Discussion:How do i figure this out?
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Discussion Forum Index --> Accounting Questions --> How do i figure this out?
| 16 November 2007 | |
| A partnership named BJ made the following inventory purchases on credit:
Oct. 10th- 400 clocks at $24.25 from M company Oct 30th- 800 clocks at $24.50 (25 had to be returned due to defect) from G company. November 22nd- 600 clocks at $24.00 from M Company. December 7th- 750 clocks at $25.00 from G company. December 15th- 420 clocks at $26.00 from M company BJ WILL USE THE PERPETUAL LIFO INVENTORY METHOD. Sales of 1,485 clocks at $57.00 each were made during the fourth quarter with all og them credit sales with a 2% discount. All customers took the discount and paid on time. Of the 1,485 clocks, 35 were returned to BJ by customers. The sales were made on the following days. Oct. 15th- 215 to customer A Oct. 17th- 15 sales returns placed back in inventory-not warranty Oct. 20th- 100 to customer B Nov. 5th- 520 to Customer D Nov. 7th- 20 sales returns placed back in inventory-not warranty Dec. 8th- 400 to Customer B Dec. 23rd- 250 to Customer F The cash receipts journal indicates that $67,032 was deposited from the collection of receivables during the quarter. BJ also estimates that 3% of the clocks will be returned under their one year warranty during 2008. Each returned clock will be replaced with a new clock....... | |
TheTinCook (talk|edits) said: | 16 November 2007 |
| Will I get extra credit if I help you? | |
Inagpurwala (talk|edits) said: | 21 November 2007 |
| Answer: $00.000000000000000000000000000000099
I hope you came to the same aswer!Inagpurwala 18:14, 20 November 2007 (CST) | |
| 21 November 2007 | |
| Read your textbook, ask your professor, contact a tutor, use your brain, think. Isn't it an open book test? | |
Wkstaxprep (talk|edits) said: | 21 November 2007 |
| "Don't anybody move!! We are doing this whole TRANSFACTION all over again!" Archie Bunker | |
Actionbsns (talk|edits) said: | 24 November 2007 |
| Isn't it amazing how these kids take all this time to enter their homework question, then don't have the courtesy to thank us when we require they do their own homework? Oh - wait - there was that one kid during tax season - can't remember his name, he worked for his dad and was complaining about the "long" hours his dad imposed on him and he wasn't getting a large enough bonus. He got darn right graphic about how he felt. | |
