Financial Accounting Assignment 2
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The credit term 2/10 n/30 means: that after 10 days 2% interest is charged. that there is a 10% discount if payment is received within 30 days. that there is a 2% discount if payment is received within 10 days. there is a 10% discount if paid immediately and 2% if paid within 30 days.
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Family Food Stores purchased canned goods at an invoice price of $3,000 and terms of 2/10, n/30. Half of the goods had been mislabeled and were returned immediately to the supplier. If Family Food pays the remaining amount of the invoice within the discount period, the amount paid should be:
$1,440.
$1,470.
$2,940.
$3,000.
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The balance shown on a bank statement is always equal to the
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What is the amount of uncollectible accounts expense recognized in VIP's income statement for January?
$6,400
$8,000
$8,700
$7,200
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The Cash account in the ledger of Triangle Floors shows a balance of $15,267 at September 30. The bank statement, however, shows a balance of $19,700 at the same date. The only reconciling items consist of a bank service charge of $7, a large number of outstanding checks totaling $8,170, and a deposit in transit.
Refer to the above data. What is the amount of the deposit in transit?
$4,440
$7,104
$3,730
$4,333
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Herbert Corp uses its periodic inventory system and the following information is available: Sales...................................... | $31,000 | Inventory-Beginning................. | 8,000 | Inventory-Ending..................... | 7,000 | Purchases................................ | 23,000 | | |
Calculate the cost of goods sold:
$7,000.
$24,000
$23,000.
$31,000
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On November 1, 2005, Phillip Corporation sold land priced at $600,000 in exchange for a 7%, six-month note receivable.
Refer to the above data. The journal entry made by Phillip to record this transaction on November 1, 2005, includes: a debit to Notes Receivable of $621,000. a debit to Interest Receivable of $21,000. a credit to Interest Revenue of $21,000. a debit to Notes Receivable of $600,000.
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b. What is the total balance of Jessie Robinson 's revolving account? (0.5 points) N/A
1. A condo in Orange Beach, Alabama, listed for $1.4 million with 20% down and financing at 5% for 30 years. What would the monthly payment be?
Again, this is a balance sheet account. See below for more information concerning this account.
The ledger of Wainwright Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
cognizant of the fact that the choices he makes can affect the price a buyer pays
1. On november 1, 2009 Broom company received a bank statement that showed a $2,950 balance. Broom showed a $4,010 checking account balance. The bank did not return the check No. 124 for $1,080 and check No 138 for $720. A $3,200 deposit made on October 30 was in transit. The bank charged Broom $12 for check
Uncollectible accounts expense is estimated by the aging-of-accounts-receivable method. Management estimates that $35,000 of accounts receivable will be uncollectible. Which of the following will be the amount of Uncollectible accounts expense? 35000 -4500 = 30,500
| | | | | | | Trial Balance | | | | | | | 07/31/12 | | | | | | | | Debit | Credit | | | | | | | | | | | Cash | | 5410 | | | | | Equipment | | 8000 | | | | | Common Stock | | | 12000 | | | | Accounts Payable | | | 5400 | | | | Supplies | | 900 | | | | | Prepaid Insurance | | 1800 | | | | | Accounts Receivable | | 6200 | | | | | Service Revenue | | | 7800 | | | | Salaries and Wages Expense | | 2000 | | | | | Maintenance and Repairs Expense | | 290 | | | | | Dividends | | 600 | | | | | | | 25200 | 25200 | | | | | | | | | | D. Journalize Adjusting Entries | | | | | | | | | | | | | | Date | Account Titles and Explanations | Debit | Credit | | | | 2012 | Adjusting Entries | | | | | | 07/31/12 | Accounts Receivable | 1700 | | | | | | Service Revenue | | 1700 | | | | | (To record Services unbilled and uncollected) | | | | | 31 | Depreciation Expense | 180 | | | | | | Accumulated Depreciation-Equip | | 180 | | | | | (To record monthly depreciation) | | | | | | 31 | Insurance Expense | 110 | | | | | | Prepaid Insurance | | 110 | | | | | (To record 1/12 of expired insurance) | | | | | | 31 | Supplies Expense | 580 | | | | | | Supplies | | 580 | | | | | (To
(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 646,339 558,851
Accounts receivable, net of allowance for doubtful accounts of $208 and $102 as of December 31, 2011 and 2010, respectively
The following transactions took place during the year (all purchases and services were acquired on account):
During 2012 sales on account were $145,000 and collections on account were $86,000. Also, during 2012 the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that bad debts should be estimated at $54,000. The change in the cash realizable value from the balance at 12/31/11 to 12/31/12 was (Points : 2)
Table of Contents ................................................................................................................................................ 1 Assignment Background .................................................................................................................................. 2 Bigg-Glowbell Overview ...................................................................................................................................... 3 The Company History ...................................................................................................................................... 3