On January 15, Vaughn Manufacturing sells merchandise on account to Pina Colada Associates for $5300 with...
On January 15, Vaughn Manufacturing sells merchandise on account to Pina Colada Associates for $5300 with terms 1/10, n/30. On January 20, Pina Colada returns merchandise worth $1200 to Vaughn. On January 24, payment is received from Pina Colada for the balance due. What is the amount of cash received?
Homework Answers
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Pina is eligible for 1% Discount. Amount of cash received = (5300 - 1200)* 99% = 4100 * 99% = 4059 |
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On January 15, Vaughn Manufacturing sells merchandise on account
to Pina Colada Associates for $5300 with...
On January 15, Pharoah Company sells merchandise on account to Pharoah Associates for $5900 with terms...
On January 15, Pharoah Company sells merchandise on account to Pharoah Associates for $5900 with terms 4/10, n/30. On January 20, Pharoah returns merchandise worth $900 to Pharoah. On January 24, payment is received from Pharoah for the balance due. What is the amount of cash received?
Larson Company on July 15 sells merchandise on account to Stuart Co. for $1,000, terms 2/10,...
Larson Company on July 15 sells merchandise on account to Stuart Co. for $1,000, terms 2/10, n/30. On July 20 Stuart Co. returns merchandise worth $400 to Larson Company. On July 26 payment is received from Stuart Co. for the balance due. What is the amount of cash received? a. $600 b. $588 c. $580 d. $1,000
On October 5, Pina Colada Corporation buys merchandise on account from Pina Colada Company. The selling...
On October 5, Pina Colada Corporation buys merchandise on account from Pina Colada Company. The selling price of the goods is $5,010, and the cost to Pina Colada Company is $2,530. On October 8, Pina Colada returns defective goods with a selling price of $740 and a fair value of $95. Record the transactions on the books of Pina Colada Company. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
Pina Colada Corp.’s balance sheet at December 31, 2018, is presented below. Pina Colada Corp. Balance...
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s $5,100 account.
3
Pina Colada wrote...
Flint Ltd. and Pina Colada Ltd. incurred the following merchandise transactions in June. June 10 Flint...
Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
Comprehensive Problem 8 (Part Level Submission) Pina Colada Corp.’s balance sheet at December 31, 2018, is...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
Pina Colada Corp. provides security services. Selected transactions for Pina Colada Corp. are presented below. Oct....
Pina Colada Corp. provides security services. Selected transactions for Pina Colada Corp. are presented below. Oct. 1 Issued common stock in exchange for $63,400 cash from investors. 2 Hired part-time security consultant. Salary will be $1,900 per month. First day of work will be October 15. 4 Paid 1 month of rent for building for $1,900 7 Purchased equipment for $17,300, paying $3,800 cash and the balance on account 8 Pald $500 for advertising. 10 Received bill for equipment repair...
CALCULATOR FULL SCREEN Problem 10-2A The following are selected transactions of Pina Colada Corp.. Pina Colada...
CALCULATOR FULL SCREEN Problem 10-2A The following are selected transactions of Pina Colada Corp.. Pina Colada prepares financial statements quarterly Jan. 2 Purchased merchandise on account from Nunez Company, $34,800, terms 3/10, n/30. (Pina Colada uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, $34,800 note to Nunez in payment of account. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson...
Pina Colada Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the begi...
Pina Colada Hardware Store Inc. completed the following
merchandising transactions in the month of May 2018. At the
beginning of May, Pina Colada’s ledger showed Cash of $8,800 and
Common Shares of $8,800.
May 1
Purchased merchandise on account from Hilton Wholesale Supply
for $8,800, terms 2/10, n/30.
2
Sold merchandise on account for $4,400, terms 3/10, n/30. The
cost of the merchandise sold was $3,030.
5
Received credit from Hilton Wholesale Supply for merchandise
returned $300.
9
Received collections...
--/1.5 Question 3 View Policies Current Attempt in Progress On October 5, Pina Colada Company buys merchandise on accou...
--/1.5 Question 3 View Policies Current Attempt in Progress On October 5, Pina Colada Company buys merchandise on account from Lasse Company. The purchase price of the goods is $3,420. On October 20, Pina Colada sells all of the merchandise to Thom for $6,370 cash. Use a tabular summary to record the transactions for Pina Colada Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Liabilities...
On October 5, Pina Colada Corporation buys merchandise on account from Pina Colada Company. The selling price of the goods is $5,010, and the cost to Pina Colada Company is $2,530. On October 8, Pina Colada returns defective goods with a selling price of $740 and a fair value of $95. Record the transactions on the books of Pina Colada Company. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required,...
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s $5,100 account.
3
Pina Colada wrote...
Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
Pina Colada Corp. provides security services. Selected transactions for Pina Colada Corp. are presented below. Oct. 1 Issued common stock in exchange for $63,400 cash from investors. 2 Hired part-time security consultant. Salary will be $1,900 per month. First day of work will be October 15. 4 Paid 1 month of rent for building for $1,900 7 Purchased equipment for $17,300, paying $3,800 cash and the balance on account 8 Pald $500 for advertising. 10 Received bill for equipment repair...
CALCULATOR FULL SCREEN Problem 10-2A The following are selected transactions of Pina Colada Corp.. Pina Colada prepares financial statements quarterly Jan. 2 Purchased merchandise on account from Nunez Company, $34,800, terms 3/10, n/30. (Pina Colada uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, $34,800 note to Nunez in payment of account. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson...
Pina Colada Hardware Store Inc. completed the following
merchandising transactions in the month of May 2018. At the
beginning of May, Pina Colada’s ledger showed Cash of $8,800 and
Common Shares of $8,800.
May 1
Purchased merchandise on account from Hilton Wholesale Supply
for $8,800, terms 2/10, n/30.
2
Sold merchandise on account for $4,400, terms 3/10, n/30. The
cost of the merchandise sold was $3,030.
5
Received credit from Hilton Wholesale Supply for merchandise
returned $300.
9
Received collections...
--/1.5 Question 3 View Policies Current Attempt in Progress On October 5, Pina Colada Company buys merchandise on account from Lasse Company. The purchase price of the goods is $3,420. On October 20, Pina Colada sells all of the merchandise to Thom for $6,370 cash. Use a tabular summary to record the transactions for Pina Colada Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets Liabilities...
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