Scott M.

Cost Flow MethodsThree identical units of Item PX2T are purchased during July, as shown below.  Item PX2T Units Cost   July 9 Purchase   1   $208   July 17 Purchase   1   209   July... more

Merchandise with an invoice price of RM15,000 is purchased with terms of 3/10, n/45, FOB shipping point. Transportation costs paid by the buyer were RM162. What is the cost of the merchandise... more

A piece of equipment costing $24,000 with an accumulated depreciation of $13,000 was sold.Prepare the necessary journal entries for the following independent scenarios: a) Sold... more

January 1... $190,000January 1 through September 5 purchases (net)... $352,000January 1 through September 5 sales (net)...$685,000Year 2015 estimated gross profit rate...44%

The assets and liabilities of Rocky's Day Spa at December 31 and its expenses for the year are listed below. The capital of the owner was $68,000 at January 1. The owner invested an additional... more

Accounts payable $1,200   Miscellaneous expense $490 Accounts receivable 10,340   Office expense 380 Cash 32,320   Supplies 1,670 Fees earned 75,630   Wages... more

Accounts payable $1,200   Miscellaneous expense $490 Accounts receivable 10,340   Office expense 380 Cash 32,320   Supplies 1,670 Fees earned 75,630   Wages... more

Culver Corporation markets CDs of numerous performing artists. At the beginning of March, Culver Corporation had in beginning inventory 2,530 CDs with a unit cost of $7. During March, Culver... more

Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2012. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated... more