Discussion:How do i figure this out?

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Revision as of 03:05, 16 November 2007
TheTinCook (Talk | contribs)
(Will I get extra)
← Previous diff		 Revision as of 00:14, 21 November 2007
Inagpurwala (Talk | contribs)
(Answer: $00.0000)
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{{ForumReplyPost|UserID=TheTinCook|Date=16 November 2007|Text=Will I get extra credit if I help you?}} {{ForumReplyPost|UserID=TheTinCook|Date=16 November 2007|Text=Will I get extra credit if I help you?}}
 +
 +{{ForumReplyPost|UserID=Inagpurwala|Date=21 November 2007|Text=Answer: $00.000000000000000000000000000000099
 +I hope you came to the same aswer![[User:Inagpurwala|Inagpurwala]] 18:14, 20 November 2007 (CST)}}

Revision as of 00:14, 21 November 2007

Discussion Forum Index --> Accounting Questions --> How do i figure this out?

Jshizza12 (talk|edits) said:

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)

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