On April 6, Home Furnishings purchased $36,000 of merchandise from Una's Imports, terms 1/10, n/45. On...
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On April 6, Home Furnishings purchased $36,000 of merchandise from Una's Imports, terms 1/10, n/45. On April 8, Home Furnishings returned $7,600 of the merchandise to Una's Imports for credit. Home Furnishings paid cash for the merchandise on April 15. Required a. What is the amount that Home Furnishings must pay Una's Imports on April 15? b. Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. c. How much must Home Furnishings pay for the merchandise purchased if the payment is not made until April 20? d. Record the payment of the merchandise in Requirement (c) in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D What is the amount that Home Furnishings must pay Una's Imports on April 15? Net amount due < Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.) Events Purchase inventory Return inventory Record discount Paid accounts payable Cash Assets + + + + Required D Merchandise Inventory HOME FURNISHINGS Effect of Events on the Financial Statements Balance Sheet = Liabilities + Stockholders' Equity Retained Earnings Accounts Payable + + Common Stock + < Required A Income Statement Revenue Expenses Net Income Required C > Statement of Cash Flows Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How much must Home Furnishings pay for the merchandise purchased if the payment is not made until April 20? Payment < Required B Required D > Complete this question by entering your answers in the tabs below. Required A Required B Record the payment of the merchandise in Requirement (c) in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.) Events Required C Required D Paid accounts payable Cash Assets Merchandise Inventory HOME FURNISHINGS Effect of Events on the Financial Statements Balance Sheet = Liabilities + Stockholders' Equity Accounts Common Payable Stock Retained Earnings < Required C Revenue Income Statement Expenses Net Income Required D > Statement of Cash Flows Show less ▲ On April 6, Home Furnishings purchased $36,000 of merchandise from Una's Imports, terms 1/10, n/45. On April 8, Home Furnishings returned $7,600 of the merchandise to Una's Imports for credit. Home Furnishings paid cash for the merchandise on April 15. Required a. What is the amount that Home Furnishings must pay Una's Imports on April 15? b. Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. c. How much must Home Furnishings pay for the merchandise purchased if the payment is not made until April 20? d. Record the payment of the merchandise in Requirement (c) in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D What is the amount that Home Furnishings must pay Una's Imports on April 15? Net amount due < Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the events in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.) Events Purchase inventory Return inventory Record discount Paid accounts payable Cash Assets + + + + Required D Merchandise Inventory HOME FURNISHINGS Effect of Events on the Financial Statements Balance Sheet = Liabilities + Stockholders' Equity Retained Earnings Accounts Payable + + Common Stock + < Required A Income Statement Revenue Expenses Net Income Required C > Statement of Cash Flows Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D How much must Home Furnishings pay for the merchandise purchased if the payment is not made until April 20? Payment < Required B Required D > Complete this question by entering your answers in the tabs below. Required A Required B Record the payment of the merchandise in Requirement (c) in a horizontal statements model. In the Cash Flow column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells require entry.) Events Required C Required D Paid accounts payable Cash Assets Merchandise Inventory HOME FURNISHINGS Effect of Events on the Financial Statements Balance Sheet = Liabilities + Stockholders' Equity Accounts Common Payable Stock Retained Earnings < Required C Revenue Income Statement Expenses Net Income Required D > Statement of Cash Flows Show less ▲
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Related Book For
Survey of Accounting
ISBN: 978-1259631122
5th edition
Authors: Thomas Edmonds, Christopher Edmonds, Philip Olds, Frances McNair, Bor Yi Tsay
Posted Date:
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