Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowance (a) $7,600 $202 FOB Shipping Point, 1/10, net 30 $800 (b) $7,500 $62 FOB Destination, 2/10, net 45 $1,700 a. b.
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- Let's assume the merchandiser (buyer) pays after the discount period expires, how will the vendor (seller) journalize the Jeff. Fvpayment? Add the appropriate amount to the appropriate accounts provided below. Use the invoice provided.Based on the relationship and agreement with the vendors, what are the 2 vendor workflow options to pay your vendors?-Bill > Pay Bills-Invoice > Receive Payment > Create Deposit-Create Purchase Order-Expense or Check-Delayed Charge > Pay BillsFor each transaction, suggest two internal controls you would implement. Justify your response. Here's an example to guide you: · A. Transaction: Big Marker purchased supplies on account, $100. B. Business process: Acquisition/ payment. C. Journal entry: Debit Supplies $100. Credit Accounts Payable $100. D. Elements: Supply is an asset; accounts payable, a liability E. Forms: Purchase requisition and purchase order. F. Additional information: name of the primary contact person at the vendor, specific type and quantity of supplies purchased (e.g., 10 boxes of paper clips) G. Internal controls: Transaction authorizations would ensure that only the purchasing department can issue purchase orders. Sending a blind copy of the purchase e Receiving department would aid in the segregation of duties.
- 8. How does Aritzia recognize revenue if a product is purchased on-line and will either be delivered or picked up by the customer at the store? need ans in txt formdocs.google.com/forms choose the right answer Net profit is calculated in which of the following account? Trading account O Trial balance Profit and loss account C Balance sheet choose the right answer Goods returned by customer will be debited to which account? Return outward Purchases A/C O Return inward Customer's A/c OA document that asks you to return an identifying part of it with your payment is a(n) ________. A. source document B. cloud document C. point-of-sale document D. turn-around document
- Ihe accourtsfor the statement of fihancial postionandincame statemert a Altredo Escarno, CPAare a tollows: Alteda Ie, CRA Adjunn TrialEe nce Decem ber31, 20X Cad it N1,500 Accnun Debit Accounts hyable Accounts Beoeivable Accu nauilatel Depredsion - Bualing Acu naulated Deprednion -Ofice Eqrip ment Autiing Laenua Bul ding Cath Dereivtion Expas e-Baling Doreciation Ispase-Otice Eqip mat Isano, Capital, Isano, Wahdrawals n1,000 110,00 120,000 1,361,500 750,000 11 S00 55,000 60,000 1,215,500 165,000 75,000 60,000 362,500 96,000 26,000 6,500 52,500 735,000 Ind Mots Becdusble Oftice Equap nent Oftice Supplie Expense Office Supplis Profeiond Deudep mat Ixpense Rent Expense Salades Ixpense Salades Pyable Trud Expense Uhlitis Expense TOTAL 30,500 41,000 18,000 P2 PO1000 RB0 1000 Required: Bepae in goodfom te icome statement andthe statenet f firndalpostion f Altredo Escano, CPAfrte year ended Deombe 31 201XYou have established your performance materiality for accounts payable and revenue; now you must determine the posting materiality for individual items. The materiality judgement is at 4%. What is the posting materiality? Show your work. Your work should look like: APPROPRIATE AMOUNT x MATERIALITY JUDGEMENT = POSTING MATERIALITYa. Prepare the journal entries for transactions (a) to (f) b. Compute for the profit after management fee and bonus
- The following information was collected for the first year of manufacturing for Appliance Apps: Direct Materials per Unit $2.25 Direct Labor per Unit $1.25 Variable Manufacturing Overhead per Unit $0.25 Variable Selling and Administration Expenses $1.50 Units Produced 39,000 Units Sold 35,000 Sales Price $12 Fixed Manufacturing Expenses $117,000 Fixed Selling and Administration Expenses $21,000 Prepare an income statement under variable costing method. Appliance Apps Income StatementBrief Exercises Identify the order of the five steps in the revenue recognition process. BE3.1 (LO 1), K Number the following steps of the revenue recognition process (from 1-5) to place in the correct order. Allocate the transaction price to the separate performance obligations. а. b. Identify the contract with customers. Identify the separate performance obligations in the contract. с. d. Recognize revenue when each performance obligation is satisfied. е. Determine the transaction price. Identify impact of transactions on cash and net income.When the seller advances the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting a. Accounts receivable b. Sales c. Accounts payable d. Transportation in