AM 3630 – Dealership Accounting Front-End Transactions 1. Post the following transactions using the general journal: A. A wholesaler has a 2006 Taurus for $10,200, a 2004 F-150 for $20,100 and a 2002 Explorer for $15,500 you want to purchase for the used car lot. A single check can be cut for all three vehicles at once through a payable account. (Hint: There a two transactions in the journal.) Assign stock numbers UC0004, UT0002, and UT0003.

Reporting problem 2 for walmart annual report for 2014-2015 including the balance sheet and income statement, this is what the instructor is asking: 1. What are the company’s total assets at the end of its most recent annual reporting period? 2. What are the total assets at the end of the previous annual reporting period?
June 28, 2019
The Year 10 financial statements for a partnership, Fan Company A, have been provided on the “Year 10 Financial Statements” worksheet (see the “Partnership Income and Tax” attachment below). The Year 11 financial data is also provided on the “Year 11 Financial Data” worksheet (see the “Partnership Income and Tax” attachment below). Use ‘Admit Partner D to Partnership’ template section for this data.
June 28, 2019
AM 3630 – Dealership Accounting
Front-End Transactions
1.Post the following transactions using the general journal:
A.  A wholesaler has a 2006 Taurus for $10,200, a 2004 F-150 for $20,100 and a 2002 Explorer for $15,500 you want to purchase for the used car lot.  A single check can be cut for all three vehicles at once through a payable account.  (Hint: There a two transactions in the journal.)  Assign stock numbers UC0004, UT0002, and UT0003.
B. A new Ford F-150 is stocked in to the dealership.  The VIN is 2FRX17284CA8433.  MSRP is $25,200 and the Invoice cost is $21,500.00.  Ford allows a $70.00 Advertising Allowance, a $215.00 Floor Plan Allowance, and $95.00 for Prep & Conditioning.  Holdback is 3% of MSRP.  The stock number assigned to the vehicle is NT50001.
C. A new Ford Mustang Convertible is stocked in to the dealership.  The VIN is 1FAFP44684F194183.  MSRP is $25,400.00 and the Invoice cost is $23,500.00.  Ford allows an $85.00 Advertising Allowance, a $225.00 Floor Plan Allowance, and $80.00 for Prep & Conditioning.  Holdback is 3% of MSRP.  The stock number assigned to the vehicle is NC50001.
D. A customer paying cash from an outside finance source agrees to a base selling price of $25,000.00 for the Mustang Convertible you stocked in during C.  The customer does not want insurance but does agree to purchase an ESP for $750.00 which costs the dealership $350.00.  There are no rebates on this vehicle.  The customer’s trade in is valued at $4,000.00 and the dealership allows $4,500.00 and there is no outstanding lien.  Tax is 5% of the base vehicle selling price.  License and registration is $375.00 and there is a $100.00 documentation processing fee.
E.  A customer agrees to a base selling price of $23,500.00 for the Ford F-150 you stocked in on B.  They also opt for a Credit Life Insurance Policy for $900.00 and an ESP contract for $700.00.  The Insurance costs the dealership $550.00 and the ESP contract costs $300.00.  The customer put a $500.00 deposit down initially and will pay an additional $2,500.00 cash down.  The customer is also applying a $500.00 rebate to the down payment.  The Customer has a trade in worth $6,000.00 and the dealership allows $7,000.00.  The outstanding lien balance on the trade is $4,000.00.  Tax is 5% of the base selling price of the vehicle and there are license and registration fees of $400.00.  The dealership charges $150.00 for documentation processing fees.  The reserve on the financing is $2,000.00 and the dealer retains 70%.
 
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