Powell Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,040 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $720. 6 Received $40 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,200. The cost of the merchandise sold was $730. 20 Purchased books on account for $720 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,300. The cost of the merchandise sold was $780. 30 Granted General Bookstore $130 credit for books returned costing $80.
Journalize the transactions for the month of June for Powell Warehouse, using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. Round answers to 0 decimal places e.g. 15,222.)

Answer:

01-Jun

Dr Inventory $1,040

Cr Accounts Payable $1,040

03-Jun

Dr Accounts Receivable $1,200

Cr Sales $1,200

03-Jun

Dr Cost of goods sold $720

Cr Inventory $720

06-Jun

Dr Accounts Payable $40

Cr Inventory $40

09-Jun

Dr Accounts Payable $ 1,000

Cr Cash $ 980

Cr Inventory $ 20

15-Jun

Dr Cash $1,200

Cr Accounts Receivable $1,200

17-Jun

Dr Accounts Receivable $1,200

Cr Sales $1,200

17-Jun

Dr Cost of goods sold $730

Cr Inventory $730

20-Jun

Dr Inventory $720

Cr Accounts Payable $720

24-Jun

Dr Cash $1,176

Dr Sales Discounts $ 24

Cr Accounts Receivable $ 1,200

26-Jun

Dr Accounts Payable $720

Cr Cash $ 712.8

Cr Inventory $ 7.2

28-Jun

Dr Accounts Receivable $1,300

Cr Sales $1,300

28-Jun

Dr Cost of goods sold $780

Cr Inventory $780

30-Jun

Dr Sales Returns & Allowances $130

Cr Accounts Receivable $130

30-Jun

Dr Inventory $80

Cr Cost of goods sold $80

Explanation:

Preparation of the Journal entry for the month of June for Powell Warehouse, using a perpetual inventory system

Journal entries

01-Jun

Dr Inventory $1,040

Cr Accounts Payable $1,040

03-Jun

Dr Accounts Receivable $1,200

Cr Sales $1,200

03-Jun

Dr Cost of goods sold $720

Cr Inventory $720

06-Jun

Dr Accounts Payable $40

Cr Inventory $40

09-Jun

Dr Accounts Payable $ 1,000 (1,040-40)

Cr Cash $ 980

Cr Inventory $ 20

(1000*2%)

15-Jun

Dr Cash $1,200

Cr Accounts Receivable $1,200

17-Jun

Dr Accounts Receivable $1,200

Cr Sales $1,200

17-Jun

Dr Cost of goods sold $730

Cr Inventory $730

20-Jun

Dr Inventory $720

Cr Accounts Payable $720

24-Jun

Dr Cash $1,176

(1,200-24)

Dr Sales Discounts $ 24 (1,200*2%)

Cr Accounts Receivable $ 1,200

26-Jun

Dr Accounts Payable $720

Cr Cash $ 712.8

(720-7.2)

Cr Inventory $ 7.2

($720*1%)

28-Jun

Dr Accounts Receivable $1,300

Cr Sales $1,300

28-Jun

Dr Cost of goods sold $780

Cr Inventory $780

30-Jun

Dr Sales Returns & Allowances $130

Cr Accounts Receivable $130

30-Jun

Dr Inventory $80

Cr Cost of goods sold $80

Presented below is information from Bramble Computers Incorporated. July 1Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Bramble uses the gross method to record cash discounts. Bramble estimates allowances of $1,300 will be honored on these sales. 10Bramble received payment from Robertson for the full amount owed from the July transactions. 17Sold $200,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30The Clark Store paid Bramble for its purchase of July 17.
Prepare the necessary journal entries for Perez Computers.

:How is a ‘provision for reserve’ in a balance sheet, a liability or an asset. Explain.

Alex Karev has taken out a ​$ loan with an annual rate of percent compounded monthly to pay off hospital bills from his wife​ Izzy's illness. If the most Alex can afford to pay is ​$ per​ month, how long will it take to pay off the​ loan? How long will it take for him to pay off the loan if he can pay ​$ per​ month? Use five decimal places for the monthly percentage rate in your calculations.

Give me a couple countries that have a low and high quality of life index​

The following information is related to the defined benefit pension plan of Melissa Larson Company for the year: Service cost $ 94,000 Contributions to pension plan 147,000 Benefits paid to retirees 116,000 Plan assets (fair value), January 1 549,000 Plan assets (fair value), December 31 662,000 Actual return on plan assets 82,000 PBO, January 1 810,000 PBO, December 31 869,000 Discount rate 10 % Long-term expected return on plan assets 9 % Assuming no other relevant data exist, what is the pension expense for the year

In most restaurants, waiters receive a large portion of their compensation through tips from customers. Generally, the size of the tip is decided by the customers. However, many restaurants receive a 15% tip for parties of eight or more. Using the concept from this chapter, discuss (a) why the practice of tipping has emerged as a major method of compensating the wait staff, (b) why the customer typically decide on the amount of the tip, and (c) why restaurants require tips from large parties

Cross-price elasticity of demand measures how a. the price of one good changes in response to a change in the price of another good. b. the quantity demanded of one good changes in response to a change in the quantity demanded of another good. c. strongly normal or inferior a good is. d. the quantity demanded of one good changes in response to a change in the price of another good

The Converting Department of Soft Touch Towel and Tissue Company had 760 units in work in process at the beginning of the period, which were 60% complete. During the period, 16,000 units were completed and transferred to the Packing Department. There were 840 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production.
Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0".
Soft Touch Towel and Tissue Company
Number of Equivalent Units of Production
Whole Units Direct Materials Equivalent Units Conversion Equivalent Units
Inventory in process, beginning
Started and completed
Transferred to Packing Department
Inventory in process, ending
Total

Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Company's accounting records. 2019 2020 Net sales $388,600 $427,460 Cost of goods sold: Beginning inventory $36,800 (d) Purchases (a) 296,700 Goods available for sale (b) (e) Ending inventory 42,060 (f) Cost of goods sold (c) 295,390 Gross margin $117,960 (g)

Concord Corporation acquires a coal mine at a cost of $1590000. Intangible development costs total $365000. After extraction has occurred, Concord must restore the property (estimated fair value of the obligation is $178000), after which it can be sold for $508000. Concord estimates that 6000 tons of coal can be extracted. If 900 tons are extracted the first year, which of the following would be included in the journal entry to record depletion? (Round intermediate calculations to 2 decimal places, e.g. 20.25 and final answer to nearest dollar amount, eg. 102456.)
a. Credit to Accumulated Depletion for $396150
b. Credit to Inventory for $238500
c. Debit to Accumulated Depletion for $243747
d. Debit to Inventory for $243747

Riverbed Corporation is preparing its December 31, 2020, balance sheet. The following items may be reported as either a current or long-term liability.

1. On December 15, 2020, Riverbed declared a cash dividend of $2.20 per share to stockholders of record on December 31. The dividend is payable on January 15, 2021. Riverbed has issued 1,000,000 shares of common stock, of which 50,000 shares are held in treasury.
2. At December 31, bonds payable of $101,599,000 are outstanding. The bonds pay 12% interest every September 30 and mature in installments of $25,399,750 every September 30, beginning September 30, 2021.
3. At December 31, 2019, customer advances were $13,686,000. During 2020, Riverbed collected $30,897,000 of customer advances; advances of $26,671,000 should be recognized in income.

For each item above, indicate the dollar amounts to be reported as a current liability and as a long-term liability, if any.

a. Dividends payable
b. Bonds payable (September 30, 2018 installment)
c. Bonds payable (Other than September 30, 2018 installment)
d. Interest payable
e. Customer advances

Question 2: Allocating costs using ABC You have an ABC system with three pools number of cost driver units total cost in the pool product A product B total pool 1 $20,000 4,000 DL$ 6,000 DL$ 10,000 DL$ pool 2 $15,000 20 setups 30 setups 50 setups pool 3 $10,000 50 hours 150 hours 200 hours Compute the activity rates and the allocated costs for products A and B. activity rate allocated costs for product A allocated costs for product B pool 1 $ per DL$ $ $ pool 2 $ per setup $ $ pool 3 $ per hour $ $ total allocated costs for each product $ $

Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system.
a. Sold merchandise for $645 cash. The cost of goods sold was $375.
b. Sold merchandise for $432 and accepted VISA as the form of payment. The cost of goods sold was $195.
c. Sold merchandise on account for $670. The cost of goods sold was $438.
d. Paid credit card fees for the month of $85.If an amount box does not require an entry, leave it blank.

SCENARIO The Forest Stewardship Council (FSC) was formed in 1993 to promote sustainable management of the world’s forests. The FSC quickly began to certify lumber based on whether the forest that it was taken from was managed according to its guidelines. Soon thereafter, several builders in California began to specialize in the construction of "Green" buildings that only used FSC-certified lumber. This was seen as a viable business because some customers were willing to pay a premium to have their projects completed with FSC lumber. These builders have an opportunity to order this lumber once every 3 months because the forests involved must be harvested in accordance with certain restrictions. Consequently, builders who focused on this market were forced to hold large inventories. On the other hand, builders who only used "traditional" wood which was not FSC-certified could order on a just-in-time basis, meaning they did not have to hold any lumber in their own lumberyards. Consider the following 3 scenarios and related questions.
1. A green builder must decide how much FSC lumber to purchase to meet demand for the next 3 months. Demand is normally distributed with a mean of 40,000 board-feet and a standard deviation of 15,000 board feet. (A board-foot is a standard unit for lumber.) The purchase price for the builder is $4.00 per board-foot. At the end of a 3-month period the wood will dry and may warp, reducing its value. Of any lumber remaining in the builder’s lumber yard at the end of the 3-month period, approximately half will be worthless. The builder will use any wood that is not warped in the next period. However, buying the wood now, rather than in the next period incurs a holding cost of 4% of the purchase cost. If the builder has too little FSC certified wood to meet demand, he will be forced to substitute traditional lumber which he can buy for $3.35 per board foot. In addition, the green builder assigns a shortage cost of $2.00 per board foot for the loss of good will and damage to his reputation. How many board feet of FSC certified lumber should the builder purchase?
2. Suppose a lumber-yard (Nice Lumber) agrees to serve as a distributor for a builder. This means Nice Lumber will stock the FSC-certified lumber for one green builder. Nice Lumber will pay $4.00 per board foot for FSC-certified wood and sell it to the builder for $4.20 per board foot. If demand exceeds the inventory, the green builder will buy traditional wood from a different lumber yard to meet the demand at price of $3.20 per board-foot. In addition to the lost sale, Nice assigns a cost of $2.00 per board foot of shortage of FSC lumber. If the inventory of FSC-certified lumber exceeds demand, Nice will immediately substitute the excess FSC certified lumber to meet demand from other customers and reduce its purchases of traditional lumber accordingly. Nice pays $3.20 per board foot for traditional lumber. How many board feet of FSC certified lumber should Nice Lumber purchase?
3. Suppose Nice Lumber will stock the FSC certified lumber for 10 green builders. For each of these builders, demand is normally distributed with a mean of 40,000 board feet and a standard deviation of 15,000 board feet, and each builder’s demand is independent of other builders’ demand. How many board feet of FSC certified lumber should Nice lumber purchase per builder?

Classification of Transactions
Below are several transactions that took place in Seneca Company last year:
A. Paid suppliers for inventory purchases.
B. Bought equipment for cash.
C. Paid cash to repurchase its own stock.
D. Collected cash from customers.
E. Paid wages to employees.
F. Equipment was sold for cash.
G. Common stock was sold for cash to investors.
H. Cash dividends were declared and paid.
I. A long-term loan was made to a supplier.
J. Income taxes were paid to the government.
K. Interest was paid to a lender.
L. Bonds were retired by paying the principal amount due.
Required:
Indicate how each of the above transaction would be classified on a statement of cash flows.

53) In the current year, Borden Corporation had sales of $2,000,000 and cost of goods sold of $1,200,000. Borden expects returns in the following year to equal 8% of sales. The unadjusted balance in Inventory Returns Estimated is a debit of $6,000, and the unadjusted balance in Sales Refund Payable is a credit of $10,000. The adjusting entry or entries to record the expected sales returns is (are):

HELP ASAP! TIMED! A crisis management team does all of the following except _____ .



handle all service failures


oversee the situation before, during, and after it occurs


coordinate communications


instruct employees and customers

If the Hunter Foundation had decided to focus only on fighting measles, the
organization would no longer exist because measles is generally considered a
conquered disease. The Hunter Foundation switched its mission to fighting
contagious viruses. This example shows that ____

Andrea sued her former employer for a back injury she suffered on the job in 2019. As a result of the injury, she was partially disabled. In 2020, she received $240,000 for her boss of future income, $160,000 in punitive damages because of the employer's flagrant disregard for the employee's safety, and $15,000 for medical expenses. The medical expenses were deducted on her 2019 return, reducing her taxable income by $12,000. Andrea's 2020 gross income from the above is:

Hypothetically, your MNE is the largest foreign investor in Vietnam, where dissidents and religious leaders are reportedly being persecuted. As the country manager there, you understand that the MNE is being pressured by NGOs to help the oppressed groups in Vietnam. But you also understand that the host government would be upset if your firm were found to engage in local political activities deemed inappropriate. These alleged activities, which you personally find distasteful, are not directly related to operations. How would you proceed

The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of $388,600 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:Checks outstanding totaled $61,280.A deposit of $42,500, representing receipts of April 30, had been made too late to appear on the bank statement.The bank collected $42,000 on a $40,000 note, including interest of $2,000.A check for $7,600 returned with the statement had been incorrectly recorded by American Medical Co. as $760. The check was for the payment of an obligation to Targhee Supply Co. for a purchase on account.A check drawn for $240 had been erroneously charged by the bank as $420.Bank service charges for April amounted to $145.Instructions1. Prepare a bank reconciliation.2. Journalize the necessary entries. The accounts have not been closed.3. If a balance sheet is prepared for American Medical Co. on April 30, what amount should be reported as cash?

Marigold Company uses the periodic inventory method and had the following inventory information available:
Units Unit Cost Total Cost
1/1 Beginning Inventory 98 $4 $392
1/20 Purchase 490 $5 2,450
7/25 Purchase 98 $7 686
10/20 Purchase 294 $8 2,352
980 $5,880
A physical count of inventory on December 31 revealed that there were 343 units on hand. Answer the following independent questions.
1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $____the value of the ending inventory in dollars.
2. Assume that the company uses the average cost method. The value of the ending inventory on December 31 is $____the value of the ending inventory in dollars.
3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $_____the value of the ending inventory in dollars 4.
A) Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method $enter the amount of difference 4.
B) Would income have been greater or less?

Ellcrys Corp. writes 71 checks a day for an average amount of $537 each. These checks generally clear the bank 3.75 days after they are written. In addition, the firm generally receives 68 checks with an average amount of $622 each. Deposited amounts are available after an average of 3.25 days. Is this a disbursement or collection float? What is the value of the float?

Required information Required information Skip to question Petty cash payments are payments of small amounts for items such as postage, courier fees, minor repairs, and supplies. A company usually sets up one or more petty cash funds. A petty cash fund cashier is responsible for safekeeping the cash, making payments from this fund, and keeping receipts and records. A Petty Cash account is debited only when the fund is established or increased in amount. When the fund is replenished, petty cash payments are recorded with debits to expense (or asset) accounts and a credit to Cash. Knowledge Check 01 Recall on February 1, Derrick Company established a $200 petty cash fund. On February 15, when the fund balance reached $7, the petty cash custodian prepared a petty cash report that summarized receipts for postage ($140) and printing ($54). Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus.

consider ktu as a production system in which the final product is graduate for this
a) define quality form the producers and consumers perspective
b) develop fitness for use description for final product quality
c) give examples of the cost of poor quality ( internal and and external failure cost ) and the cost of quality assurance ( prevention and appraisal) costs.

Your mayor just announced that the local unemployment rate dropped from 10.5% to 10.4% from the prior month. Evaluate the unemployment rate drop and discuss whether there is enough information to determine statistical significance, which Hypothesis Test you would use, and what additional information you would need if any. Support your response with specific examples and a reference. In replies to peers, discuss whether you agree or disagree with their assessments, justify your response, and state which other specific hypothesis tests could be used to test the significance of the drop.

Money is: multiple choice any good that buyers and sellers have a desire to purchase, use, or hold. anything that both buyers and sellers will accept in exchange for goods and services. the gold and silver behind the currency and the coins that are issued by the government. only the printed paper currency and the coins that are produced by the government.

Exercise 3-1 Prepare Journal Entries [LO3-1] Larned Corporation recorded the following transactions for the just completed month. $75,000 in raw materials were purchased on account. $73,000 in raw materials were used in production. Of this amount, $59,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $116,000 were paid in cash. Of this amount, $102,000 was for direct labor and the remainder was for indirect labor. Depreciation of $194,000 was incurred on factory equipment.

The short run industry supply curve is the Group of answer choices sum of all of the individual firms' ATC curves above the MC. average of all of the individual firms' marginal cost curves above the AVC. sum of all of the individual firms' marginal cost curves above the AVC. average of all of the individual firms' ATC curves above the MC.

4. Now that you have calculated the number of workers needed each period in Problem 3, Tameka wants to see how the plan would actually work. You need to: a. Show what would happen if this plan were implemented. b. Calculate the costs associated with this plan. c. Evaluate the plan in terms of cost, customer service, operations, and human resources.