional Judgment."
In: Accounting
Main causes behind industrialisation” according to Allen, 2011; North, 1991; Pomeranz, 2000; Acemoglu et at 2005 articles. Explain the most important factors that led to industrialization. discussing institutions and the great divergence; what was the role of institutions for explaining the great divergence?
In: Operations Management
On January 1, 2005, a person’s savings account was worth $250,000. Every month thereafter, this person makes a cash contribution of $750 to the account. If the fund is expected to be worth $500,000 on January 1, 2010, what annual rate of interest is being earned on this fund?
In: Finance
A. Summarize the court's holding in Patrick v. Allen in Ch. 39 of your text. 355 F. Supp. 2d 704 (2005)
B. Summarize the Court's holding in In Re Caremark,
Intl. in Ch. 39 of your text. 698 A. 2d 959 (1996)
In: Operations Management
Assume candy hearts is a generic product sold in a perfectly competitive market. The demand for candy hearts in February is estimated to be
Qd = 160 – 8P or P = 20 – (1/8)Qd
and the supply of candy hearts in February is estimated to be
Qs = 70 + 7P or P = -10 + (1/7)Qs
where P is the dollar price of a 6-pack of candy hearts, and Qd and Qs represent the monthly quantity demanded and supplied (respectively) of 6-packs. Quantities are measured in thousands of 6-packs. Show all your work in answering the following questions.
1) Assume this is a perfectly competitive market, and compute the equilibrium price and quantity of candy hearts.
2) Draw a diagram of the demand and supply curves. Indicate the equilibrium price and quantity and label the coordinates of the equilibrium point on the axes. ALSO, indicate the numerical values of: the price-axis intercept of the demand curve (i.e. the price at which the quantity demanded is 0), the quantity-axis intercept of the demand curve (i.e. the quantity demanded if the price is $0), and the price-axis intercept of the supply curve (the price at which the quantity supplied is 0).
3) To make candy hearts more affordable, on February 1, the government votes to institute a price ceiling of $3 on candy hearts. Will this affect the amount of candy hearts traded? Explain the impact, if any, on quantity demanded, quantity supplied, and the quantity traded.
4) Give a brief definition of “deadweight loss” and compute the deadweight loss (in dollars) of the price ceiling of $3 in this market in February. Remember, quantity is measured in thousands of 6-packs.
5) Who benefits from the $3 price ceiling? Who is negatively impacted by the $3 price ceiling? Explain carefully.
In: Economics