The transactions listed below are typical of those involving Amalgamated Textiles and American Fashions. Amalgamated is a wholesale merchandiser and American Fashions is a retail merchandiser. Assume all sales of merchandise from Amalgamated to American Fashions are made with terms n/60, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31.
a. Amalgamated sold merchandise to American Fashions at a selling price of $270,000. The merchandise had cost Amalgamated $191,000.
b. Two days later, American Fashions returned goods that had been sold to the company at a price of $27,500 and complained to Amalgamated that some of the remaining merchandise differed from what American Fashions had ordered. Amalgamated agreed to give an allowance of $9,000 to American Fashions. The goods returned by American Fashions had cost Amalgamated $19,270
c. Just three days later, American Fashions paid Amalgamated, which settled all amounts owed
Required:
For each of the events (a) through (c), indicate the amount and direction of the effect on Amalgamated Textiles in terms of the following items. (Enter any decreases to account balances with a minus sign.) Prepare the journal entries that Amalgamated Textiles would record. TIP: When using a perpetual inventory system, the seller always makes two journal entries when goods are sold. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answer:

Amalgamated Textiles

1. Effects on Items:

a. Assets + (Accounts receivable) $270,000

   Retained earnings + (Sales revenue) $270,000

   Retained earnings - (Cost of goods sold) $191,000

   Assets - (Inventory) $191,000

b. Retained earnings - (Sales returns and allowances) $36,500

   Assets - (Accounts receivable) $36,500

   Assets + (Inventory) $19,270

  Retained earnings + (Cost of goods sold) $19,270

c. Assets + (Cash) $233,500

   Assets - (Accounts receivable) $233,500

2. Journal Entries:

a. Debit Accounts receivable $270,000

Credit Sales revenue $270,000

To record the sale of goods on account.

Debit Cost of goods sold $191,000

Credit Inventory $191,000

To record the cost of goods sold.

b. Debit Sales returns and allowances $36,500

Credit Accounts receivable $36,500

To record the return of goods and allowances given.

Debit Inventory $19,270

Credit Cost of goods sold $19,270

To record the return of goods to inventory.

c. Debit Cash $233,500

Credit Accounts receivable $233,500

To record the receipt of cash from customers on account.

Explanation:

1) Data and Analysis:

a. Accounts receivable $270,000 Sales revenue $270,000

   Cost of goods sold $191,000 Inventory $191,000

b. Sales returns and allowances $36,500 Accounts receivable $36,500

  Inventory $19,270 Cost of goods sold $19,270

c. Cash $233,500 Accounts receivable $233,500

Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash: 2,000,000 shares of no-par common stock were authorized; 750,000 shares were issued on January 1, 2019, at $35 per share. 800,000 shares of $100 par value, 7.5% cumulative, preferred stock were authorized; 540,000 shares were issued on January 1, 2019, at $105 per share. No dividends were declared or paid during 2019 or 2020. However, on December 22, 2021, the board of directors of Permabilt Corp. declared dividends of $15,000,000, payable on February 12, 2022, to holders of record as of January 8, 2022.
Prepare the journal entries to record each of the below transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
The issuance of common stock and preferred stock on January 1, 2019.
The declaration of dividends on December 22, 2021.
The payment of dividends on February 12, 2022.
b. Of the total amount of dividends declared during 2021, how much will be received by preferred shareholders?
c. Calculate the common stock dividends per share declared during 2021. (Round your answer to 2 decimal places.)

In 2018, the Orange Furniture Store, an accrual method sole proprietorship, sold furniture on credit for $1,000 to Sammy. The cost of the furniture was $600. In 2019, Orange took a bad debt deduction for the $1,000. In 2020, Sammy inherited some money and paid Orange the $1,000 he owed. Orange's owner was in the 35% marginal tax bracket in 2018, the 12% marginal tax bracket in 2019, and the 35% marginal tax bracket in 2020. Orange Furniture must include $fill in the blank 4bc14b03ef8bfd3_1 in gross income as the recovery of a prior deduction. The timing of the income and deductions cost Orange $fill in the blank 4bc14b03ef8bfd3_2 . b. In 2019, Marvin, a cash basis taxpayer, took a $2,000 itemized deduction for state income taxes paid; the deduction was not limited by the SALT cap. This increased his itemized deductions to a total that was $800 more than the standard deduction. In 2020, Marvin received a $1,500 refund when he filed his 2019 state income tax return. Marvin was in the 12% marginal tax bracket in 2019 but was in the 35% marginal tax bracket in 2020. How much must Marvin include in his gross income for 2020

An investor thought that market interest rates were going to decline. He paid $19,000 for a corporate bond with a face value of $20,000. The bond has an interest rate of 10% per year payable annually. If the investor plans to sell the bond immediately after receiving the 4th interest payment, how much will he have to receive in order to make a return of 14% per year? Solve using:

a. tabulated factors
b. the GOAL SEEK tool on a spreadsheet.

If you will become a manager or part of the management how will you implement the effective organizing strategies?​

The Bassos contracted with Dierberg to purchase her property for $1,310,000. One term of the contract stated, "[t]he sale under this contract shall be closed . . . at the office of Community Title Company. . . on May 16, 1988 at 10:00 am. . . . Time is of the essence of this contract." After forming the contract, the Bassos assigned their right to purchase Dierberg’s property to Miceli and Slonim Development Corp. At 10:00 am on May 16, 1988, Dierberg appeared at Community Title for closing. No representative of Miceli and Slonim was there, nor did anyone from Miceli and Slonim inform Dierberg that there would be any delay in the closing. At 10:20 am, Dierberg declared the contract null and void because the closing did not take place as agreed, and she left the title company office shortly thereafter. Dierberg had intended to use the purchase money to close another contract to purchase real estate later in the day. At about 10:30 AM, a representative of Miceli and Slonim appeared at Community Title to begin the closing, but the representative did not have the funds for payment until 1 :30 PM. Dierberg refused to return to the title company, stating that Miceli and Slonim had breached the contract by failing to tender payment on time. She had already made alternative arrangements to finance her purchase of other real estate to meet her obligation under that contract. Miceli and Slonim sued Dierberg, claiming that the contract did not require closing exactly at 10:00 AM, but rather some time on the day of May 16. Will they prevail?

6.
Jane's Juice Bar has the following cost schedules:
Quantity
Variable Cost
Total Cost
O vats of juice
1
2.
3
4
5
$ 0
10
25
45
70
100
135
$ 30
40
55
75
100
130
165
6
a. Calculate average variable cost, average total
cost, and marginal cost for each quantity.
b. Graph all three curves. What is the
relationship between the marginal-cost
curve and the average-total-cost curve?
Between the marginal-cost curve and the
average-variable-cost curve? Explain.

Red Blossom Corporation transferred its 40 percent interest to Tea Company as part of a complete liquidation of the company. In the exchange, Red Blossom received land with a fair market value of $520,000. The corporation's basis in the Tea Company stock was $417,500. The land had a basis to Tea Company of $622,500. What amount of gain does Red Blossom recognize in the exchange and what is its basis in the land it receives

Robert, a highly experienced software engineer, joins a new company as the manager of a large group of employees. In his first meeting with the employees of the new organization, he explains his expectations on the behavior of employees. He also lets the employees know that noncompliance with his norms will result in withholding the rewards that they receive. Which of the following types of power is Robert using here?

a. reward
b. transformational
c. referent
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Cory, a college professor, incurred and paid the following expenses in 2020: Tax return preparation fee $ 600 Moving expenses 2,000 Investment expenses 500 Expenses associated with rental property 1,500 Interest expense associated with loan to finance tax-exempt bonds 400 Calculate the amount that Cory can deduct (before any percentage limitations).

Journalize the following transactions in the general journal: Sept. 1 Sold common stock for cash $60,000. 1 Paid rent for the month, $1,500. 3 Borrowed $10,000 from a bank and signed a note payable agreeing to repay the $10,000 in one year plus 10% interest. 3 Purchased $5,500 of cleaning equipment; paid $3,000 down with the remainder due within 30 days. 4 Purchased cleaning supplies for $4,200 cash. 10 Received $3,500 from cash customers. 21 Billed customers for services, $3,800. 23 Paid $2,500 on account to cleaning equipment firm (see Sept. 3 transaction). 28 Collected $2,500 from customers on account. 29 Received electricity bill for the month, $85 and will pay it in October. 30 Paid wages for September, $1,950. 30 Paid service station for gasoline used during September, $275. 30 Paid dividends, $900.

On December 30, 2017, the Board of Directors of Blue Manufacturing, Inc. committed to a plan to discontinue the operations of its Owl division. Blue estimated that Owl's 2018 operating loss would be $750,000 and that the fair value of Owl's facilities was $450,000 less than their carrying amounts. The estimate for the 2018 operating loss turned out to be correct. Owl's 2017 operating loss was $1,000,000, and the division was actually sold for $400,000 less than its carrying amount in 2018. Blue's effective tax rate is 35%. In its 2017 income statement, what amount should Blue report as loss from discontinued operations

from the video "the best stats you've ever seen "
what are some of the variables that rosling's graphs analyze? why are these factors important?​

Liberty Corporation was authorized to issue 300,000 shares of $5 par value common stock. Liberty issued 60,000 shares of common stock on January 15, 2020, at $15 per share. Required a. Record the entry on June 30, 2020, for purchase of 6,600 common shares for the treasury at $18 per share. b. Record the entry on September 20, 2020, for sale of 2,400 treasury shares at $21 per share. c. Record the entry on November 3, 2020, for sale of 1,500 treasury shares at $17 per share.

Illumination Corporation operates one central plant that has two divisions, the Flashlight Division and the Night Light Division. The following data apply to the coming budget year: Budgeted costs of operating the plant for 2000 to 3000 hours: Fixed operating costs per year $480,000 Variable operating costs $800 per hour Budgeted long-run usage per year: Flashlight Division 1500 hours Night Light Division 700 hours Practical capacity 3000 hours Assume that practical capacity is used to calculate the allocation rates. Actual usage for the year by the Flashlight Division was 1400 hours and by the Night Light Division was 600 hours. If a single-rate cost-allocation method is used, what amount of operating costs will be allocated to the Night Light Division

On January 1, 2021, Tru Fashions Corporation awarded restricted stock units (RSUs) representing 22 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. After the recipients of the RSUs satisfy the vesting requirement, the company will distribute the shares. On the grant date, the shares had a market price of $4.20 per share. Required: 1. Determine the total compensation cost pertaining to the RSUs. 2. Prepare the appropriate journal entry to record the award of RSUs on January 1, 2021. 3. Prepare the appropriate journal entry to record compensation expense on December 31, 2021. 4. Prepare the appropriate journal entry to record compensation expense on December 31, 2022. 5. Prepare the appropriate journal entry to record compensation expense on December 31, 2023. 6. Prepare the appropriate journal entry to record the lifting of restrictions on the RSUs and issuing shares at December 31, 2023.

describe how posts on social media can portray poor ethics to an employer. (answer in a complete sentence)

As long as a firm's net income is positive, then the firm can use the positive net income to pay dividends to its shareholders.
True
False

Quark Inc. just began business and made the following four inventory purchases in June: June 1 150 units $ 825 June 10 200 units 1,120 June 15 200 units 1,140 June 28 150 units 885 $3,970 A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is

What tab should you choose to locate the spelling and grammar check tools?
Home
Layout
Review
View

Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows:

Accounts Payable $51,200
Accounts Receivable 187,500
Accumulated Depreciation - Equipment 186,000
Cash ?
Common Stock 100,000
Equipment 325,900
Land 375,000
prepaid Insurance 8400
Prepaid Rent 6000
Retained Earnings 620,300
Salaries Payable 7500
Supplies 11,200
Unearned Fees 21,000

Required:
Prepare a classified balance sheet that includes the correct balance for Cash.

Is a measurement of the way suppliers respond to a change in price

Wesson Company uses the allowance method to record its expected credit losses. It estimates its losses at one percent of credit sales, which were $750,000 during the year. The Accounts Receivable balance was $220,000 and the Allowance for Doubtful Accounts has a credit balance of $1,000 at year-end. What amount is the debit to the Bad Debts Expense

The goal of the review in a business presentation is to Multiple choice question. compel audience members to consider taking specific actions. lead audience members in participating in a dramatic demonstration. tie together the meaning of any visual aids used in the presentation. provide a brief evaluation of the speaker's reaction to audience members.

As a supervisor you observe a female member of your staff is being harassed
both verbally and at times physically. She seems to disapprove but does not
make any reports. How would you go about dealing with this situation?​

define investment bank.​

McNulty, Inc., produces desks and chairs. A new CFO has just been hired and announces a new policy that, if a product cannot earn a margin on sales of at least 20 percent, it will be dropped.
The margin is computed as product gross profit divided by reported product cost.
Manufacturing overhead for year 1 totaled $800,000. Overhead is allocated to products based on direct labor cost.
Data for year 1 show the following:
Chairs Desks
Sales revenue $1,150,000 $2,105,000
Direct materials 584,000 800,000
Direct labor 160,000 340,000
a-1. Based on the CFO's new policy, calculate the profit margin for both chairs and desks.
Profit Margin (%)
Chairs
Desks
a-2. Which of the two products should be dropped?
b. Regardless of your answer in requirement a, the CFO decides at the beginning of year 2 to drop the chair product. The company cost analyst estimates that overhead without the chair line will be $650,000. The revenue and costs for desks are expected to be the same as last year.
What is the estimated margin for desks in year 2?
Gross Profit Margin:
Gross Profit margin is given as the gross profit divided by the sales of the company multiplied by 100. It is calculated to compare the results of the company from the past year and also from other companies in the industry.

Accounting records for NIC Enterprises (NICE) for September show the following (each entry is the total of the actual entries for the account for the month). Account Titles Debit Credit Work-in-Process Inventory (Direct Labor) 100,000 Wages Payable 100,000 Direct Materials Inventory 1,112,000 Accounts Payable 1,112,000 Finished Goods Inventory 1,770,000 Work-in-Process Inventory 1,770,000 Cost of Goods Solda 1,710,000 Finished Goods Inventory 1,710,000 aThis entry does not include any over- or underapplied overhead. Over- or under applied overhead is written off to Cost of Goods Sold once for the month. For September, the amount written off was 3 percent of overhead applied for September. Overhead is applied on the basis of direct labor costs. The Work-in-Process ending account balance on September 30 was 170 percent of the beginning balance. The direct material ending inventory balance on September 30 was $36,000 less than the beginning balance. The finished goods beginning balance on September 1 was $203,000. The September income statement shows revenues of $2,850,000 and a gross profit of $1,167,000. Required: a. What was the Finished Goods inventory on September 30

Information from the records of the Abel Corporation for July 2018 was as follows:
Sales $1,230,000
Selling and administrative expenses 210,000
Direct materials used 264,000
Direct labor 300,000
Factory overhead * 405,000
*variable overhead is $205,000, fixed overhead is $200,000
Inventories
July 1, 2018 July 31, 2018
Direct materials $36,000 $42,000
Work in process 75,000 84,000
Finished goods 69,000 57,000
The total product cost is:_______.
a. $969,000
b. $1,179,000
c. $764,000
d. $615,000

You won the lottery and may choose between Prize 1, which would pay you $50,000 today and $200,000 at the end of 10 years OR receive $50,000 today plus some annuity at the end of each year for 10 years. Using an interest rate of 5%, which of the following comes closest to the annuity that will make the present value of both prizes the same?
a. $172,782.65.
b. $38,431.68.
c. $122,782.65.
d. $15,900.91.

To be effective issuing and investing in bonds, knowledge of their terminology, characteristics, and features is essential. For example: • A bond’s is generally $1,000 and represents the amount borrowed from the bond’s first purchaser. • A bond issuer is said to be in if it does not pay the interest or the principal in accordance with the terms of the indenture agreement or if it violates one or more of the issue’s restrictive covenants. • A bond contract feature that requires the issuer to retire a specified portion of the bond issue each year is called a . • A bond’s gives the issuer the right to call, or redeem, a bond at specific times and under specific conditions. Suppose you read an article about the Golden Gate Bridge and Highway District bonds. It includes the following information:esvoe37f387cf9b3627f11119053e024693f8affde5624e3d681c11860b391bb47ca1eovse What is the coupon interest rate of this bond