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

34,145 results

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 ...

accounting

Prepare the journal entries for each transaction. Post to the ledger and prepare a trial balance. May 2 Purchased merchandise on account from Wendy Supply Co. P10,000 terms, 2/10,n/30 3 Sold merchandise for P4,500 terms P500 down balance 2/10,n/30. 4 Paid P500 cash for freight...

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

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 in...

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 ...

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 ...

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...

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 ...

Accounting

Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 2016. Zell Company provides customers a refund for any returned or damaged merchandise. At the end of the year, Zell Company estimates ...

Accounting

Aunt Rhea Corporation Income Statement For the Year Ended December 31, 2015 Service Revenue $ 900,000 Operating Expenses 700,000 Net Income before Income Tax $ 200,000 Gain on Investment Sale 10,000 Net income Before Income Taxes $ 210,000 Income Tax Expense 90,000 Net Income...

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 ...

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...

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 ...

FINANCE

Below is a list of account balances for Currie Hospital as of December 31, 2013. Prepare a balance sheet as of December 31, 2013, in proper form. (Hint: You will need to compute the net assets account. Assume that all net assets at the beginning of the year are unrestricted.) ...

bus math

Solve the problem. Express answers as a percent rounded to the nearest tenth. 20) Complete a vertical analysis on the balance sheet for Jake's Janitorial Service for December 31 of last year. The company assets are cash $20,000, accounts receivable $48,000, merchandise ...

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 ...

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 ...

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 $59,900 Prepaid Rent...

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 ...

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 ...

accounting

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. Halifax only makes credit sales. The company began 2013 with an allowance for sales returns of $300,000. During 2013, Halifax ...

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 $50...

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 ...

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,...

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...

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 ...

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 ...

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 ...

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 ...

accounting

Please help me to get the answers for these questions in order to help my niece for their assignment answers correctly. thanks Answers as called for show computations and analyses 1.An office machine costing p 20,000 has been used for three of its eight years estimated life. ...

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

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 ...

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 ...

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 ...

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 ...

Accounting

O'Neill Co. has $296,000 in accounts receivable on January 1. Budgeted sales for January are $860,000. O'Neill expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the reminder the ...

accounting

. Preference Decisions: NPV vs. IRR vs. Profitability Index Stephens Industries is contemplating four projects: Project P, Project Q, Project R, and Project S. The capital costs and estimated after- tax net cash flows of each project are shown in the table that follows. ...

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...

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...

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 ...

college Accouting

Bennis Company has the following comparative balance sheet data. BENNIS COMPANY Balance Sheets December 31 2011 2010 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 $50,000 $...

accounting 100

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation – equipment 28,000 Advertising expense 21,000 Cash 15,000 Owner’s capital...

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 ...

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 ...

business

Analyze the following scenario: Duncombe Village Golf Course is considering the purchase of new equipment that will cost $1,200,000 if purchased today and will generate the following cash disbursements and receipts. Should Duncombe pursue the investment if the cost of capital ...

fiance

2. Analyze the following scenario: Duncombe Village Golf Course is considering the purchase of new equipment that will cost $1,200,000 if purchased today and will generate the following cash disbursements and receipts. Should Duncombe pursue the investment if the cost of ...

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 ...

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 ...

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. $...

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. $...

accounting

identify assumptions and concepts and 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 ...

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 ...

Accounting

Maris Corporation acquired a patent on May 1, 2008. Maris paid cash of $25,000 to the seller. Legal fees of $1,000 were paid related to the acquisition. What amount should be debited to the patent account? $1,000 $24,000 $25,000 $26,000

finance

Given: WACC= 12%, NPV=+1,491.39, IRR=14.87378%, your all-equity firm has 5,000 common shares outstanding, and the cash flows are: CF0= -18,000, CF1= 3,000 CF2= 3,000, CF3=7,000, CF4?, CF5= 10,000. What is the cash flow at time-point 4.

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 ...

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...

accounting

40. The following items are taken from the financial statements of Pelatihan OSN Company for the year ending December 31, 2016: Accounts payable 18,000 Accounts receivable 11,000 Accumulated depreciation – equipment 28,000 Advertising expense 21,000 Cash 15,000 Pelatihan OSN...

math

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 entry was made Dr. Merchandise inventory 15000 Cr. Cost ...

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 ...

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 ...

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 ...

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 ...

Accounting

How do I enter the following investment as a compound entry in a general journal? I also don't understand how cash is different from capital. Help!!! ASSETS Cash...............20,000.00 Moving Van.........40,000.00 = 60,000.00 LIABILITIES & OWNER'S EQUITY Bank Loan..........15...

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

accounting

Determine the ending balance of the Merchandise Inventory account given the following transactions: TooDaLoo had a beginning balance of $8,500 in its Merchandise Inventory account. They purchased $45,000 worth of inventory on account from WeeParcel under the credit terms 2/10...

Accounting

Journalize the following transactions and omit the explanations. A. ABC Corporation purchased $15,000 of office furniture by putting $7,000 down in cash and the rest on account on April 8. B. The corporation paid $60,000 for a two-year lease on April 19. C. The corporation had...

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 ...

Finance

The glenna gayle company (GGC) had sales of $400,000 in the past year, with operating expenses of $210,000 and cost of goods sold of $70,000. Interest expense was $30.000, and $10,000 in common stock dividends were received. The company had $20,000 in capital gains and $30,000...

Business

Dukas Corporation's net cash provided by operating activities $218,000; its net income was $203,000; its capital expenditures were $146,000 and its cash dividends were $49,000. What is the company's free cash flow?

Accounting

E13 Selected account balances of the Lakeside Grocery Store for the year ended December 31, 20xx, follow. Beginning merchandise inventory was $ 26,000, and ending merchandise inventory is $ 22,000. Prepare closing entries, assuming that the owner of Lakeside Grocery, John ...

healthcare fiancare

HINT: 6% X $1,000,000 – {20% X ($1,000,000 – (6% X $1,000,000))} = 6% X $1,000,000 – {20% X ($1,000,000 - $60,000))}= 6% X $1,000,000 - {20% X $940,000}= 6% X $1,000,000 - $188,000 = $60,000 - $ 188,000= -$128,000 A) The interst due on a 10% loan of $1,000,000 at year ...

Accounting

Dukas Corporation's net cash provided by operating activities was $218,000; its net income was $203,000; its capital expenditures were $146,000; and its cash dividends were $49,000. Required: What is the company's free cash flow?

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 ...

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 ...

accounting

Joe Brown invests $10,000 into his new business. How would the journal entry for this transaction be entered in the journal? Cash 10,000 Brown, Capital 10,000 Invested cash in business Cash 10,000 Brown, Capital 10,000 Invested cash in business Brown, Capital 10,000 Cash 10,...

Math

Using the following cash flows for projects A and B, use payback period, discounted payback period, NPV, IRR, and MIRR to see if these are good projects or not. > Project A: (283,000); 46,000; 89,000; 104,000; 123,000; 187,000; and 72,000 > Project B: (318,000); 72,000; ...

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 ...

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:

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 ...

Advance Accounting

On January 1, 20X1, Parent Company acquired 80% of the common stock of Subsidiary Company for $560,000 On this. date Subsidiary had total owners' equity of $540,000, including retained earnings of $240,000. During 20X1, Subsidiary had net income of $60,000 and paid no ...

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 ...

Math

Staley Watch Company reported the following income statement data for a 2-year period. 2008 2009 Sales $210,000 $250,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 173,000 202,000 Cost of goods available for sale 205,000 246,000 Ending ...

Accounting/Finance

Temte Corporation is authorized to issue 1,000,000 shares of no-par common stock and 250,000 shares of 6 percent, $25 par value, cumulative preferred stock. These events affected stockholders’ equity during the first year of operations: 1. 125,000 shares of common stock were...

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?

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 ...

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...

accounting

The following financial data were taken from the annual financial statements of Smith corporation: 2007 2008 2009 Current assets $450,000 $400,000 $500,000 Current liabilities $390,000 $300,000 $340,000 Sales $1,450,000 $1,500,000 $1,400,000 Cost of goods sold $1,180,000 $1,...

accounting

The following financial data were taken from the annual financial statements of Smith corporation: 2007 2008 2009 Current assets $450,000 $400,000 $500,000 Current liabilities $390,000 $300,000 $340,000 Sales $1,450,000 $1,500,000 $1,400,000 Cost of goods sold $1,180,000 $1,...

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 ...

accounting

Part 5 Cash Budgeting Landis Company has the following sales forecasts for the selected three-month period in the current year: Month Sales April $12,000 May 7,000 June 8,000 Seventy percent of sales are collected in the month of the sale, and the remaining balance is ...

Accounting

O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011. Office Equipment ₤ 40,000; Utilities Expense ₤ 6,000; Cash 14,000; Accounts Receivable 27,000; Service Revenue 108,000; ...

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...

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...

Accounting

Given the following data, the gross profit for the fiscal year would be__. Freight-In on merchandise purchased $1,500; Merchandise Inventory, January 1 $30,000; Merchandise Inventory, December 31 $50,000; Purchases $100,000; Purchases discounts taken $2,800; Purchases returns ...

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...

accounting cash flow

Hi, i have a problem with my statement of cash flow, I did all the work but I just can not seem to find the "cash at beginning of year" part. Does anyone know how to calculate this? Here is the question: Ohio Enterprises was organized on January 1, 2010, with the investment of...

Finance

Equipment cost $625,000, salvage value $50,000 at end of 10 yrs. Probability .15 Cash Flow $60,000, .25 $85,000, .45 110,000, .15 130,000 What is expect cash flow, How do I stretch out for 10 years do I multiply about out get that total and get PV from chat by year of the ...

accounting

Anzlyzing financial statement effects of accounting for bad debits using the allownace method. Duffy Bros. uses the allowance method to account for bad debets expense. Duffy experienced the following four events in 2008: 1.Recognition of 64,000 of service revenue on account 2...

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 ...

accrual basis accounting vs. cash accounting basis

Can someone please check my answers to the following problem. Jack Eagles, a CPA, keeps his accounting records for his practice on the cash basis. During the current year, his clients paid $750,000 in the accounting and tax fees of which $5,000 was paid for work to be done ...

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