Alpha Company sells widgets for $20 each. The widget has a one year warranty. Alpha estimates that 6% of the widgets will require repair during the warranty period. The estimated average repair cost is $4.30 per widget. On July 31, the Estimated Warranty Liability account had a normal balance of $15,000. During August, sales were $70,000. During […]
On July 1, 2016, Alpha Company, a world famous international monthly food publication, sold 1,000 two-year subscriptions to their highly demanded monthly magazine. Each subscription sold for $15 each. Monthly magazines are mailed at the end of each month. Use this information to prepare the July 1 subscription sale and the year end adjusting General Journal entries […]
The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016: Item Amount Ending Cash per Bank Statement $26,000 Note collected by bank included interest of $125 $6,125 Bank Service Charges $75 Deposits in Transit $2,025 Outstanding Cheques $4,550 Customer Cheque returned NSF $375 A review of the bank statement reflected that cheque #224 […]
(all balances are normal): Alpha Company December 31 Accounts 2016 2015 Accounts Receivable $40,500 $35,500 Allowance for Doubtful Accounts 2,500 1,500 Merchandise Inventory 57,000 50,000 Office Supplies 25,000 20,000 Credit Sales 960,000 740,000 Sales Discounts 10,000 9,000 Interest Income 25,000 20,000 Cost of Goods Sold 460,000 385,000 1. What is the FY 2016 accounts receivable […]
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