Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

JEs for Jan 6 GBI received $59,465 in safety product inventory and $38,250 in raw materials from Dallas Basics. Was ordered on December 28. Payment terms are $97,715 are net 10 days. GBI paid the CWX shipping company $770 with manual check for the shipment. Jan 17 GBI paid an invoice from Lightbulb Accessory Kits for ordered goods that were received on December 20. The amount of the invoice from Lightbulb is $18,510 due net 30. Jan 17 The city of Denver will be hosting a decathlon at the end of February. The event is expected to create demand for high quality bikes. Rocky Mountain Bikes in Denver, CO placed an order with GBI for $135,650 worth of bicycles to be delivered immediately Rocky Mountain will pay the shipping. Bikes cost GBI $82,660. GBI is giving them special terms of net 45 days on this order. Jan 18 GBI received a $91.410 funds transfer from Silicon Valley Bikes in Palo Alto for the balance due on their acct. Jan 24 Beantown Bikes in Boston, MA placed an order with GBI for $28,550 in bicycles. The cost of the bicycles is $17,892, Beantown Bikes is a new customer. They must wait unteir credit can be approved or pay for the order before GBI will ship the bikes to them. Jan 26 GBI received notification from their bank that Beantown Bikes transferred the amount of their bicycle amount into GBI's account, so GBI's warehouse personnel shipped Beantown's order. Beantown will be responsible for paying FedEx $360 for shipping order.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92554454
  • Price:- $15

Priced at Now at $15, Verified Solution

Have any Question?


Related Questions in Accounting Basics

Question time value of money future valueinstructions for

Question: Time Value Of Money: Future Value Instructions: For this milestone, submit a draft of the Time Value of Money section of the final project, along with your supporting explanations. Base your calculations on the ...

Question - walton computer services inc has been in

Question - Walton Computer Services, Inc. has been in business for six months. The following are basic operating data for that period: Month July Aug. Sept. Oct. Nov. Dec. Service hours 116 138 260 426 314 324 Revenue $ ...

Question - merchandise accounts and computationskleiner

Question - Merchandise accounts and computations Kleiner Merchandising Company Accumulated depreciation$700 Beginning inventory 5,000 Ending Inventory 1,700 Expenses 1,450 Net Purchases 3,900 Net Sales 9,500 Krug Service ...

Question - white mountain sled company manufactured 3000

Question - White Mountain Sled Company manufactured 3,000 Children's snow sleds during November. The following variable overhead data relates to November: Budgeted variable overhead cost per unit $12.00 Actual variable m ...

Question - selected balance sheet and income statement

Question - Selected balance sheet and income statement information for Oracle Corporation follows. (Perform the required computations from the perspective of an Oracle shareholder. $ millions May 31, 2015 May 31, 2014 Op ...

Question - cartagena corporation has net income of 281000

Question - Cartagena Corporation has net income of $281,000 for the year ended December 31, 2012 and common shares outstanding of 100,000. Cartagena Corporation did not issue or repurchase additional common shares during ...

Question - lucky treasures enterprises issued 9 8-year

Question - Lucky Treasures Enterprises issued 9%, 8-year, $2,000,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2013 and are issued on that date. The discount ra ...

Assignmentplease read the following economist article that

Assignment Please read the following economist article that is attached at the end of this instruction paper: "The Future of Jobs The onrushing wave Previous technological innovation has always delivered more long-run em ...

Question - at the beginning of the school year priscilla

Question - At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay ...

Question - the adjusted trial balance of cheyenne company

Question - The adjusted trial balance of Cheyenne Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $752,300, Delivery Expense $13,020, Sales Returns and ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As