Entries by mary WAMBUGU

Please provide the formulas used to find purchase discount and cash. I do not understand how the answer was found. More info needed.

August 26, 2019 in /by

Please provide the formulas used to find purchase discount and cash. I do not understand how the answer was found. More info needed. Answer: General Journal: Date Accounts Debit Credit May 12 Accounts Payable ($2,550 – $200) 2,350 Purchase Discounts 47 Cash ($2,350 x 98%) 2,303  Company used the periodic inventory system for purchase & […]

 

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A prior period adjustment that corrects income of a prior period requires that an entry be made to

August 26, 2019 in /by

A prior period adjustment that corrects income of a prior period    requires that an entry be made to     a. an income statement account.     b. a current year revenue or expense account.     c. an asset account.     d. the retained earnings account  5. The discontinued operations section of the income statement refers     to     a. discontinuance of a product […]

 

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Which of the following is not a condition which would require the recording of a lease contract as a capital lease?

August 26, 2019 in /by

12. Which of the following is not a condition which would require the    recording of a lease contract as a capital lease?     a. The lease term is less than 75% of the economic life of the        leased property.     b. The lease contains a bargain purchase option.     c. The lease transfers ownership of the property to the […]

 

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Alpha Company uses the perpetual inventory system and had the following inventory and sales activity for the month of May 2016:

August 26, 2019 in /by

Alpha Company uses the perpetual inventory system and had the following inventory and sales  activity for the month of May 2016: Date Activity Quantity Unit Price 5/1 Beginning inventory 100 $10 5/5 Purchase 200 $11 5/10 Sales 300 $25 5/15 Purchase 200 $13 5/20 Sales 150 $35 5/25 Purchase 150 $15 Using the LIFO method, determine the dollar values following for the month of May: 1.       Ending inventory 2.       Goods Available for Sale 3.       Sales 4.       Cost of Goods Sold 5.       Gross Profit 1. _________________ 2. _________________ 3. _________________ 4. _________________ 5._________________   Looking for a Similar Assignment? Order now and Get […]

 

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