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:Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703.5 Purchased $2,300 of merchan...

On October 31, a flood at Payne Company’s only warehouse caused severe damageto its entire inventory. Based on recent history, Payne has a gross profit of 25 percent ofnet sales. The following information is available from Payne’s records for the 10 monthsended October 31.Inventory, Janu...

using the information given, prepare the adjusting entries that should be made by the Marson Company on Sept 30.On Sept 4th Bernards knickknacks buys merchandise on account from booth company. the selling price of the goods is $800 and the cost is $400. both companies use the perpetual inventory sys...

I need the answers to the Balloon Adventures workbook for College Accounting by Patricia A. Bille...

Reed Company’s sales last year totaled $150,000 and its return on investment (ROI) was 12%. If the company’s turnover was 3, then its net income for the year must have been $2,000 $6,000 $12,000 $18,000Please show me the equation....

d. In adjusting the accounts on Dec 31, the company estimated that 1.5% of A.R. will be uncollectible? (prepare journal entry)Why is the answer - $28,169(Dr. bad debts expense)Given: a. Sold $1,345,400 of merch. (cost $975,000) on credit, n/30b. Wrote off $18,300 of uncollectible A.R.(Accounts Recei...

Fast Company's quantity cost report is to be based on the following data: Quality Engineering $86,000 Assessing vendor quality $53,000 Superivision of testing and inspection activities $92,000 Net cost of Scrap $96,000 Test and inspection of in-process goods $16,000 Liability arising and replace...

#15 Supplies: Original Purchase and Adjusting EntryOn January 1, the company had office supplies costing $4,600. On March 23, the companybought additional office supplies costing $8,200; the company paid cash. On December 31,a physical count of office supplies revealed that supplies costing $2,900 r...

The Minnetonka Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year. The company is considering the production of cross-country skis. After considerable research, a cross-country ski line has been...

Posson Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The cost formula for catering supplies is $210 per month plus $96 per job plus $20 per meal. A typical job involves serving a number of meals to guests at a corporate function ...