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laiz [17]
3 years ago
10

Presented below is information from Headland Computers Incorporated.

Business
1 answer:
mojhsa [17]3 years ago
6 0

Answer:

July 1

Dr Accounts receivable $22,600

Cr Cash $22,600

Dr Sales returns and allowances $1,334

Cr Allowances for Sales returns and allowances $1,334

July 10

Dr Cash $21,922

Dr Sales Discount $678

Cr Accounts Receivable $22,600

July 17

Dr Accounts receivable $256,100

Cr Sales revenue $256,100

July 30

Dr Cash $256,100

Cr Accounts receivable $256,100

Explanation:

Preparation of Journal entry

July 1

Dr Accounts receivable $22,600

Cr Cash $22,600

Dr Sales returns and allowances $1,334

Cr Allowances for Sales returns and allowances $1,334

July 10

Dr Cash $21,922

(97%×$22,600)

Dr Sales Discount $678

(3%×$22,600)

Cr Accounts Receivable $22,600

($21,922+$678)

July 17

Dr Accounts receivable $256,100

Cr Sales revenue $256,100

July 30

Dr Cash $256,100

Cr Accounts receivable $256,100

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Answer:

<h2>First Part</h2>

1. True

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2. True

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3. False

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<h2>Second Part</h2>

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For each separate company, compute cash flows from operations using the indirect method. (Amounts to be deducted should be indic
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Answer:

Net cash flow from operating activities for Twix $34,000,  Dots=$108,800,  Skot = $108,000

Explanation:

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Inventory increase (decrease)                   -20,000    -10,000       10,000

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