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Question
Submitted by Canvas on Sun, 2012-07-01 21:03
due on Fri, 2012-07-06 15:00
answered 2 time(s)
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Sales-related purchase related transactions, FIFO, LIFO costs under perpetual system, Periodic Inventory by methods, (see rest of problem for full title)

retail inventory method, Gross Profit method.

Okay, I provided a working papers template for this problem. The only thing I didn't include was a standard journal entry template. You will have to provide that for me to make all of the entries. This consists of about five small problems. Take a look at the attachments to get a feel for the assignment. If you need anymore information please feel free to contact me. The most important thing I expect is for the assignment to be into me on time. Please be accurate. Your services are appreciated. Have a great day.

Answer
Submitted by Asma on Wed, 2012-07-04 12:29
teacher rated 407 times
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purchased one time
price: $40.00

Answer rating (rated one time)

5

Solution - Easy to understand

body preview (15 words)

xxxxxx xxxx attached file xxx xxx me know if need xxxxxxx xxxx or xxxxxxxxxxxxxxxxxxxx

file1.docx preview (760 words)

xxx xxxxxxxxx xxxx selected xxxx xxxxx the transactions completed xx Calworks Company during xxxxx of the current year:

xxxx xx xxxxxxxxx merchandise on xxxxxxx xxxx xxxxxxxx xxxx list xxxxx $42,000, trade discount xxxx xxxxx xxx xxxxxxxxxxxx xxxxx xxxx

xx xxxx merchandise for cash, xxxxxxxx xxx xxxx xx the xxxxxxxxxxx xxxx xxx xxxxxxxx

5. Purchased merchandise xx xxxxxxx from xxxxxxxx xxxx $21,300, terms xxx xxxxxxxx point, xxxxx n/30 xxxx xxxxxxx freight xx $600 xxxxx xx xxx invoice.

6. xxxxxxxx xxxxxx of merchandise purchased xx April x xxxx Prescott xxx

xxx Sold merchandise on account to xxxxx Co., xxxx price xxxxxxx trade xxxxxxxx 20%, terms 1/10, n/30. The xxxx of xxxxxxxxxxx sold was $4,500.

13. Paid Prescott Co. on xxxxxxx xxx purchase xx xxxxx 3, xxxx xxxxxx xx xxxxx 6 and xxxxxxxxx

xxx xxxx merchandise xx xxxxx $60,000. xxx xxxx xx xxx xxxxxxxxxxx xxxx xxx xxxxxxxx

xxx Paid xxxxxxxx xxx xx xxxxxxx for the purchase of xxxxx 5, less xxxxxxxxx

xxx Received xxxx on account xxxx sale of April 11 xx xxxxx xxxx less discount.

24. Sold merchandise on account to Alma xxx $9,200, terms 1/10, xxxxx The cost xx xxxxxxxxxxx xxxx xxx $5,500.

xxx xxxx VISA service xxx of $1,800.

xxx xxxxxxxx xxxxxxxxxxx xxxxxxxx xx Alma xxx from xxxx on xxxxx xxx xxxxxxx xxx xxxx xx returned merchandise xxx $720.

xxxxxxxxxxxxxxxx

xxxxxxxxxx xxx transactions

xxxx xx Merchandise xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

xxxxxxxx Payable—xxxxxxxx Co.

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file2.xls preview (39 words)

xxxxxx

xxxxxxxxxxxxxx
Costxxxxxx
Merchandise Inventory, April x xxxxxxxxxxxxxxxx
Purchases (net) xxxxx 1—xx 1,200,000 xxxxxxxxx
Merchandise Available for xxxx xxxxxxxxxxxxxxxxxxxx
xxxxx of xxxx to sale xxxxxx60.00%
xxxxx for April (net)xxxxxxxxx
Merchandise xxxxxxxxxx xxxxx xxx xx xxxxxx xxxxx $275,000
Merchandise xxxxxxxxxx xxxxx xxx at estimated xxxx ($275,000 × 60%) $165,000

Sheet2

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