Sean and Co is a new pizza delivery business that was created by depositing £20,000 in a bank account on 01 April. This amount was raised partly from Sean, who is the owner (£6,000), and partly from bank loan (£14,000). During the first week of trading, Sean bought a motorbike for £5,000 paying by cheque. The motorbike will be used to deliver the pizzas. At the end of the first week of trading, the total current asset in the business is:
Q: tyson Company's working capital accounts at December 31, 2018, are given below: Current…
A: Working capital, also known as net working capital (NWC), is the difference between a company's…
Q: How much is the adjusted balance of cash?
A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…
Q: On September 28, 2019, a fire destroyed the entire merchandise inventory of Carroll Corporation. The…
A: "Inventory" refers to the practice of counting items. In accounting, inventory is a current asset…
Q: a company has 600 units on hand and the annual usage is 7200 units. considering 240 working days in…
A: The number of days of supply indicates how long the current stock price will persist. For example if…
Q: a) The primary responsibility for the prevention and detection of fraud rests with both those…
A: This Question is an opinion based. Therefore the introductory sentences must be filled by…
Q: any with a arge regonal presence. Every year your team spends $420000 per year on inspection of…
A: Annual cost of Inspection of wooden poles = 420000 Corporate Real discount rate= 6% Cost of…
Q: ome for the remainder of the year. Rental income from the property was $6,500. Expenses associated…
A: Itemized deductions refer to the type of expense that can be subtracted from the total income earned…
Q: SALLAT Household Furnishings & Appliances is a family-owned business. You are the management…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Calculate the net present value, ignoring the additional benefits described by Rick. negative…
A: The decision regarding whether to purchase the asset or not depends upon various factors and one of…
Q: REQUIRED: Prepare in proper format a Cash Flow Statement for Alexis Inc., using the indirect method.
A: In the given question, financial statement of Alexis Inc is mentioned in detail. With the available…
Q: On September 1, 2021, Alled Moving Corp. borrows $90,000 cash from First National Bank. Alled signs…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The company has just hired a new marketing manager who insists that unit sales can be dramatically…
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…
Q: Last year Minden Company introduced a new product and sold 25,300 units of it at a price of $95 per…
A: Computation of net operating income/loss Sales - variable cost - fixed costs 25300 units * ($95 -…
Q: Comfort Shoes Manufacturing Company began business on January 1, 2016. During its first year of…
A: Balance of work in process inventory will be total cost of job work in process. Job 101 - 105…
Q: Answer Needed for Part B only SALLAT Household Furnishings & Appliances is a family-owned business.…
A: The question is related to Cash Budget. Cash Budget is summary of cash receipts and cash payments…
Q: the eDJ Jolieues 4 igy nmet befune 1971? what aaene
A: Foreign Direct investment Foreign direct investment refers to the investments made in a foreign…
Q: Needed in 20 minutes 6. Q Company has the following information on December 31, 20x1 before any…
A: Account receivables means the amount which is due from outsider for the goods or services rendered…
Q: Q1. Suppose a man receives an initial annual salary of 60,000Php, increasing at the rate of 5,000Php…
A:
Q: following information applies to the questions displayed below.] January 1, 2021, Pet Friendly…
A: Cost Retail Beginning inventory…
Q: Karim Corporation requires a minimum $9,300 cash balance. Loans taken to meet this requirement cost…
A: Introduction Balances for last addition loan and ending cash balance:
Q: During the current year, Cartwright Corporation’s accountant recorded numerous transactions in an…
A: According to the logic of a journal entry, every business transaction should be documented in at…
Q: osure requirements for lease by lesse 56. a. General Information about the lease b. A description of…
A: As per IFRS 16, Lease accounting and disclosure treatments are given.
Q: On January 1, 20x4 Bobcat Coffee leased a smoothie machine from Smoothie LLC. Smoothie LLC purchased…
A: Finance lease- A finance lease is a kind of lease in which a finance corporation is classically the…
Q: On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies.…
A: Petty Cash Book seems to be an accounting book being used tracking little and low-value costs such…
Q: Using the MACRS rates from the following table, what is the book value of a $3,000 computer after 1…
A: Answer: MACRS( Modified Accelerated Cost Recovery System) is a depreciation system used for tax…
Q: Can you tell whether a business can or cannot meet its obligations when it becomes due based on the…
A: Balance sheet refers to the financial statement of a company which includes asset ,liability, debt ,…
Q: Variance Analysis, Revision of Standards,Journal EntriesThe Lubbock plant of Morril’s Small Motor…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: HP Inc. uses the allowance method to estimate uncollectible accounts and has the following…
A: Bad debt Bad debts refer to the debts that are not to be collected by a business or an individual.…
Q: Required: a) Calculate the following in the context of Nimesh's decision of earning an Masters…
A:
Q: On January 1, 2021, Pet Friendly Stores adopted the retall inventory method. Inventory transactions…
A: The ratio signifying the amount of cost in a retail price is referred to as the cost-to retail…
Q: Illu.1 : A Ltd. acquired B Ltd. Business with the following values. Rs. Fixed Asets 3,00,000…
A: Lets understand the basics. When one company acquire another company then acquirer company gives the…
Q: Please help with question B and C: B.) Another team member who is preparing the Budgeted Balance…
A: Cash Budget It is important for the business entity to prepare the cash budget which knows the…
Q: Boreal Landscape Corp. (BLC) is a landscape design company located in North York, Ontario, that…
A: Revenue Recognition According to Accounting Standard for Private Enterprises (ASPE) which provides…
Q: When Balance Sheets are being prepared, Assets and Liabilities are recorded at the current values,…
A: The correct answer for the above mentioned questions in the following steps for your reference.
Q: $1,850, 000 670,000 97,000 Sales revenue Gross margin Income Invested capital 520,000 The company's…
A: Sales margin = Net incomeNet sales×100
Q: What is the total profit in the planning budget for the month?
A: Needs to plan flexible budget as per the requirement
Q: INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1,…
A: The assets can be of three types :- (a) Unrestricted (b) Temporarily Restriction (c) Permanent…
Q: The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally…
A: Formula: Net book value of Asset = Asset value - Accumulated depreciation
Q: XYZ Company manufactures a unique device that is used by internet users to boost Wi-fi signals. The…
A: Computation of Unit Product Cost - Variable Costing Particulars Per unit Unit Product Cost:…
Q: Angela de Dios, a business graduate student who was working in Think Computer, a company selling all…
A:
Q: Apex Chemicals Ltd acquires a delivery truck at a cost of $36,500 on 1 January 2016. The truck is…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: An asset is purchased at a cost of P110 000 on 1 January 2016. The asset has a useful of 10 years.…
A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life
Q: Please verify that all June 1 balances are in the ledgers by comparing them to the May 31, 2021…
A: Ledger Account The purpose of preparing the ledger account is to know the actual balance which are…
Q: Sales Mix Analysis Delving further into the operations, another branch which is in the…
A: Calculation of Sales Required to earn Target Income of $ 135,000 Desired Sales = (Fixed Costs +…
Q: The financial statements for Nike, Inc. (NKE), are presented in Appendix E at the end of the text.…
A: Introduction:- Financial statements are official records of a company's, person's, or other entity's…
Q: The following account balances were included in Bromley Companγs balance sheet on December 31, 2018:…
A: A balance sheet displays the final amounts in a company's asset, liability, and equity accounts as…
Q: Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal…
A: Total materials variance $4,740 Unfavourable Materials price variance $3,510 Unfavourable…
Q: Does a large, international accounting firm seem appealing to you? What is the primary attraction of…
A: international accounting form are considered to be the largest firm. these forms are attraction…
Q: Suppose that a constraint for assembly time has a shadow price of \$50/hour for 15 hours in either…
A: Cost for each hour of overtime done = $30 x 150% = $45 Shadow price = $50 per hr This means for each…
Q: On January 1, 20x1, ABC sold a used vehicle with a historical cost of P2,000,0000 and accumulated…
A: Carrying amount of the note receivable will be calculated as under: = Annual Installment Receivable…
Step by step
Solved in 2 steps
- The Dimitros Company records the following transactions during September 2018: Cash sales to customers totaling $6,800. Credit card sales to customers totaling $21,500. The credit card fee to the merchant is 3.0%. The credit card companies have paid all amounts due for September. A $3,000 sale on account to a long-time customer with terms of 2/10, n/30. The sale is made on September 5. The customer pays the invoice on September 14. A customer returns product they had purchased last month for $450. Dimitros accepts the return and gives the customer a cash refund. Calculate the following amounts: Service charge expense for credit card sales Sales discount (contra-revenue) for sales on account Sales returns (contra-revenue) Gross sales revenue Net sales revenue Net cash collected from salesIf a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario: Company A sells $480,000 on credit card sales. The credit card charges a 4.5% fee for the use of the card. The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.John has opening balances on his trade receivables of £68,000 and an allowance forreceivables of £3,400. During the year John made cash sales of £146,000 and credit sales of£354,000. He collected cash from his credit customers of £340,000.At the end of the year John identified £2,000 of bad debts to write off. In addition, he estimatedthe need to increase the allowance for receivables to £4,000.A. Calculate the net trade receivables balance to present in the Statement of financial positionat the year end B. What is the total bad and doubtful expense to be charged to the Statement of Profit or lossfor the year?
- In the month of September, Billy Jo made the following purchases: $4,000.00 on September 3 $2,750.00 on September 15 $450.00 on September 29. Billy Jo’s credit card contract has a 15% APR and a minimum payment of 2%. What was Billy Jo’s balance at the end of the month? What is the minimum dollar amount Billy Jo must pay?The company Young Furniture" has the following business transactions in the year 01. Always assume the standard VAT rate of 19% The business year is the same as the calendar year. Form the posting records for the following business transactions. 1. The company buys a company car worth € 65.000 (net) on credit. 2 The company pays its outstanding invoice of € 2.380 by bank transfer. 3 The company buys raw material with the value of € 11.900 (gross amount). Payment is made directly by bank. 4 The company returns unusable merchandise due to defects to the supplier and receives a price reduction of € 500 (net). The purchase of the merchandise on credit was already booked. 5. The company buys merchandise with a value of 30.000 € (net) on credit and receives a rebate by the supplier of 15%.The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co.…
- Malachi Department Store starts its business on May 1, 2022 and completes the following transactions relating to its credit card sales during May: Total sales charged by customers are as follows: BPI P 600,000 RCBC 1,200,000 Eastwest 1,500,000 Deposits made by banks to charge the account of Malachi for credit card sales, net of 3% service charge. BPI P 407,400 RCBC 814,800 Eastwest 1,018,500. How much is the accounts receivable as of May 31, 2022?Blue Corp rents out fishing tools. The company requires a returnable deposit with each rental service. During May, the company collected $9,000 customer deposits. The amount of deposit forfeiture 10% of the total deposits. Which one of the following journal entries is correct to record deposit forfeiture? Debit Returnable deposit $900; Credit Cash $900 O Debit Returnable deposit $900; Credit Sales revenue $900 Debit Cash $450; Credit Returnable deposit $450 Debit Cash $900; Credit Returnable deposit $900Jervis accepts all major bank credit cards, including those Issued by Northern Bank (NB), which assesses a 3.0% charge on sales for using its card. On June 28, Jervis had $4,500 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit? Multiple Choice O Debit Accounts Receivable $4,500; credit Sales $4,500 Debit Cash $4,635.00; credit Credit Card Expense $135.00; credit Sales $4,500 Debit Accounts Receivable $4,365.00; debit Credit Card Expense $135.00; credit Sales $4,500 Debit Cash $4,500; credit Sales $4,500 ว Debit Cash $4,365.00; debit Credit Card Expense $135.00; credit Sales $4,500
- A customer purchased P5,000 of goods on credit from Discount Paper Supply on September 1. The customer received the bill on September 13 and mailed a P5,000 check on September 30. Discount Paper Supply received the check on October 4. In recording this transaction, Discount Paper Supply should credit Sales Revenue for P5,000 on _____The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…On March 1, Angela who owns a jewelry store purchased precious stones worth P75,000 from a jewelry wholesaler. Terms: 3/20, n/40. On receiving the goods, Angela checked against the order and found that P5,000 worth of stones were defective. These were returned on April 5 with an accompanying P20,000 check for a partial payment. On April 10, Angela borrowed P50,000 from BPI and issued a 30 day 18% promissory note. She immediately paid the jewelry supplier with the borrowed money. On May 10, a check was issued to BPI for the payment of the note plus interest. REQUIRED: 1. Entries to record the transactions in the books of Angela. 2. Was it a wise decision for Angela to borrow from the bank in order to pay for the stones? Support your answer by comparing the purchase discount and the interest expense.