Answer:
(a1) $761,000
(a2) $504,000
(a3) $793,000
Explanation:
(a-1) Amount of net sales reported as revenue in the income statement:
= Cash sales + Credit sales
= $289,000 + $472,000
= $761,000
(a-2) Amount of cash received from collecting accounts receivable:
= Credit sales + Decrease in accounts receivable
= $472,000 + $32,000
= $504,000
(a-3) Amount of cash received from customers:
= Cash sales + Amount of cash received from collecting accounts receivable
= $289,000 + $504,000
= $793,000
Answer:
June 10
Dr Inventory $7,100
Cr Accounts payable $7,100
June 11
Dr Inventory $350
Cr Cash $350
June 12
Dr Accounts payable $600
Cr Inventory $600
June 19
Dr Account payable $6,500
Cr Cash $6,240
Cr Inventory $260
Explanation:
Preparation of a separate journal entries for each transaction on the books of Blossom Company.
Books of Blossom Company
June 10
Dr Inventory $7,100
Cr Accounts payable $7,100
June 11
Dr Inventory $350
Cr Cash $350
June 12
Dr Accounts payable $600
Cr Inventory $600
June 19
Dr Account payable $6,500
($7,100-$600)
Cr Cash $6,240
($6,500-$260)
Cr Inventory $260
(4%*$6,500)
Answer:
Value of inventories
1. Rulers = 100*$6 = $600
2. Pencils = 70*$8 = $560
3. Notebooks = 120*$7 = $840
Total $2,000
Value of inventories after additional information
1. Rulers = [(100*$6) + $15] = $615
2. Pencils = (70*$8) + (70*$0.50) = $595
3. Notebooks= (120*$7) + $12 + (120*$0.10) <u>$864</u>
Total <u>$2,074</u>
Answer:
The amount to be paid is $100,440
Explanation:
When the bond matures, it is the due date on which the bond issuer need to pay off the bond on that particular date.
In this case, the bond matures in 2028, so
Interest amount = Face value of bond × Price × Interest
= $1,000 × 93 × 8%
= $7,440
The amount to be paid on maturity will be:
= $7,440 + $93,000
= $100,440
