Maurice Tutor

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Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 6 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Sep 2017 My Price 8.00

financial statements model

Recording inventory transactions in a financial statements model

Kona Clothing experienced the following events during 2012, its first year of operation:

1.     Acquired $14,000 cash from the issue of common stock.

2.     Purchased inventory for $8,000 cash.

3.     Sold inventory costing $6,000 for $9,000 cash.

4.     Paid $800 for advertising expense.

Required

Record the events in a statements model like the one shown below.

 

Assets 5 Equity Cash 1 Inv. 5 Com. Stk. 1 Ret. Earn.   Rev. 2 Exp. 5 Net Inc. Cash Flow

 

Required

Determine which party, buyer or seller, is responsible for freight charges in each of the following situations:

a.     Sold merchandise, freight terms, FOB destination.

b.     Sold merchandise, freight terms, FOB shipping point.

c.     Purchased merchandise, freight terms, FOB destination.

d.     Purchased merchandise, freight terms, FOB shipping point.

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 01:09 PM My Price 8.00

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