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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2103
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Customer Question

On April 30, Holden Company had an Accounts Receivable balance of $19,200. During the month of May, total credits to Accounts Receivable were $53,200 from customer payments. The May 31 Accounts Receivable balance was $14,200. What was the amount of credit sales during May?
 

$48,200.

$5,000.

$53,200.

$58,200.

$33,400.
Brig Company had $819,000 in net sales, $365,200 in gross profit, and $219,000 in operating expenses. Cost of goods sold equals:

$146,200.

$453,800.

$819,000.

$365,200.

$219,000.

Della's Donuts owner made investments of $54,500 and withdrawals of $20,900. The company has revenues of $83,900 and expenses of $63,100. Calculate its net income.
 

$33,600.

$83,900.

$63,100.

$20,800.

$54,400.

Benson Company had cash sales of $95,175, credit sales of $84,350, sales returns and allowances of $2,000, and sales discounts of $3,775. Benson's net sales for this period equal:

$179,525.

$95,175.

$177,525.

$173,750.

$175,750.
During the month of March, Cooley Computer Services made purchases on account totaling $45,300. Also during the month of March, Cooley was paid $9,800 by a customer for services to be provided in the future and paid $37,800 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $79,100, what is the balance in accounts payable at the end of March?

$86,600.

$7,500.

$96,400.

$76,800.

$5,800.
On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $21,200; Accounts Receivable, $7,600; Supplies, $720; Equipment, $15,500; Accounts Payable, $10,000. What is the amount of owner's equity as of July 1 of the current year?

$16,220

$45,020

$21,200

$10,000

$35,020
The Unadjusted Trial Balance columns of a work sheet total $84,900. The Adjustments columns contain entries for the following:
 
1.
Office supplies used during the period, $1,650.
2.
Expiration of prepaid rent, $1,150.
3.
Accrued salaries expense, $950.
4.
Depreciation expense, $1,250.
5.
Accrued service fees receivable, $850.
 
 
The Adjusted Trial Balance columns total is:

$79,050.

$84,900.

$87,950.

$88,150.

$90,750.

Brig Company had $885,000 in sales, sales discounts of $13,700, sales returns and allowances of $19,700, cost of goods sold of $448,000, and $283,500 in operating expenses. Gross profit equals:
 

$851,600.

$120,100.

$403,600.

$417,300.

$423,300.
Brig Company had $840,000 in sales, sales discounts of $12,800, sales returns and allowances of $18,800, cost of goods sold of $412,000, and $279,000 in operating expenses. Net income equals:

$808,400.

$409,200.

$396,400.

$117,400.

$415,200.

If equity is $320,000 and liabilities are $202,000, then assets equal:

$320,000.

$118,000.

$202,000.

$842,000.

$522,000.
Zed Bennett opened an art gallery and as a dealer completed these transactions:
 
 
1.
 Started the gallery, Artery, by investing $49,000 cash and equipment valued at $27,000.
2.
 Purchased $250 of office supplies on credit.
3.
 Paid $2,100 cash for the receptionist's salary.
4.
 Sold a painting for an artist and collected a $6,300 cash commission on the sale.
5.
 Completed an art appraisal and billed the client $1,100.
 
What was the balance of the cash account after these transactions were posted?

$54,050.

$53,200.

$19,450.

$81,050.

$18,350.
On October 1, Courtland Company sold merchandise in the amount of $7,200 to Carter Company, with credit terms of 3/10, n/30. The cost of the items sold is $4,700. Courtland uses the periodic inventory system. On October 4, Carter returns some of the merchandise. The selling price of the merchandise is $1,200 and the cost of the merchandise returned is $700. The entry or entries that Courtland must make on October 4 is:

  Cash
1,200  
 
       Accounts receivable
 
1,200  
  Merchandise inventory
700  
 
       Cost of goods sold
 
700  

  Sales returns and allowances
1,200  
 
       Accounts receivable
 
1,200  

  Accounts receivable
1,200  
 
       Sales returns and allowances
 
1,200  

  Accounts receivable
1,200  
 
       Sales returns and allowances
 
1,200  
  Cost of goods sold
700  
 
       Merchandise inventory
 
700  

  Sales returns and allowances
700  
 
       Accounts receivable
 
700
Submitted: 2 years ago.
Category: Finance
Expert:  Manal Elkhoshkhany replied 2 years ago.

Hello

 

Please advise your deadline as well as the name of the book you are using: Title, author's name, and edition

 

Thank you

Customer: replied 2 years ago.
Principles of Financial Accounting 12th edition by John J Shaw

by 6pm
Expert:  Manal Elkhoshkhany replied 2 years ago.

I am sorry I will not be able to meet the deadline. I have opted out so that the question is open to other experts

 

All the best

Customer: replied 2 years ago.
whens the earliest you could complete it?
Expert:  Lindie-mod replied 2 years ago.
Hi, I’m a moderator for this topic and I wonder whether you’re still waiting for an answer. If you are, please let me know and I will do my best to find an Expert to assist you right away. If not, feel free to let me know and I will cancel this question for you. Thank you!

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