Question Details

(Solved) #24 Use this information to answer the following question. Account Name Debit Sales Credit 293,000 Sales Returns and Allowances 10,000 Purchases...


Please help me with these home work problems I am having issues

#24
Use this information to answer the following question.
Account Name Debit Sales Credit
293,000 Sales Returns and Allowances 10,000 Purchases 68,000 Purchases Returns and Allowances 8,000 Freight-In 12,000 Selling Expenses 30,000 General and Administrative Expenses 110,000 In addition, beginning merchandise inventory was $22,000 and ending merchandise inventory was
$14,000.
Net income for the period was
a. $93,000.
b. $203,000.
c. $173,000.
d. $63,000. On June 3, Addison Company purchased merchandise worth $1,600 on credit, terms 2/10, n/30.
The account was paid on June 10. What is the required journal entry to record the payment under
the periodic inventory system?
a.
Accounts Payable 1,600 Purchases Discounts 32 Cash 1,568 b.
Cash 1,600 Purchases Discounts 32 Accounts Payable 1,632 c.
Cash 1,568 Purchases Discounts 32 Accounts Payable 1,600 d.
Accounts Payable 1,568 Purchases Discounts 32 Cash 1,600 #28
Use this inventory information for the month of July to answer the following question.
July 1 Beginning inventory 10 units @ $120 5 Purchase 60 units @ $112 14 Sale 40 units 21 Purchase 30 units @ $116 31 Sale 28 units Assuming that a periodic inventory system is used, what is cost of goods sold under the average-cost
method?
a. $7,752
b. $3,712
c. $7,888
d. $3,648

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Sep 05, 2019

PRICE: $15

Solution~000200255349.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy from our tutoring website www.aceyourhomework.com (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Sep 05, 2019

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.

Order Now