On June 30 the general ledger of Beverly Hills Clothiers, a clothing store, showed a balance of
Question:
On June 30 the general ledger of Beverly Hills Clothiers, a clothing store, showed a balance of $63,895 in the Purchases account, a balance of $2,975 in the Freight In account, and a balance of $4,280 in the Purchases Returns and Allowances account. What was the delivered cost of the purchases made during June? What was the net delivered cost of these purchases?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
Purchases 63895 Freight In 29...View the full answer
Answered By
Saikumar Ramagiri
Financial accounting:- Journal and ledgers, preparation of trail balance and adjusted trail balance Preparation of income statement, retained earning statement and balance sheet Banks reconciliation statements Financial statement analysis Cash flow statement analysis (both direct and indirect methods) All methods of Depreciations Management Accounting:- Ratios Budgeting control Cash budget and production budget Working capital management Receivable management Costing:- Standard and variance costing Marginal costing and decision making Cost-volume-profit analysis Inventory management (LIFO, FIFO) Preparation and estimation of cost sheet Portfolio management:- Calculation of portfolio standard deviation or risk Calculation of portfolio expected returns CAPM, Beta Financial management:- Time value of money Capital budgeting Cost of capital Leverage analysis and capital structure policies Dividend policy Bond value calculations like YTM, current yield etc International finance:- Derivatives Futures and options Swaps and forwards Business problems Finance problems Education (mention all your degrees, year awarded, Institute/University, field(s) of major): Education Qualification Board/Institution/ University Month/Year of Passing % Secured OPTIONALS/ Major ICWAI(inter) ICWAI inter Pursuing Pursuing - M.com(Finance) Osmania University June 2007 65 Finance & Taxation M B A (Finance) Osmania University Dec 2004 66 Finance & Marketing. B.Com Osmania University June 2002 72 Income Tax, Cost & Mgt, Accountancy, Auditing. Intermediate (XII) Board of Intermediate May 1999 58 Mathematics, Accountancy, Economics. S S C (X) S S C Board. May 1997 74 Mathematics, Social Studies, Science. Tutoring experience: • 10 year experience in online trouble shooting problems related to finance/accountancy. • Since 6 Years working with solution inn as a tutor, I have solved thousands of questions, quick and accuracy Skills (optional): Technical Exposure: MS Office, SQL, Tally, Wings, Focus, Programming with C Financial : Portfolio/Financial Management, Ratio Analysis, Capital Budgeting Stock Valuation & Dividend Policy, Bond Valuations Individual Skills : Proactive Nature, Self Motivative, Clear thought process, Quick problem solving skills, flexible to complex situations. Achievements : 1. I have received an Award certificate from Local Area MLA for the cause of getting 100% marks in Accountancy during my Graduation. 2. I have received a GOLD MEDAL/Scholarship from Home Minister in my MBA for being the “Top Rank student “ of management institute. 3. I received numerous complements and extra pay from various students for trouble shooting their online problems. Other interests/Hobbies (optional): ? Web Surfing ? Sports ? Watching Comics, News channels ? Miniature Collection ? Exploring hidden facts ? Solving riddles and puzzles
4.80+
391+ Reviews
552+ Question Solved
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Question Posted:
Students also viewed these Business questions
-
On June 30 the general ledger of Bentleys New York, a clothing store, showed a balance of $53,495 in the Purchases account, a balance of $2,875 in the Freight In account, and a balance of $5,220 in...
-
On June 30 the general ledger of Kisling, Inc., had the following balances: Purchases .................. $41,795 Dr. Freight In .................. 2,326 Dr. Purchases Returns and Allowances ..........
-
On June 30 the general ledger of Kisling, Inc., had the following balances: Purchases ....................................................................$42,880 Dr. Freight In...
-
A gaseous mixture consists of 80.0 mole percent N2 and 20.0 mole percent O2 (the approximate composition of air). Suppose water is saturated with the gas mixture at 25C and 1.00 atm total pressure,...
-
On July 1, Brimley Company issued a note with First National Bank with terms of 2 years and 10% interest to finance its inventory purchase of 1,000 plasma televisions with a list price of $2,750...
-
Review the financial statements of the March of Dimes for 2013 as presented in Table 12-8. 1. Comment as best you can (even in the absence of guidelines as to what constitutes norms for comparable...
-
Experiments are conducted on a washing machine agitator. The relevant dimensional parameters are the driving torque, \(\mathscr{T}\), the oscillation frequency, \(f\), the angular velocity,...
-
Monterrey Corporation has an existing loan in the amount of $7 million with an annual interest rate of 6.5%. The company provides an internal company-prepared financial statement to the bank under...
-
Suppose a company produces a perpetual cash flow of $25 million per year and is expected to continue doing so in the infinite future. The company's capital structure currently consists entirely of...
-
What is the comparative negligence defense? When can it shield auditors from legal liability for their actions?
-
On March 9, Modern Kitchens, a retail store, received Credit Memorandum 244 for $3,420 from J & M Appliance Corporation. The credit memorandum covered a return of damaged trash compactors originally...
-
The following transactions took place at Sonoma Auto Parts and Custom Shop during the first week of July. Indicate how these transactions would be entered in a purchases journal like the one shown in...
-
What is the effect on interest rates and the money supply of an open-market purchase of Treasury bills?
-
What is the total costs that will be transferred to Finished Goods for units started and completed? Carmelita, Inc., has the following information available: Direct materials Conversion costs Costs...
-
A 59.0-kg woman stands at the western rim of a horizontal turntable having a moment of inertia of 485 kg m2 and a radius of 2.00 m. The turntable is initially at rest and is free to rotate about a...
-
Demonstrate the impact of nonverbal communication by describing effective and ineffective examples of behaviors in each of the following categories: (use your line of work as the baseline). Voice...
-
1. Consider the following C program that takes four integers from the user, stores them in an array and finally calculates and displays the average. Rewrite the same program using MIPS. [25 points] #...
-
Consider an asset that was separated into its main components (A, B, and C). The $1200000 purchase price was allocated to these components in equal proportions. The useful lives are 12, 4, and 7...
-
If entities taxed as partnerships and S corporations are both flow-through entities for tax purposes, why might an owner prefer one form over the other for tax purposes? List separately the tax...
-
Write the expression in radical notation. Then evaluate the expression when the result is an integer. 23 -1/2
-
Give the entries in general journal form that Fidelity State Company would make if Horace Coe dishonored the note receivable discounted by Fidelity State in Exercise 16.6, assuming the bank deducted...
-
Costos Company issued the following notes during 2016. Find the interest due on each of the notes, using the interest formula method. Show all calculations. 1. A $30,000 note at 9 percent for 180...
-
Give the general journal entry to record each of the following transactions for Dennis Company: 1. Issued a 6-month, 9 percent note for $85,000 to purchase two forklifts on May 14, 2016 (debit...
-
On January 1, 2023, Bertrand, Incorporated, paid $86,900 for a 40 percent interest in Chestnut Corporation's common stock. This investee had assets with a book value of $229,500 and liabilities of...
-
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates: Direct labor-hours required to support estimated production Machine-hours...
-
Explain the concept of gene-environment interactions, and how these interactions influence the expression of complex traits and the risk of developing multifactorial diseases ?
Study smarter with the SolutionInn App