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April 19, 2014

Search: Answers for sold merchandise for cash Rs.210,000 and on account Rs.80,000

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account
1. Business started with Cash Rs. 100,000/-, Bank Balance Rs. 150,000/-, Merchandise goods Rs 40,000/-, furniture Rs. 5,000/- & Office equipment Rs. 30,000/- 2. Goods Purchase from ABC Co of Rs. 40,000/- on cash less 15% discount
Monday, May 6, 2013 at 2:51am by kamala neupane

math
John's specialty store uses a perpetual inveentory system. the following are some inventory transaction for the month of may 2009. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.John's returned some of the merchandise purchased ...
Saturday, March 19, 2011 at 10:10pm by Bobbi Loffredo

accounting
From the following transactions, state which account will be debited and which account will be credited by filling up the appropriate boxes. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and Credit Sample Example Mr. X started business ...
Wednesday, October 27, 2010 at 9:27am by pinki

accounting
From the following transactions, state which account will be debited and which account will be credited by filling up the appropriate boxes. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and Credit Sample Example Mr. X started business ...
Sunday, October 31, 2010 at 3:30am by Anonymous

accounting
John's specialty store uses a perpetual inveentory system. the following are some inventory transaction for the month of may 2009. John's purchased merchandise on account for $5,000. FREIGHT CHARGE OF $300 WERE PAID IN CASH. JOHN'S RETURNED SOME OF THE MERCHANDISE PURCHASED IN...
Sunday, November 28, 2010 at 7:03pm by Marty

accounting
Write the journal entries to record the following transactions. A) Sold merchandise on account, $11,000, terms 2/10, net 30. The cost of merchandise sold was $8,000 (2 entries required). B) Issued a credit memorandum for $500 to the customer for merchandise sold in A. (2 ...
Tuesday, March 6, 2012 at 10:16pm by kmo

accounting
from the following transactions state which account will be debited and which will be credited by filling up. S.No. Transactions Accounts involved Application Reason with respect to Rules of Debit and credit Sample Example Mr. X started business with cash of Rs.100,000 Cash ...
Wednesday, October 27, 2010 at 12:04pm by pinki

financial accounting and reporting
january 01,2007 Mr.A started a business with cash Rs.3000,000 Bank RS.4000,000, Building Rs.3000,000,Laptop Rs.80,000, Desktop computers Rs.50,000,Fax machine Rs.100,000,Simple calculators Rs.5,000, Financial calculators Rs.10,000, Printer Rs.35,000, Scanner Rs.15000,Cars Rs.1...
Monday, November 29, 2010 at 8:21am by saedd

accounting
transactions 1.bought machinery for cash rs.50,000 2.payment made to XYZ store rs.10,000by cheque 3.Purchased office furniture on credit for rs.15,000 4.Rs. 1,000 received as a rent for the portion of office building rented out 5.Paid salaries of Rs.40,000 by cheque from the ...
Wednesday, October 27, 2010 at 4:08pm by mary

accounting
The following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment of a cost of $40,000. $10,000 cash was ...
Wednesday, January 12, 2011 at 12:46pm by Bobbi

accounting
Assets Cash (Net Effect) $35,000 20,000 +15,000 A/R 33,000 14,000 +19,000 Merchandise Inventory 27,000 20,000 +7,000 PPE 60,000 78,000 -18,000 Accumulated Depreciation (29,000) (24,000) ? Liabilities and Stockholder’s Equity Accounts payable 29,000 15,000 +14,000 Income taxes ...
Friday, August 8, 2008 at 10:13pm by Lusine

Excelsior
he following transactions occurred during March 2009 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. 1. Issued 30,000 shares of common stock in exchange for $300,000 in cash. 2. Purchased equipment of a cost of $40,000. $10,000 cash was ...
Tuesday, January 28, 2014 at 7:05am by meghan

accounting
Chosen by Asker Cash flows from operating activities- Cash received from customers $230,000 Cash paid for merchandise (115,000) Cash paid for wages and other operating expenses (81,000) Cash paid for interest (10,000) Cash paid for taxes (12,000) Net cash provided by operating...
Sunday, November 29, 2009 at 2:10pm by ling

Accounts
From the following Balance Sheets of Sriramco, prepare (a) Statement of Changes in Working Capital, and (b) Funds Flow Statement: Balance Sheet of Sriramco as on 31st December… Assets Goodwill Land and Buildings Plant Investments Book Debts Stock Cash in hand and at Bank ...
Saturday, October 16, 2010 at 10:42am by Neeraj

accounting
Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March: 1) Mar 2 Sold merchandise costing $300 to B Fager for $450 cash, invoice no 5703. 2) 5...
Tuesday, March 23, 2010 at 12:58am by charmaine

ashford
At the beginning of 2012, the Jeater Company had the following balances in its accounts: Cash $4,300 Inventory 9,000 Common Stock 10,000 Retained Earnings 3,300 During 2012, the economy experienced the following events: 1. Purchased inventory that cost $2,200 on account from ...
Monday, July 2, 2012 at 2:01pm by tammy

accounts
Analyze the transactions and do the following:- 1. Post to T Accounts 2. Prepare a Chart of Account 3. Record in the General Journal 4. Post to the General Ledger 5. Prepare a Trial Balance 6. Prepare a Six Column Worksheet 7. Prepare an Income Statement 8. Prepare a Capital ...
Tuesday, November 25, 2008 at 2:58pm by jimmy

accounting
When recording the following transactions in general journal entry form. 1. Issused common stock for $5,000 cash. 2. Borrowed $4,000 cash from a Local Bank. 3. Ourchased $500 of supplies on account. 4. Recognized revenue of $18,000 for services provided on account. 5. Paid $3,...
Sunday, April 11, 2010 at 5:04pm by Preciojs99

accounting
Partners Smith and Jones decide to close their business and share the profits equally. They sell the partnership's non-cash assets. The transactions for the sales are below: 1. The merchandise inventory, which cost $45,000, was sold for $38,000. 2. The office equipment, with a...
Friday, July 13, 2012 at 10:50am by working hard

Business Maths
Leeann Company sold merchandise on credit to Janelle Company for $1,000 on July 1, with terms of 2/10, net /30. On July 6, Janelle returned $200 worth of merchandise claiming the materials was defective. On July 8, Leeann received a payment from Janelle and credited Accounts ...
Friday, July 10, 2009 at 1:24pm by Peaches

accounting
Fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parentheses. a b c d e Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $60,000 $42,500 $36,000 $ ? $23,600 Cost of goods sold ...
Saturday, July 9, 2011 at 2:30am by Joann

FINANCIAL ACCOUNT
2. Robert purchases a motor car from Excellent Motors ltd whose cash price is 56,000 on January 1; 2005; Rs. 15,000 paid on signing the contract and the balance is to be paid in three equal annual installments of Rs. 15,000 each. The rate of interest is 5% per annum. Calculate...
Wednesday, April 18, 2012 at 5:20am by JUMA

Accounting
The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company by increasing the Merchandise Inventory account by $10,000 and _____. A. increasing ...
Sunday, April 18, 2010 at 12:53am by Pat

Business/Accounting Question
You are to state what will increase and/or decrease in each of the transactions described below. 1) Mythical Services sold $500 of legal services on account. 2) Mythical collected the $500 from transaction nmuber 1 above 3) Mythical purchased office furniture on account in the...
Thursday, June 15, 2006 at 12:40pm by Laura

Accounting
The beginning inventory of Merchandise at Waldo Co. and data on purchases and sales for a three-month period are as follows: Date Transaction Number of Units Per Unit Total March 3 Inventory 60 $1500 $90,000 8 Purchase 120 1800 216,000 11 Sale 80 5000 400,000 30 Sale 50 5000 ...
Saturday, November 10, 2012 at 10:07pm by tabitha Bennett

accounting
Sold instruments to customers for $10,000; received $6,000 in cash and the rest on account. The cost of the instruments was $7,000
Sunday, January 10, 2010 at 3:19pm by harmony

Accounting
Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of June. June 1 Purchased $8,100 of merchandise on credit from Vick, Inc., terms n30. 8 Sold ...
Tuesday, September 9, 2008 at 6:26pm by Rhonda

accounting
I need HELP in journalizing the following please: February 1 Paid $3,750 accounts payable balance due to a supplier. March 15 Received $2,500 partial payment on a $5,000 accounts receivable balance. Wrote off the rest of the account as uncollectible. April 1 April 15 Purchased...
Thursday, March 29, 2012 at 10:51am by Jan

accounting
Houser Appliances accounts for all sales of its merchandise on the installment basis. Following is the unadjusted trial balance at 12/31/12. Cash $45,000 Installment accounts receivable—2010 20,000 Installment accounts receivable—2011 50,000 Installment accounts receivable—...
Saturday, December 11, 2010 at 2:51am by weeli

Financial Accounting
1. Post the following transactions of a restaurant to prepare the journal ledger and trial balance. Jan - 2011 Transaction Amount 5 Started the business with cash 2,50,000 10 Deposited in the bank 50,000 15 Purchased tables and chairs 80,000 20 Purchased Freeze 30,000 ...
Wednesday, January 11, 2012 at 6:11am by Kavya Tank

accounting
A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $250 worth of merchandise and paid the invoice within the 2% cash discount period. What is the total amount paid for this merchandise is?
Sunday, April 10, 2011 at 10:00pm by ASH

Accounting
I need to enter the following into Journal Enteries a) Borrowed $12,000 cash on a short-term note payable dates march 1, 2011 b) Purchased land for future buildings site, paid cash, $9,000. c) Earned $160,000 in Service Revenue for 2011, including 40,000 on credit and 120,000 ...
Thursday, September 24, 2009 at 4:54pm by Leisel

business
Tavarez Company assembled the following information in completing its July bank reconciliation: balance per bank $15,280; outstanding checks $3,100; deposits in transit $5,000; NSF check $320; bank service charge $100; cash balance per books $17,600. As a result of this ...
Tuesday, October 26, 2010 at 1:59am by vivian

business math
Lowery landscapes had net income of $50,000 for 2010. Land was sold for $40,000, of which #3,000 was a gain. The beginning cash balance was #53,000, and the ending cash balance was #252,000. Depreciation expenses were $11,000. Prepare a statement of cash flows for the year ...
Sunday, May 26, 2013 at 8:59am by Anonymous

accounting
1-1-08 ferndell had a/r $56900 and allowance for doubtful account $4700. jan 5 Ferndell prepares financil statement, prepare the necessary journal. sold $6300 of merchandise to john, terms n/30. Cost of good was $5,100. Feb 2 accept a $6300, 4-month, 10% promissory from john. ...
Tuesday, March 10, 2009 at 7:43pm by bev

Account
The capital structure of Bombay Refrigeration Company Ltd. Consists of an equity share capital of Rs. 3, 00,000 (share of Rs. 10 par value) and Rs. 3,00,000 10% debentures. Sales increased by 20% from 30,000 to 36,000 units, the selling price is Rs. 10 per unit. Variable cost ...
Friday, October 1, 2010 at 2:15am by komal

accounting
1-Aug-13 Started business by investing $20,000 from personal savings into a business' bank account and a car and furniture worth $90,000 and $30,000 respectively. 2-Aug-13 Purchased office furniture from Standards for $3,000 paying by cheque. 4-Aug-13 Purchased goods for ...
Wednesday, March 12, 2014 at 10:06pm by Kai-lee

accounting 2
a.Equipment and land were acquired for cash b.There were no disposal of equipment during the year c.The investments were sold for 45,000 cash d.The common stock was issued for cash e.There was a 65,900 credit to retained earning for net income f.There was a 50,000 debit to ...
Wednesday, November 19, 2008 at 4:07pm by gabrielle

accounting 2
June 30, 2008/2007 Assets Cash- 34,700/23,500 accounts receivable- 101,600/92,300 inventory- 146,300/142,100 Investment-0/50,000 Land-145,000/0 equipment- 215,000/175,500 accumulated depreciation- (53,400)/(41,300) 2008= 594,000 /2007=442,100 liabilities and stockholders ...
Wednesday, November 19, 2008 at 4:05pm by gabrielle

Business finance
Question No 1: Sumi Inc. has policy of paying a Rs. 9 per share dividend every year. If this policy is to continue indefinitely, what will be the value of a share of stock at a 12% required rate of return? Rs. 30 Rs. 45 Rs. 60 Rs. 75 Question No: 2 The XYZ Corporation is ...
Wednesday, August 4, 2010 at 12:58pm by zeeshan

Accounting
A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $4,000; Transportation-In, $450; Purchases, $12,000; Purchases Returns and Allowances, $2,300; Purchases Discounts, $220. The cost of ...
Tuesday, October 7, 2008 at 10:38pm by Angela

accounting 2 urgent please help
part 2 thank you Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities a.Equipment and land were acquired for cash b.There were no disposal of equipment during the year c.The investments were sold for 45,000 cash d.The ...
Wednesday, November 19, 2008 at 5:21pm by gabrielle

accounting
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year). BYTE REPAIR SERVICE Trial Balance December 31, 2010 Cash $8,000 Accounts Receivable 15,000 Parts Inventory 13,000 Prepaid Rent ...
Saturday, February 25, 2012 at 11:14pm by Will

accounting
I need to make a t account for accounting homework. The statements are from 2009? Earned revenues for 2009 of 55,000 including 8,000 on credit and 47,000 cash. Received a 3,000 deposit from hospital to start January 5, 2010. Purchased supplies on account for future use. 7,000
Wednesday, September 15, 2010 at 10:15pm by chris

accounting
Santa Fe Company purchased merchandise for resale from Mesa COmpany with an invoice price of $24,000 and credit terms of 3/10,n/60. The merchandise had cost Mesa $16,000. Santa Fe paid within the discount period. Prepare entries that Santa Fe Company should record for the ...
Monday, April 4, 2011 at 8:00pm by ash

Principles of Accounting
Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested $10,000 cash in the business in exchange for common stock. 3 Purchased used car for $4,000 cash for use in business. 9 Purchased supplies on ...
Thursday, January 21, 2010 at 5:30pm by carlos

Business Maths
How do i calculate this proble and enter it in a journal entry: On January 1, the long-term liability section of a company’s balance sheet showed a balance of $20,000 in the bonds payable account. On December 31, the balance in the same account was $35,000. The change would ...
Friday, January 1, 2010 at 3:58pm by Peaches

maths
theatre sold the students tickets for Rs Rs3.25 and full price ticket Rs 5. on saturday 16 more fullprice ticket sold than student ticket .the total sales on that day was Rs 740. How many tickets sold ineach.
Sunday, January 13, 2013 at 4:31am by Anonymous

linear equations
theatre sold the students tickets for Rs Rs3.25 and full price ticket Rs 5. on saturday 16 more fullprice ticket sold than student ticket .the total sales on that day was Rs 740. How many tickets sold ineach.
Sunday, January 13, 2013 at 4:27am by mala

Business Maths
Please how do i calculate this problem and enter it in a journal entry: On January 1, the long-term liability section of a company’s balance sheet showed a balance of $20,000 in the bonds payable account. On December 31, the balance in the same account was $35,000. The change ...
Friday, January 1, 2010 at 3:58pm by Peaches

Principles of Accounting
E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested $10,000 cash in the business in exchange for common stock. 3 Purchased used car for $4,000 cash for use in business. 9 Purchased supplies...
Thursday, January 21, 2010 at 5:30pm by Wendy

Johnson
How do I record this transaction? Sold inventory on account for $500, cost of merchandise sold was $300. (Record the sale first and then the cost.)
Tuesday, January 29, 2013 at 4:51pm by Emily

accounts
on july 01,2000, asok ltd. purchased a machine for Rs.1,08,000 and spent Rs.12000 on its installation.At the time of purchase it was estimated that the effective commercial life of the machine will be 12 years and after 12 years its salvage value will be Rs.12,000.prepare ...
Friday, October 26, 2012 at 7:20am by priyanka

Accounting
Selected transactions for D. Reyes, an interior decorator in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $4,000 cash for use in business. 9 Purchased supplies on account for $500. 11 Billed customers $1,800 ...
Friday, January 29, 2010 at 5:16pm by kim

Accounting
Selected transactions for D. Reyes, an interior decorator in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $4,000 cash for use in business. 9 Purchased supplies on account for $500. 11 Billed customers $1,800 ...
Friday, January 29, 2010 at 5:16pm by kim

account
For both cases, show what each firm would report in its annual statement of profit and loss and other comprehensive income under the: a)Cash Basis b)Accrual Basis CASE 1 During 2012 Gangnam Marketing earned revenues of $500,000 on account. Gangnam collected $510,000 from the ...
Monday, March 25, 2013 at 12:28am by ifi

accounting
BISHOP COMPANY Inv. No. Check Date Description Name or Date No. Terms Amount Mar. 1 Received merchandise and invoice Soy Industries Mar. 1 2/15, n/30 42,600 2 Merchandise sold (cost $7,900) Min Cho 854 2/10, n/30 15,800 3 Purchased office supplies Stacy Company Mar. 3 n/10 EOM...
Sunday, January 16, 2011 at 12:15am by zion

law
hi i just wanted to ask this question because i am in a problem. can someone help with this I operate an auto parts shop. The shop has gone out of business, and all assets have been sold. The following debts remain: 1. $10,000 owed to suppliers for merchandise that was sold to...
Thursday, April 12, 2007 at 4:23pm by Sachin

Financial Accounting
Here is the problem: if you could just help me get started in the right direction that would be great, I don't even know where to begin with this question ellar Company was established to manufacture components for the auto industry. The components are shipped the same day ...
Tuesday, March 9, 2010 at 5:53pm by Nancy

finance accounting
Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. Ksh.000 Account payable 15,800 equipment 46,000 motor vehicles 25,160 Account receivable 23,080 cash at bank 29,120 cash in hand 160,000 during that ...
Friday, January 24, 2014 at 4:07am by tima ibrahim

accounting please help!
I have most of them done but would like to have these ones double checked... Please Help!!! 2. The balance sheet format that lists assets above liabilities is the _______ form. A. alphabetical B. liquidity C. account D. report I said B 13. Nick Company reports the following ...
Sunday, June 24, 2012 at 2:33pm by anon

accounting
Kathy Company purchased and installed a machine on January 1, 2006 at a total cost of $72,000. Straight-line depreciation was calculated based on the assumption of a five-year life, and no salvage value. The machine was disposed of on July 1, 2009. Prepare the general journal ...
Tuesday, August 2, 2011 at 4:01pm by ELNUTT

accounting
A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a ...
Tuesday, May 7, 2013 at 12:32pm by dan

accounting
In 2007, Clyde Blackstock opened Clyde’s Pets, a small retail shop selling pet supplies. On December 31, 2007 Clyde’s accounting records showed the following: Merchandise inventory at December 31, 2007 $10,250 Merchandise inventory at January 1, 2007 $15,000 Sales revenue for ...
Saturday, December 10, 2011 at 3:17am by Anonymous

accounting 201
I am having trouble figuring out my accounts payable and capital. Any help on going about and solving this would be greatly appreciated. I have listed the data below... Travis Fortney, an architect, opened an office on April 1, 2010. During the month, he completed the ...
Wednesday, September 30, 2009 at 12:25am by David

accounting
Question 2.) Hawkeye Electric Company engaged in the following transactions during July. July 2 – Purchased inventory for cash, $800 July 5 – Purchased store supplies on credit terms of net eom, $600. July 8 – Purchased inventory of $3,000, plus freight charges of $230. Credit...
Wednesday, November 11, 2009 at 3:27am by Dj

Accounting
Record the following transactions using the accounting equation. Example: Assets = Liabilities + Equity XXXX(cash) XXXX(accounts payable) A. Amanda invests $17,000 cash into her merchandising business. B. She buys $6,500 of office equipment and $3,000 of office supplies with ...
Monday, November 26, 2012 at 1:49pm by Rescueme417

Financial accounting
That is the problem, there is no examples and the instructor(he) says he can not give any examples. Here is what I have to work with a b c d Sales $60,000 $42,500 $36,000 ? Cost of goods sold Merchandise 6,000 17,050 7,500 7,000 inventory(begin) Total cost of purchase36,000...
Thursday, October 2, 2008 at 4:50pm by Angela

Accounting
Please prepare the following journal entries. Indicate which account should be debited and which account should be credited along with the dollar amount of the debit and credit. a) Investors invested $100,000 in exchange for 10,000 shares of common stock. b) Company paid a ...
Thursday, April 19, 2012 at 9:29pm by Anne

Accounting
Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equipment $80,000 Preferred Stock $32,000 Merchandise Inventory $18,000 Retained Earnings ? Prepaid Rent $3,...
Monday, January 13, 2014 at 7:16pm by Angela

accounting
credit revenue $55,000 Debit A/R $8,000 Debit Cash $47,000 Debit Cash $3,000 Credit Unearned Revenue $3,000 Debit Expense Account $7,000 Credit A/P $7,000
Wednesday, September 15, 2010 at 10:15pm by Jake

accounting
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012: 1) Started the business by issuing common stock for $7,500 cash 2) Paid cash to purchase $5,000 of inventory 3) Sold inventory that cost $3,000 for $7,250 cash 4) ...
Wednesday, March 7, 2012 at 2:03pm by Anonymous

accounting
A recent cash budget showed estimated cash receipts of $159,000, estimated cash disbursements of $155,000, and a desired ending cash balance of $6,000, with no borrowing of funds. The beginning cash balance was:
Thursday, September 19, 2013 at 3:21pm by Leah

Account
Oral Corporation's beginning accounts receivable were $200,000 and ending accounts receivable were $270,000. During the period $500,000 cash was collected from customer credit sales. Calculate the amount of Oral Corporation sales on account during the period. a. 470,000 b. $...
Thursday, October 18, 2012 at 7:51pm by Anton

Account - Really need help!
Oral Corporation's beginning accounts receivable were $200,000 and ending accounts receivable were $270,000. During the period $500,000 cash was collected from customer credit sales. Calculate the amount of Oral Corporation sales on account during the period. a. 470,000 b. $...
Thursday, October 18, 2012 at 8:02pm by Anton

accounting
E15-7 Bennis Company has the following comparative balance sheet data. BENNIS COMPANY Balance Sheets December 31 2009 2008 Cash $ 15,000 $ 30,000 Receivables (net) 70,000 60,000 Inventories 60,000 50,000 Plant assets (net) 200,000 180,000 $345,000 $320,000 Accounts payable $...
Sunday, June 10, 2012 at 10:39pm by bren

College Accounting
P2-1A Frontier Park was started on April 1 by C. J. Mendez and associates. The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common stock. 4 Purchased land costing $30,000 for cash. 8...
Saturday, January 15, 2011 at 3:31pm by Jaycee

College Accounting
P2-1A Frontier Park was started on April 1 by C. J. Mendez and associates. The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common stock. 4 Purchased land costing $30,000 for cash. 8...
Saturday, January 15, 2011 at 3:38pm by Jaycee

Accounting
Presented below are selected financial statement items for Rowe Corporation for December 31, 2012. Inventory $55,000 Cash paid to purchase equipment $30,000 Cash paid to suppliers 154,000 Equipment 40,000 Buildings 400,000 Revenues 200,000 Common stock 20,000 Cash received ...
Monday, April 2, 2012 at 12:55pm by Dan

Advanced accounting
Up owns 80% of Down. During 2009 Down began selling merchandise to Up at gross profit margin of 20%. Sales by Down to Up for the year totaled $80,000, of which $10,000 remain unsold. In 2010 Down sold $100,000 merchandise to Up at gross margin of 40%. Up’s Ending inventory ...
Thursday, April 7, 2011 at 11:12am by Oksana

FND 154 Fundamentals of Accounting
Harwick Company Exercise 5-2 1. on April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. on April 6, paid freight costs of $900 on merchandise purchased from Botham. 3.on April 7, purchased equipment on account for $26,000. ...
Monday, June 24, 2013 at 8:16pm by Tomika

Intermediate Accounting I
On January 1, 2007, the Accumulated Depreciation-Machinery account of a particular company showed a balance of $370,000. At the end of 2007, after the adjusting entries were posted, it showed a balance of $395,000. During 2007, one of the machines which cost $125,000 was sold ...
Saturday, April 25, 2009 at 6:06pm by Drake

accounting
Valmont, Inc. experienced the following events in 2012, in its first year of operation. 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $50,000. 3. Paid utility expense of $12,500. 4. Collected $39,000 of the accounts receivable. 5...
Sunday, August 7, 2011 at 3:08pm by stephanie

college
accounting/// which journal would be used if you returned merchandise that had been bought on account , sales journal, purchase journal, cash receipts journal, cash payments journal or general journal. i thought it would be on a general journal
Wednesday, September 23, 2009 at 9:45am by angela

accounts
Part 1 During 2010, Raines Umbrella Corp. had sales of $850,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $610,000, $110,000 and $140,000, respectively. In addition, the company has an interest expense of $85,000 and a tax rate of...
Sunday, September 2, 2012 at 2:24pm by accouns

Math
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equipment $80,000 Preferred Stock $32,000 ...
Thursday, December 19, 2013 at 8:04pm by Angela

Accounting
Please use the following information to answer questions 4-5: Cash $10,000 Accounts Payable $7,000 Accounts Receivable $6,400 Mortgage Payable $65,000 Supplies $1,500 Long-term Debt $36,000 Building $150,000 Notes Payable $9,000 Equipment $80,000 Preferred Stock $32,000 ...
Thursday, December 19, 2013 at 8:11pm by Angela

accounting
identify assumptions and concepts adn correct entries. The company used the average cost formula to determine that the cost of merchandise inventory at december 31 was $65,000. on December 31, it would have cost $80,000 to replace the merchandise inventory, so the following ...
Sunday, January 30, 2011 at 4:48pm by Thara

Accounting
Janfer Book Store purchased a new automobile that cost $10,000, made a down payment of $3,000, and signed a note payable for the balance. The entry to record this transaction is: Cash 3,000.00 Note Payable7,000.00 Automobile 10,000.00 Cash 3,000.00 Automobile 3,000.00 ...
Sunday, April 25, 2010 at 1:16pm by Anonymous

finance accounting
Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. kSH.000 Account payables 15,800 equipment 46,000 motor vehicles 25,160 Account receivable 23,080 Cash at bank 29,120 cash in hand 160,000 during that ...
Friday, January 24, 2014 at 2:45am by tima ibrahim

Accounting
Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual system of inventory. July 2 – Purchased inventory for cash, $800 July 5 – Purchased store supplies on ...
Saturday, November 23, 2013 at 3:43pm by Lissa

financial accounting
I am having trouble figuring out my accounts payable and capital. Any help on going about and solving this would be greatly appreciated. I have listed the data below... Travis Fortney, an architect, opened an office on April 1, 2010. During the month, he completed the ...
Tuesday, March 8, 2011 at 11:36am by Anonymous

Accounting
I need help on the freight charges of each transaction, I always get confused when I see the FOB’s. Presented here are selected transactions for Norlan Inc during September of the current year. Norlan uses a perpetual inventory system. Sold merchandise costing $15,000 to ...
Sunday, October 15, 2006 at 7:19pm by F

Accounting
I need help on the freight charges of each transaction, I always get confused when I see the FOB’s. Presented here are selected transactions for Norlan Inc during September of the current year. Norlan uses a perpetual inventory system. Sold merchandise costing $15,000 to ...
Monday, October 16, 2006 at 12:38pm by F

HELP WITH ACC
I need help on the freight charges of each transaction, I always get confused when I see the FOB’s. Presented here are selected transactions for Norlan Inc during September of the current year. Norlan uses a perpetual inventory system. Sold merchandise costing $15,000 to ...
Tuesday, October 17, 2006 at 6:46am by F

accounting
Making a t account need to know how to enter this Recognized operating expenses for 2009 of 30,000 including 5,000 on credit and 25,000 cash
Wednesday, September 15, 2010 at 11:54pm by chris

Retail Math
The buyer of women's gloves currently has an average inventory of $20500, with an annual turnover rate of 4.0. Because this rate of stock turn is below the industry average, a 7.82% increase in turnover is sought. Assuming a constant level of inventory, calculate the ...
Sunday, October 29, 2006 at 6:23pm by Alex

Finance
Tom company has sales of Rs.200,000/- with variable expenses of Rs.150,000/-, fixed expenses of Rs.60,000/-, and an operating loss of Rs.10,000/-. By how much would Tom have to increase its sales in order to achieve an operating income of 10% of sales?
Sunday, February 24, 2013 at 1:37am by vikram

Account
Use the following identification codes to indicate the effects of each transaction on the accounting equation: I = Increase; D = Decrease; NE = No Effect. Write your answers in the space provided under the accounting equation, being sure to include an identification code for ...
Sunday, September 23, 2012 at 5:31pm by Anton

accounting
The partners in New Yorker Company decide to liquidate the firm when the balance sheet shows the following. NEW YORKER COMPANY Balance Sheet May 31, 2010 Assets Liabilities and Owners' Equity Cash $27,700 Notes payable $13,140 Accounts receivable 24,790 Accounts payable 27,210...
Thursday, April 8, 2010 at 5:55pm by mayasa

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