During May, Hal Company invoiced customers $5,000 for goods delivered in May and collected $6,000 from customers. Included in the $6,000 was $500 which was an advance for a sales order which would be filled in June. Hal should report revenue for May of Multiple Choice $4,500 None of the other alternatives are correct $5,000 $6,000 $5,500
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- Krux sends its mobiles amounting P2,400 each to their customers on Sale on Return basis. These are treated like actual sales and recorded through the Sales Day Book. Two months before the end of financial year it sent 300 mobiles at an Invoice Price of P3,000 each, of which 40 mobiles are accepted by customers at P2,800 each. Rest of the goods sent no further report is available. Prepare necessary entries at the end of the accounting year for Krux mobiles.Revenue Recognition Question: Please help with this question I keep getting it incorrectly. A company pre-sells services to be performed from May through September, inclusive. If payment is made in full by April 1, a 5% discount is allowed. In March, 360 customers took advantage of the discount and purchased the summer lawn service package for $700 each. In June, 290 customers purchased the package for $780, and in July, 97 purchased it for the same price. For customers who pay after May 1, service starts in the month the customer makes the payment. How much revenue should be recognized by the company in each of the months of March, April, May, June, July, August, and September? (Round answers to 0 decimal places, e.g. 5,275.)An invoice for accessories is dated December 27 and this paid on January 10. The trade discount is 30%, 20%, and 5% with terms of 2/10 as of April 1, FOB retailers distribution center, and shipping charges of $30 pre-paid by the vendor. There is a quantity discount of 1% on orders of $5000 and a 2% discount on orders of $7500 or more. What amount should be paid if the buyer purchase $10,000(list price) worth of merch ?
- Can you assist please The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The invoice had terms of 3/10, 2/20, N/30. On May 18, the shop sent a check for an amount that gave it a credit for ½ the balance due. On May 31, the remaining balance was paid. The shop expects a profit of 30% of cost and 15% of cost for operating expenses. From May until the end of September, the shop sold 40 wagons at its regular markup. From September through December, the remaining wagons were sold with a 35% markdown price. It is your task to determine the following, remembering to show and label all calculations: The regular list price per wagon rounded to the nearest cent. The reduced list price per wagon rounded to the nearest cent. The total revenue received from the sale of all wagons. thanks1. On February 5, the company purchased $50,000 of merchandise at FOB shipping point. shipping costs $5,000 and will arrive 6 days later. there is an agreement with the seller that the seller prioritizes transportation costs. 2% discount terms for 10 days. Journalize this transaction. 2. the same data make a journal using fob destination 3. when the goods receipt report is made. 4. What is the contents of the invoice that will be received from the seller?.Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
- BAYWEST began the third quarter (July to September) of 2020 with 30 (Alcatel) tablets at a total cost of $187,800. July 8 98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each tablet to have the inventory shipped from the point of purchase to their warehouse July 31 The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of these tablets were sold on account to longstanding customers) August 4 A new batch of 67 tablets was purchased at a total cost of $465,650 August 10 5 of the tablets purchased on August 4 were returned to the supplier, as they were not of the model ordered. August 31 During the month 60 tablets were sold at a price of $10,350 each. September 4 A customer, to whom 9 tablets were sold during the first business day of August, returned 3 of the instruments, as they were of another brand. September 10 Owing to an increased demand, a…GHI Company established a sales agency in a different location. Upon theestablishment of the sales agency, the home office sent merchandise samples costing P10,000 and a cash working fund of P50,000 to be maintained on the imprest basis. During the month of June, the sales agency reported to the home office sales orders. These were billed at P170,000, of which half was collected. The sales agency paid expenses of P45,800 but was reimbursed by the home office. At the end of the month there was no samples left. It was estimated that the gross profit on goods shipped to fill sales agency sales orders averaged 60% of sales. What is the net income of the sales agency for the current month?A company buys and sells physical goods to individuals and other companies. March 4 orders the company 50 products from a subcontractor. The invoice arrives on March 10 and is onSEK 50,000 without VAT (25%) and the payment terms are 30 days net.The company places a 100% mark-up on the net purchase price when the sales price is determined. The last April, 40 of the products are sold. In connection with the above-mentioned event, the company's a) How big is the company's cost in connection with the above mentioned event? b) How large is the company's revenue in connection with the above-mentioned event?
- Use the following information for questions (29 to 32). The following information pertains to Adel Company Month Sales Purchases July P25,000 P10,000 August 10,000 2,500 September 15,000 5,000 October 12,500 4,000 November 15,000 5,000 December 17,500 5,000 Forty percent of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Cash is collected from customers in the following manner Month of sales 20% Month following sales 50% Two months following sales 25% Amount uncollectible 5% 1.What is the amount collected from customers in September? 2. What is the amount disbursed to suppliers in October?Use the following information for questions (29 to 32). The following information pertains to Adel Company Month Sales Purchases July P25,000 P10,000 August 10,000 2,500 September 15,000 5,000 October 12,500 4,000 November 15,000 5,000 December 17,500 5,000 Forty percent of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Cash is collected from customers in the following manner Month of sales 20% Month following sales 50% Two months following sales 25% Amount uncollectible 5% 1. What is the amount disbursed to suppliers in November? 2. If Adel allows a 2 percent cash discount if collected in the month of sale, it is expected that 60 percent will be collected in the month of sale and the balance in the month following. How much will…Kindly arrange the journal entries of a company that imported a truck for $38,000. The total importation should be closed in 30 days. It's on account of the installation & adjustment cost which is $ 2517.48 plus 10% VAT. while check endorsed for expenses on custom consulting that invoiced $ 3496.50 plus VAT of 10%. In addition, VAT paid $ 3,916.08 on custom administration.