Should be easy, answer question and give a short explanation I give 1 star if yo
ID: 2374258 • Letter: S
Question
Should be easy, answer question and give a short explanation
I give 1 star if you just guess
Using the following transactions, calculate the net income.
1. Bill Co. paid $3,700 for one month rent
2. Bill Co. paid $2,900 for two weeks wages
3. Bill Co. performed $6,900 in consulting services on account
4. Bill Co billed a customer $3,200 for services performed
5. Bill Co. received $6,900 in payment for item 3
6. Bill Co performed services and immediately collected $3,700
7. Bill Co. paid $670 for advertising in the local paper
On August 1, Olivera Company sold merchandise in the amount of $4,600 to Wyne, with credit terms of 3/10, n/30. The cost of the items sold is $3,700. Olivera uses the perpetual inventory system. On August 4, Wyne returns some of the merchandise. The selling price of the merchandise is $460 and the cost of the merchandise returned is $370.The entry or entries that Olivera must make on August 4 is:
Sales returns and allowances 370 Accounts receivable 370 Sales returns and allowances 460 Accounts receivable 460 Accounts receivable 460 Sales returns and allowances 460 Sales returns and allowances 460 Accounts receivable 460 Merchandise inventory 370 Cost of goods sold 370 Accounts receivable 460 Sales returns and allowances 460 Cost of goods sold 370 Merchandise inventory 370 For the year ended December 31, 2010, Mason Company has implemented an employee bonus program equal to 7% of Mason's net income, which employees will share equally. Mason's net income (pre-bonus) is expected to be $2,500,000, and bonus expense is deducted in computing net income. What is the amount that needs to be recorded for estimated bonus liability for 2010? $115,000 $40,000 $163,551 $48,697 $175,000
A parcel of land is offered for sale at $151,000, is assessed for tax purposes at $113,000, is recognized by its purchasers as being worth $141,000, and is purchased for $138,000. The land should be recorded in the purchaser's books at: $144,000. $113,000. $138,000. $141,000. $151,000.
A company had cash sales of $49,563, credit sales of $38,576, sales returns and allowances of $7,118 and sales discounts of $4,393. The company's net sales for this period equal: $76,628 $99,650 $83,746 $81,021 $88,139
At the end of the day, the cash register's record shows $1,300, but the count of cash in the cash register is $1,120. The correct entry to record the cash sales for the day is: Cash 180 Sales 180 Cash 1,120 Sales 1,120 Cash 1,300 Sales 1,300 Cash 1,120 Cash over and short 180 Sales 1,300 Cash 1,300 Sales 1,120 Cash over and short 180 A machine originally had an estimated useful life of 7 years, but after 2 complete years, it was decided that the original estimate of useful life should have been 9 years. At that point the remaining cost to be depreciated should be allocated over the remaining: 11 years 13 years 9 years 7 years 4 years
What would be the account balance in the revenue ledger account after the following transactions?
Performed services and left a bill $5,000 Performed services and collected immediately $3,900 Performed services and billed customer $2,600 Performed services on accounts $6,800 Received partial payment on account $1,900 $18,300 Credit $16,400 Debit $18,300 Debit $20,200 Credit $16,400 Credit
A company sells leaf blowers for $150 each. Each unit has a 3 year warranty that covers replacement of defective parts. It is estimated that 6% of all leaf blowers sold will be returned under the warranty at an average cost of $15 each. During October, the company sold 300,000 leaf blowers. 600 leaf blowers were serviced under the warranty during October at a total cost of $30,000. The balance in the Estimated Warranty Liability account on October 1 was $15,000. What is the company's warranty expense for the month of October? $259,750. $270,000. $30,000. $300,000. $265,000.
Explanation / Answer
Using the following transactions, calculate the net income.
1. Bill Co. paid $3,700 for one month rent
2. Bill Co. paid $2,900 for two weeks wages
3. Bill Co. performed $6,900 in consulting services on account
4. Bill Co billed a customer $3,200 for services performed
5. Bill Co. received $6,900 in payment for item 3
6. Bill Co performed services and immediately collected $3,700
7. Bill Co. paid $670 for advertising in the local paper
$6,530
Top of Form
On August 1, Olivera Company sold merchandise in the amount of $4,600 to Wyne, with credit terms of 3/10, n/30. The cost of the items sold is $3,700. Olivera uses the perpetual inventory system. On August 4, Wyne returns some of the merchandise. The selling price of the merchandise is $460 and the cost of the merchandise returned is $370.The entry or entries that Olivera must make on August 4 is:
Sales returns and allowances
460
Accounts receivable
460
Merchandise inventory
370
Cost of goods sold
370
Bottom of Form
For the year ended December 31, 2010, Mason Company has implemented an employee bonus program equal to 7% of Mason's net income, which employees will share equally. Mason's net income (pre-bonus) is expected to be $2,500,000, and bonus expense is deducted in computing net income. What is the amount that needs to be recorded for estimated bonus liability for 2010?
= 2500,000/107 * 7 = $163,551
$163,551
A parcel of land is offered for sale at $151,000, is assessed for tax purposes at $113,000, is recognized by its purchasers as being worth $141,000, and is purchased for $138,000. The land should be recorded in the purchaser's books at:
$138,000.
A company had cash sales of $49,563, credit sales of $38,576, sales returns and allowances of $7,118 and sales discounts of $4,393. The company's net sales for this period equal:
= 49563 + 38576 %u2013 7118 %u2013 4393 = $76628
$76,628
Top of Form
At the end of the day, the cash register's record shows $1,300, but the count of cash in the cash register is $1,120. The correct entry to record the cash sales for the day is:
Cash
1,120
Cash over and short
180
Sales
1,300
Bottom of Form
A machine originally had an estimated useful life of 7 years, but after 2 complete years, it was decided that the original estimate of useful life should have been 9 years. At that point the remaining cost to be depreciated should be allocated over the remaining:
7 years
What would be the account balance in the revenue ledger account after the following transactions?
Performed services and left a bill
$5,000
Performed services and collected immediately
$3,900
Performed services and billed customer
$2,600
Performed services on accounts
$6,800
Received partial payment on account
$1,900
$18,300 Credit
$6,530
Top of Form
On August 1, Olivera Company sold merchandise in the amount of $4,600 to Wyne, with credit terms of 3/10, n/30. The cost of the items sold is $3,700. Olivera uses the perpetual inventory system. On August 4, Wyne returns some of the merchandise. The selling price of the merchandise is $460 and the cost of the merchandise returned is $370.The entry or entries that Olivera must make on August 4 is:
Sales returns and allowances
460
Accounts receivable
460
Merchandise inventory
370
Cost of goods sold
370
Bottom of Form
For the year ended December 31, 2010, Mason Company has implemented an employee bonus program equal to 7% of Mason's net income, which employees will share equally. Mason's net income (pre-bonus) is expected to be $2,500,000, and bonus expense is deducted in computing net income. What is the amount that needs to be recorded for estimated bonus liability for 2010?
= 2500,000/107 * 7 = $163,551
$163,551
A parcel of land is offered for sale at $151,000, is assessed for tax purposes at $113,000, is recognized by its purchasers as being worth $141,000, and is purchased for $138,000. The land should be recorded in the purchaser's books at:
$138,000.
A company had cash sales of $49,563, credit sales of $38,576, sales returns and allowances of $7,118 and sales discounts of $4,393. The company's net sales for this period equal:
= 49563 + 38576 %u2013 7118 %u2013 4393 = $76628
$76,628
Top of Form
At the end of the day, the cash register's record shows $1,300, but the count of cash in the cash register is $1,120. The correct entry to record the cash sales for the day is:
Cash
1,120
Cash over and short
180
Sales
1,300
Bottom of Form
A machine originally had an estimated useful life of 7 years, but after 2 complete years, it was decided that the original estimate of useful life should have been 9 years. At that point the remaining cost to be depreciated should be allocated over the remaining:
7 years
What would be the account balance in the revenue ledger account after the following transactions?
Performed services and left a bill
$5,000
Performed services and collected immediately
$3,900
Performed services and billed customer
$2,600
Performed services on accounts
$6,800
Received partial payment on account
$1,900
$18,300 Credit
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