Hyacinths Flowers sold dollar 40,000 worth of hyacinths that cost dollar 30,000

Question

Hyacinths Flowers sold dollar 40,000 worth of hyacinths that cost dollar 30,000 in master card edit sales. The net cash receipts from are immediately deposited in the seller's bank account. Mastered charges a 5 percent fee. Prepare the journal entries to record the sales and credit card expense and also to record the cost of sales. Billy's Boats company reports the following: Compute the 2014 total asset turnover Ron's race Cars Company pays dollar 625,000 for real estate plus dollar 20,000 in closing costs. The real estate consists of land appraised at 400,000 dollars, race track appraised at dollar 100,000 and land inprovements appraised at dollar 50,000 . Allocate the total purchase price among the 3 purchased assets and prepare the journal entry to record the purchase.

Explanation / Answer

Journal entries

12)

13) Asset turnover = Net sales/ average assets

                              = 108,000/67,500

                             = 1.6

14)

Entry

Description Debit Credit Accounts recievable $38,000 Service fee     2,000 To Sales $40,000 Cost of goods sold $30,000 To Inventory $30,000

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