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Brief Exercise 6-1O Cullumber Company uses a perpetual inventory system. Data fo

Brief Exercise 6-1O Cullumber Company uses a perpetual inventory system. Data for product E2-D2 include the purchases shown below. Number of Units 50 36 Unit Price Date May 7 July…

Brief Exercise 6-4 In its first month of operations, Whispering Winds Corp, made

Brief Exercise 6-4 In its first month of operations, Whispering Winds Corp, made three purchases of merchandise in the following se and (3) 140 units at $8. quence: (1) 135 units …

Brief Exercise 6-5 In its first month of operation, Vaughn Manufacturing purchas

Brief Exercise 6-5 In its first month of operation, Vaughn Manufacturing purchased 190 units of inventory for $6, then 290 units for $7, and finally 230 units for $8. At the end o…

Brief Exercise 6-6 (Part Level Submission) Monty Limited uses a perpetual invent

Brief Exercise 6-6 (Part Level Submission) Monty Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date E…

Brief Exercise 6-6 (Part Level Submission) Pronghorn Limited uses a perpetual in

Brief Exercise 6-6 (Part Level Submission) Pronghorn Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Da…

Brief Exercise 6-6 (Part Level Submission) Sheffield Limited uses a perpetual in

Brief Exercise 6-6 (Part Level Submission) Sheffield Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Da…

Brief Exercise 6-7 Calculate ending inventory and cost of goods sold using weigh

Brief Exercise 6-7 Calculate ending inventory and cost of goods sold using weighted-average cost (LO6-3) During the year, Wright Company sells 495 remote-control airplanes for $11…

Brief Exercise 6-7 John Fillmore’s lifelong dream is to own his own fishing boat

Brief Exercise 6-7 John Fillmore’s lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $428,000. He estimates tha…

Brief Exercise 6-8 (Part Level Submission) At December 31, 2017, the following i

Brief Exercise 6-8 (Part Level Submission) At December 31, 2017, the following information was available for E. Hetzel Company: ending inventory $44,000 beginning inventory $58,00…

Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using speci

Brief Exercise 6-8 Calculate ending inventory and cost of goods sold using specific identification (LO6-3) During the year, Wright Company sels 480 remote-control aiplanes for S10…

Brief Exercise 6-9 Rosario Department Store uses a perpetual inventory system. D

Brief Exercise 6-9 Rosario Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. May 7 July 28 Number of Units 161 96 Unit Pr…

Brief Exercise 7-1 Determine the initial cost of land (LO7-1) Fresh Veggies, Inc

Brief Exercise 7-1 Determine the initial cost of land (LO7-1) Fresh Veggies, Inc. (FVI), purchases land and a warehouse for $530,000. In addition to the purchase price, FVI makes …

Brief Exercise 7-10 Cullum ber Incorporated factored $139,800 of accounts receiv

Brief Exercise 7-10 Cullum ber Incorporated factored $139,800 of accounts receivable with Riverbed Factors Inc. on a without-recourse basis. Riverbed assesses a 3% finance charge …

Brief Exercise 7-10 The following information relates to Cullumber Limited\'s Ca

Brief Exercise 7-10 The following information relates to Cullumber Limited's Cash account. The reconciled cash balance from June's bank reconciliation is $19,530. During the month…

Brief Exercise 7-10 Wood Incorporated factored $148,800 of accounts receivable w

Brief Exercise 7-10 Wood Incorporated factored $148,800 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 3% finance charge of the amount…

Brief Exercise 7-11 Martinez Incorporated factored $158,900 of accounts receivab

Brief Exercise 7-11 Martinez Incorporated factored $158,900 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses a 3% finance charge of the am…

Brief Exercise 7-14 Recent financial statements of General Mills, Inc. report ne

Brief Exercise 7-14 Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $…

Brief Exercise 7-15 Factoring of accounts receivable [LO7-8) Logitech Corporatio

Brief Exercise 7-15 Factoring of accounts receivable [LO7-8) Logitech Corporation transferred $105,000 of accounts receivable to a local bank. The transfer was made without recour…

Brief Exercise 7-2 Stellar Co. uses the gross method to record sales made on cre

Brief Exercise 7-2 Stellar Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $62,100 with terms 4/15, n/45. On June 12, 2017, Stellar rec…

Brief Exercise 7-3 45. n une 12 201. Shamrock received Shamrock Co. uses the net

Brief Exercise 7-3 45. n une 12 201. Shamrock received Shamrock Co. uses the net method to account for cash discounts. On June 1 20 17, it made sales of $64 100 with tems 4 15 ful…

Brief Exercise 7-3 Cheyenne Co. uses the net method to account for cash discount

Brief Exercise 7-3 Cheyenne Co. uses the net method to account for cash discounts. On June 1, 2017, it made sales of $62,900 with terms 3/15, n/45 On June 12, 2017, Cheyenne recei…

Brief Exercise 7-4 Manson Industries incurs unit costs of $6 ($4 variable and $2

Brief Exercise 7-4 Manson Industries incurs unit costs of $6 ($4 variable and $2 fixed) in making an assembly part for its finished product. A supplier offers to make 17,900 of th…

Brief Exercise 7-4 Manson Industries incurs unit costs of $7.61 ($4.14 variable

Brief Exercise 7-4 Manson Industries incurs unit costs of $7.61 ($4.14 variable and $3.47 fixed) in making a subassembly part for its finished product. A supplier offers to make 1…

Brief Exercise 7-4 Wildhorse Company sold $8,120 of its specialty shelving to El

Brief Exercise 7-4 Wildhorse Company sold $8,120 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Wildhorse makes the sale. (If no en…

Brief Exercise 7-5 (Part Level Submission) Wilton, Inc. had net sales in 2014 of

Brief Exercise 7-5 (Part Level Submission) Wilton, Inc. had net sales in 2014 of $1,420,600. At December 31, 2014, before adjusting entries, the balances in selected accounts were…

Brief Exercise 7-5 Sandhill, Inc. had net sales in 2017 of $1,425,600. At Decemb

Brief Exercise 7-5 Sandhill, Inc. had net sales in 2017 of $1,425,600. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $…

Brief Exercise 7-6 (Part Level Submission) Answer the following independent ques

Brief Exercise 7-6 (Part Level Submission) Answer the following independent questions. (a) Pharoah, Inc. had net sales in 2017 of $1,459,000. At December 31, 2017, before adjustin…

Brief Exercise 7-6 Milner Family Importers sold goods to Tung Decorators for $30

Brief Exercise 7-6 Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2014, accepting Tung’s $30,000, 6-month, 5% note. Prepare Milner’s November 1 e…

Brief Exercise 7-6 Sales returns [LO7-4] During 2018, Its first year of operatio

Brief Exercise 7-6 Sales returns [LO7-4] During 2018, Its first year of operations, Hollis Industries recorded sales of $10,000,000 and experienced returns of $730,000. Cost of go…

Brief Exercise 7-7 Sunland Family Importers sold goods to Tung Decorators for $4

Brief Exercise 7-7 Sunland Family Importers sold goods to Tung Decorators for $41,400 on November 1, 2017, accepting Tung's $41,400, 6-month, 5% note Prepare Sunland's November 1 …

Brief Exercise 7-8 Leon Acrobats lent $12,174 to Donaldson, Inc., accepting Dona

Brief Exercise 7-8 Leon Acrobats lent $12,174 to Donaldson, Inc., accepting Donaldson's 2-year, $1s ooo zero interest-bearing note. The implied interest rate is i% decimal places,…

Brief Exercise 7-9 On October 1, 2017, Culver, Inc. assigns $1,205,800 of its ac

Brief Exercise 7-9 On October 1, 2017, Culver, Inc. assigns $1,205,800 of its accounts receivable to Larkspur National Bank as collateral for a $722,900 note. The bank assesses a …

Brief Exercise 8 6 Your answer is partially correct. Try again. Consider these t

Brief Exercise 8 6 Your answer is partially correct. Try again. Consider these transactions: (Credit account titles are automatically indented when amount is entered. Do not inden…

Brief Exercise 8-10 (Part Level Submission) During its first year of operations,

Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Ivanhoe Company had credit sales of $2,781,600, of which $368,300 remained uncollected at year-end…

Brief Exercise 8-10 During its first year of operations, Indigo Corporation had

Brief Exercise 8-10 During its first year of operations, Indigo Corporation had credit sales of $3,213,200, of which $361, 300 remained uncollected at year-end. The credit manager…

Brief Exercise 8-10 During its first year of operations, Pronghorn Corp had cred

Brief Exercise 8-10 During its first year of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager esti…

Brief Exercise 8-10 During its first year of operations, Sarasota Corp. had cred

Brief Exercise 8-10 During its first year of operations, Sarasota Corp. had credit sales of $3,151,100, of which $418,700 remained uncollected at year-end. The credit manager esti…

Brief Exercise 8-11 (Part Level Submission) Suppose the 2017 financial statement

Brief Exercise 8-11 (Part Level Submission) Suppose the 2017 financial statements of 3M Company report net sales of $22.8 billion. Accounts receivable (net) are $3.00 bilion at th…

Brief Exercise 8-11 Supplemental LIFO disclosures; LIFO Reserve [LO8-6] LIFO Cor

Brief Exercise 8-11 Supplemental LIFO disclosures; LIFO Reserve [LO8-6] LIFO Corporation uses primarily the LIFO inventory method and reported inventories of $2,370 million and $2…

Brief Exercise 8-14 (Part Level Submission) Maple Leaf Foods Inc. reported the f

Brief Exercise 8-14 (Part Level Submission) Maple Leaf Foods Inc. reported the following selected information (in thousands) for the three years ended December 31, 2015, 2014, and…

Brief Exercise 8-15 (Part Level Submission) Canfor Corporation reported the foll

Brief Exercise 8-15 (Part Level Submission) Canfor Corporation reported the following selected information (in millions) for the three years ended December 31, 2015, 2014, and 201…

Brief Exercise 8-15 Calculate current and acid-test ratios (LO8-6) Airline Acces

Brief Exercise 8-15 Calculate current and acid-test ratios (LO8-6) Airline Accessories has the following current assets: cash, $104 million; receivables, $96 million; inventory, $…

Brief Exercise 8-2 Bonita Company uses a perpetual inventory system. Its beginni

Brief Exercise 8-2 Bonita Company uses a perpetual inventory system. Its beginning inventory consists of 53 units that cost $36 each. During June, (1) the company purchased 158 un…

Brief Exercise 8-2 No. Account Titles and Explanation Debit Credit (To record sa

Brief Exercise 8-2 No. Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) SHOW LIST OF ACCOUNTS LINK TO TEXT SAVE FOR LATER SUBMIT ANSWER…

Brief Exercise 8-20 SUPERVALU, one of the largest grocery retailers in the Unite

Brief Exercise 8-20 SUPERVALU, one of the largest grocery retailers in the United States, is headquartered in Minneapolis. Suppose the following financial information (in millions…

Brief Exercise 8-3 At the end of 2013, Morley Co. has accounts receivable of $70

Brief Exercise 8-3 At the end of 2013, Morley Co. has accounts receivable of $707,900 and an allowance for doubtful accounts of $24,260. On January 24, 2014, it is learned that th…

Brief Exercise 8-3 At the end of 2016, Blossom Company has accounts receivable o

Brief Exercise 8-3 At the end of 2016, Blossom Company has accounts receivable of $691,500 and an allowance for doubtful accounts of $25,740. On January 24, 2017, it is learned th…

Brief Exercise 8-3 At the end of 2016, Sheffield Corp. has accounts receivable o

Brief Exercise 8-3 At the end of 2016, Sheffield Corp. has accounts receivable of $696,800 and an allowance for doubtful accounts of $23,140. On January 24, 2017, it is learned th…

Brief Exercise 8-3 At the end of 2016, Sheridan Company has accounts receivable

Brief Exercise 8-3 At the end of 2016, Sheridan Company has accounts receivable of $665,400 and an allowance for doubtful accounts of $23,480. On January 24, 2017, it is learned t…

Brief Exercise 8-3 At the end of 2016, Waterway Industries has accounts receivab

Brief Exercise 8-3 At the end of 2016, Waterway Industries has accounts receivable of $727,400 and an allowance for doubtful accounts of $27,280. On January 24, 2017, it is learne…