Other - Business & Finance - November 2007

(supplies paid on account)

For the seller there's the Discounts Allowed account- is there any such thing for the purchaser?

2007-11-29 08:49:56 · 3 answers · asked by lina 2

22ct gold price or knows a site I can find details please.

2007-11-29 07:44:56 · 7 answers · asked by navy c 3

of it being low in front of many other strong currencies?

A third question would be; was the dollar ever very low before?

2007-11-29 07:21:34 · 7 answers · asked by mybusiness2 1

in mint or the best condition

2007-11-29 05:58:47 · 8 answers · asked by hsimeon 1

If you were hired as a consultant to institute a performance management system in a law enforcement agency, describe your first course of action.

2007-11-29 05:55:41 · 1 answers · asked by shaq 1

I have some old european currency, namely deutsche marks and pesetas. They're not historical old, just pre-Euro old (mostly 1990's printings). Where can I exchange them?

2007-11-29 05:52:54 · 1 answers · asked by UmEnis 2

I find myself thinking to myself today, what am I doing wrong or right for that matter in regards to money and success?! I have family and friends around me that seem to have life just fall in there lap when it comes to money or success or what have you! I on the other hand, seem to have to fight for every nickel and dime I earn and quite frankly don't know how much longer I can do it! I along with my wife work 40+ hours a week and live in an apartment and we pay our bills the best we can and honestly make it week to week pay check to pay check. I need a method a means to achieve more. I guess what I'm asking is: I always have great idea's when people ask what to do but can never translate those idea's or into my life! I love certain things, technology being one of my passions; however can't seem to put that into something profitable! Does anyone out there have a serious idea for what I can do to start making a better life for myself! 3 kids a wife a dog is hard to manage on peanuts!

2007-11-29 05:42:41 · 6 answers · asked by Anonymous

I would like your opinion..

If I am expecting money in my bank acct tomarrow morning and I write a check today at a local store (even though the money isnt there yet to cover it), Would it be safe to write the check today and how long do you think it will take to clear through my bank??

2007-11-29 03:30:38 · 6 answers · asked by Anonymous

Ex. 1 (16 pts.)
On October 1, Taylor Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred.

Oct. 4 Purchased 25 bicycles at a cost of $200 each from Lang Bicycle Company, terms 2/10, n/30.

6 Sold 15 bicycles to Team America for $300 each, terms 2/10, n/30.

7 Received credit from Lang Bicycle Company for the return of 2 defective bicycles.

13 Issued a credit memo to Team America for the return of a defective bicycle.

14 Paid Lang Bicycle Company in full, less discount.

Instructions
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system.

Ex. 2 (11 pts.)
Prepare the necessary journal entries to record the following transactions, assuming Lewis Company uses a perpetual inventory system.
(a) Lewis sells $40,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000.
(b) The customer in (a) returned $4,000 of merchandise to Lewis. The merchandise returned cost $3,000.
(c) Lewis received the balance due within the discount period.

Ex. 3 (10 pts.)
The following information is available for Tolan Company:

Debit Credit
Tolan, Capital $ 50,000
Tolan, Drawing $ 42,000
Sales 510,000
Sales Returns and Allowances 20,000
Sales Discounts 7,000
Cost of Goods Sold 337,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Store Salaries Expense 45,000
Utilities Expense 18,000
Depreciation Expense 7,000
Interest Revenue 25,000

Instructions
Using the above information, prepare the closing entries for Tolan Company.


Ex. 4 (16 pts.)

The adjusted trial balance of Olsen Company contained the following information:
Debit Credit
Sales $580,000
Sales Returns and Allowances $ 20,000
Sales Discounts 7,000
Cost of Goods Sold 386,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 18,000
Store Salaries Expense 50,000
Utilities Expense 28,000
Depreciation Expense 7,000
Interest Revenue 30,000

Instructions
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2005.

Ex. 5 (6 pts)
The income statement of Miller, Inc. includes the items listed below:
Net sales $900,000
Gross profit 350,000
Beginning inventory 100,000
Purchase discounts 15,000
Purchase returns and allowances 8,000
Freight-in 10,000
Operating expenses 300,000
Purchases 540,000

Instructions
Use the appropriate items listed above as a basis for determining:
(a) Cost of goods sold.
(b) Cost of goods available for sale.
(c) Ending inventory.


Ex. 6 (6 pts)
Morton Company uses the periodic inventory method and had the following inventory information available:
Units Unit Cost Total Cost
1/1 Beginning Inventory 100 $4 $ 400
1/20 Purchase 400 $5 2,000
7/25 Purchase 200 $7 1,400
10/20 Purchase 300 $8 2,400
1,000 $6,200
A physical count of inventory on December 31 revealed that there were 350 units on hand.

Instructions
Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $__________.
2. Assume that the company uses the Average Cost method. The value of the ending inventory on December 31 is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $__________.


Ex. 7 (5 pts)
Dexter Company maintains four special journals and a general journal to record its transactions. Using the code below, indicate in the space provided the appropriate journal for recording the transactions listed.

Code Journals
S Sales journal
CR Cash receipts journal
CP Cash payments journal
P Single-column purchases journal
G General Journal

1. Mr. Dexter invested cash in the business.
2. Purchased store supplies on account.
3. Sold merchandise to customer on account.
4. Purchased a 2-year fire insurance policy for cash.
5. Received a check from a customer as payment on account.
6. Paid for store supplies purchased in transaction 2.
7. Purchased merchandise on account.
8. Issued a credit memorandum to a customer who returned defective merchandise previously sold on account.
9. Purchased office equipment for cash.
10. Made an adjusting entry for store supplies used during the period.

2007-11-29 02:00:25 · 4 answers · asked by Anonymous

Ex. 1 (16 pts.)
On October 1, Taylor Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred.

Oct. 4 Purchased 25 bicycles at a cost of $200 each from Lang Bicycle Company, terms 2/10, n/30.

6 Sold 15 bicycles to Team America for $300 each, terms 2/10, n/30.

7 Received credit from Lang Bicycle Company for the return of 2 defective bicycles.

13 Issued a credit memo to Team America for the return of a defective bicycle.

14 Paid Lang Bicycle Company in full, less discount.

Instructions
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system.

Ex. 2 (11 pts.)
Prepare the necessary journal entries to record the following transactions, assuming Lewis Company uses a perpetual inventory system.
(a) Lewis sells $40,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000.
(b) The customer in (a) returned $4,000 of merchandise to Lewis. The merchandise returned cost $3,000.
(c) Lewis received the balance due within the discount period.

Ex. 3 (10 pts.)
The following information is available for Tolan Company:

Debit Credit
Tolan, Capital $ 50,000
Tolan, Drawing $ 42,000
Sales 510,000
Sales Returns and Allowances 20,000
Sales Discounts 7,000
Cost of Goods Sold 337,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 19,000
Store Salaries Expense 45,000
Utilities Expense 18,000
Depreciation Expense 7,000
Interest Revenue 25,000

Instructions
Using the above information, prepare the closing entries for Tolan Company.


Ex. 4 (16 pts.)

The adjusted trial balance of Olsen Company contained the following information:
Debit Credit
Sales $580,000
Sales Returns and Allowances $ 20,000
Sales Discounts 7,000
Cost of Goods Sold 386,000
Freight-out 2,000
Advertising Expense 15,000
Interest Expense 18,000
Store Salaries Expense 50,000
Utilities Expense 28,000
Depreciation Expense 7,000
Interest Revenue 30,000

Instructions
1. Use the above information to prepare a multiple-step income statement for the year ended December 31, 2005.

Ex. 5 (6 pts)
The income statement of Miller, Inc. includes the items listed below:
Net sales $900,000
Gross profit 350,000
Beginning inventory 100,000
Purchase discounts 15,000
Purchase returns and allowances 8,000
Freight-in 10,000
Operating expenses 300,000
Purchases 540,000

Instructions
Use the appropriate items listed above as a basis for determining:
(a) Cost of goods sold.
(b) Cost of goods available for sale.
(c) Ending inventory.


Ex. 6 (6 pts)
Morton Company uses the periodic inventory method and had the following inventory information available:
Units Unit Cost Total Cost
1/1 Beginning Inventory 100 $4 $ 400
1/20 Purchase 400 $5 2,000
7/25 Purchase 200 $7 1,400
10/20 Purchase 300 $8 2,400
1,000 $6,200
A physical count of inventory on December 31 revealed that there were 350 units on hand.

Instructions
Answer the following independent questions and show computations supporting your answers.
1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $__________.
2. Assume that the company uses the Average Cost method. The value of the ending inventory on December 31 is $__________.
3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $__________.


Ex. 7 (5 pts)
Dexter Company maintains four special journals and a general journal to record its transactions. Using the code below, indicate in the space provided the appropriate journal for recording the transactions listed.

Code Journals
S Sales journal
CR Cash receipts journal
CP Cash payments journal
P Single-column purchases journal
G General Journal

1. Mr. Dexter invested cash in the business.
2. Purchased store supplies on account.
3. Sold merchandise to customer on account.
4. Purchased a 2-year fire insurance policy for cash.
5. Received a check from a customer as payment on account.
6. Paid for store supplies purchased in transaction 2.
7. Purchased merchandise on account.
8. Issued a credit memorandum to a customer who returned defective merchandise previously sold on account.
9. Purchased office equipment for cash.
10. Made an adjusting entry for store supplies used during the period.

2007-11-29 01:25:08 · 3 answers · asked by Anonymous

it should come under the developement of thetourism!!!

2007-11-29 00:28:50 · 3 answers · asked by Anonymous

salaries of $5,000 have been earned by employees by the end of the period but will not be paid to employees until the following period. How should the expense and related liability be recorded? Why?

2007-11-29 00:06:17 · 3 answers · asked by ameri0903 3

I am looking for loans to finance an existing detailing (26year running) business. Whats for sale is the busienss, business name, equipment, and client el for $27,500. I have some personal credit card debit but my score is pretty good. I don't own anything but a small masonry business currently and 2 vehicles. I would like/think using the established detailing business as collateral would be enough to get a loan?

Any ideas, thoughts, advice?

2007-11-28 23:50:20 · 1 answers · asked by pololous 1

2007-11-28 23:16:46 · 2 answers · asked by ED BABY 1

Does anyone else have a postie who doesnt turn up till after 1.00 o`clock?
I can remember when i was younger the post was always on the door mat when i got up but now after lunch. I think it must be down to things like Ebay and mail order companies.

2007-11-28 22:47:13 · 4 answers · asked by Anonymous

I'm stayin up all night because I can't figure this out.

Can anyone show me step by step how the Straight-line method of amortization work?

Suffolk Corporation issued $92,000 of 20year, 6 percent bonds at 98 on one of its semiannual interest dates. The straightline method of amortization is to be used. how much bond interest expense will be recorded on the next interest payment date?

a. 2,806
b. 5,520
c. 5,566
d. 2760

2007-11-28 22:32:03 · 1 answers · asked by Jeff 2

suggest me what can i do its correct or not

2007-11-28 21:34:12 · 3 answers · asked by vkpandey6 1

Does anyone know where I can find information on importing cars into Australia from the UK and Japan? I have found information stating that you have to prove ownership for 12 months before being able to import into Australia but I am planning to import as a business and would be importing cars on request so they wouldn't have been owned by me.

2007-11-28 21:17:17 · 1 answers · asked by russ.gower@btinternet.com 2

2007-11-28 19:05:31 · 2 answers · asked by Kaveh 1

A courier is sending a message that I have a credit for a package that needs to be sent to me with money from World Bank Group, Fact Finding & Special Duties office . Is this worth believing?

2007-11-28 18:42:31 · 2 answers · asked by leal13 1

Consider the monopolistically competitive market for men's cotton pants. One company claims that its pants remain wrinkle-free after washing them numerous times; one company claims that its pants are liquid-resistant; another company claims that it has pants for people of all height, weight, and physique. These companies differ in their production processes, but they use the same type of cotton cloth to produce their pants.

These sellers are differentiating their products by _____.




A. Type and style

B. Location

C. Quality

2007-11-28 17:30:41 · 5 answers · asked by ss 1

It's been two years since I was at my old job, and I really miss it, and would love to go back , but the problem is that they know I had finished school for a vocational program and thought I would move on with a career in that path, but turns out I hated that career path.

I don't know if they would take me back or if it would be awkward, as I left them after many years, also don't want to ruin my references with them if I go back and it doesn't work out.

Thanks!

2007-11-28 16:16:23 · 1 answers · asked by takeabreak 2

2007-11-28 14:57:29 · 3 answers · asked by Anonymous

1> (AS ABOVE)
2> would it affect the role money plays?

2007-11-28 14:56:26 · 2 answers · asked by Refine.J 3

Need to make adjusting entry. Bad debts are estimated to be 8% of total [u]net credit sales[u] (do not include rentals). I was taking number from sales journal (Sales Cr) but was told by instructor that was wrong. Which journal should I be looking at or should I look in ledger? Any help would be appreciated. Thanks.

2007-11-28 14:02:22 · 1 answers · asked by capemay60 1

I might buy something In Euro's
but dont know How much it is
135 Euro in American
Thanks

2007-11-28 13:48:03 · 4 answers · asked by kyle h 1

I want the money I've put in back, I never want to pay into it again, and I don't want to receive any when I'm older. How do I arrange that?

2007-11-28 13:44:53 · 7 answers · asked by Anonymous

Is there a Better Business Bureau for the United Kingdom? If so, how do I go about contacting them?

2007-11-28 13:39:30 · 8 answers · asked by La Flaca 4

i would like to konw can a can a foreigner register company in NZ? and what's role or policy should they follow ?
thanks !

2007-11-28 12:38:47 · 3 answers · asked by ypeis 1

I checked on UPS for my shipping order and they said that they have already made the delivery! The problem is that I do not see my package at my front door! I think someone stole it! Hellpp what should I do? Don't tell me to go to the UPS website for help, I already did. Will they ship me another one?

2007-11-28 12:08:01 · 7 answers · asked by Jen 2