{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-09-14T00:04:20-04:00", "answer_date": "2024-09-14 00:04:20", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "10719912", "url": "\/study-help\/questions\/at-the-beginning-of-2018-the-redd-company-had-the-10719912", "question_creation_date_js": "2024-09-14T00:04:20-04:00", "question_creation_date": "Sep 14, 2024 12:04 AM", "meta_title": "[Solved] At the beginning of 2018, the Redd Compan | SolutionInn", "meta_description": "Answer of - At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash $ 8,100 Inventory 2,100 Co | SolutionInn", "meta_keywords": "beginning,2018,redd,company,balances,accounts,cash,$,8,100,inventory,2,100,common", "question_title_h1": "At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash $ 8,100 Inventory 2,100 Common stock 7,600 Retained earnings", "question_title": "At the beginning of 2018, the Redd Company had the following balances", "question_title_for_js_snippet": "At the beginning of 2018, the Redd Company had the following balances in its accounts Cash $ 8,100 Inventory 2,100 Common stock 7,600 Retained earnings 2,600 During 2018, the company experienced the following events Purchased inventory that cost $5,600 on account from Redd Company under terms 2 10, n 30 The merchandise was delivered FOB shipping point Freight costs of $510 were paid in cash Returned $300 of the inventory that it had purchased because the inventory was damaged in transit The seller agreed to pay the return freight cost Paid the amount due on its account payable to Redd Company within the cash discount period Sold inventory that had cost $6,100 for $9,100 on account, under terms 2 10, n 45 Received merchandise returned from a customer The merchandise originally cost $510 and was sold to the customer for $810 cash The customer was paid $810 cash for the returned merchandise Delivered goods FOB destination in Event 4 Freight costs of $610 were paid in cash Collected the amount due on the account receivable within the discount period Took a physical count indicating that $1,800 of inventory was on hand at the end of the accounting period c 1 Prepare a multistep income statement c 2 Prepare a statement of changes in stockholders equity c 3 Prepare a balance sheet c 4 Prepare a statement of cash flows ", "question_description": "

At the beginning of 2018, the Redd Company had the following balances in its accounts:<\/p>

<\/p>
<\/td> <\/tr>
Cash<\/td> $<\/td> 8,100<\/td> <\/td> <\/tr>
Inventory<\/td> <\/td> 2,100<\/td> <\/td> <\/tr>
Common stock<\/td> <\/td> 7,600<\/td> <\/td> <\/tr>
Retained earnings<\/td> <\/td> 2,600<\/td> <\/td> <\/tr>
<\/td> <\/tr> <\/tbody> <\/table>

<\/p>

During 2018, the company experienced the following events:<\/p>

  1. Purchased inventory that cost $5,600 on account from Redd Company under terms 2\/10, n\/30. The merchandise was delivered FOB shipping point. Freight costs of $510 were paid in cash.<\/p> <\/li>

  2. Returned $300 of the inventory that it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost.<\/p> <\/li>

  3. Paid the amount due on its account payable to Redd Company within the cash discount period.<\/p> <\/li>

  4. Sold inventory that had cost $6,100 for $9,100 on account, under terms 2\/10, n\/45.<\/p> <\/li>

  5. Received merchandise returned from a customer. The merchandise originally cost $510 and was sold to the customer for $810 cash. The customer was paid $810 cash for the returned merchandise.<\/p> <\/li>

  6. Delivered goods FOB destination in Event 4. Freight costs of $610 were paid in cash.<\/p> <\/li>

  7. Collected the amount due on the account receivable within the discount period.<\/p> <\/li>

  8. Took a physical count indicating that $1,800 of inventory was on hand at the end of the accounting period.<\/p> <\/li> <\/ol>

    <\/p>

    <\/p>

    1. c-1.<\/strong> Prepare a multistep income statement.<\/p> <\/li>

    2. c-2.<\/strong> Prepare a statement of changes in stockholders equity. <\/p> <\/li>

    3. c-3.<\/strong> Prepare a balance sheet.<\/p> <\/li>

    4. c-4.<\/strong> Prepare a statement of cash flows.<\/p> <\/li> <\/ol>

      <\/p>

      <\/p>", "transcribed_text": "", "related_book": { "title": "Core Concepts Of Accounting Information Systems", "isbn": "9780470507025, 0470507020", "edition": "11th Edition", "authors": "Nancy A. Bagranoff, Mark G. Simkin, Carolyn Strand Norman", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/102.jpg", "uri": "\/textbooks\/core-concepts-of-accounting-information-systems-11th-edition-9780470507025", "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-14 00:04:20", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/business-communication\/7-microsoft-enjoys-almost-limitless-advantages-in-terms-of-research-2008120", "description": "7. Microsoft enjoys almost limitless advantages in terms of research and development budgets.", "stars": 0 }, { "url": "\/sasina-corporation-has-8000000-of-95-percent-25year-bonds-dated", "description": "Sasina Corporation has $8,000,000 of 9.5 percent, 25-year bonds dated May 1, 2014, with interest payable on April 30 and October 31. The companys fiscal year ends on December 31, and it uses the...", "stars": 3 }, { "url": "\/study-help\/questions\/at-the-beginning-of-2018-the-redd-company-had-the-10719912", "description": "At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash $ 8,100 Inventory 2,100 Common stock 7,600 Retained earnings 2,600 During 2018, the company experienced the...", "stars": 3 }, { "url": "\/study-help\/questions\/keynesian-economics-advocates-group-of-answer-choices-government-control-of-2708671", "description": "Keynesian economics advocates Group of answer choices government control of markets manipulation of monetary policy the use of government spending and taxing to help stabilize the economy acceptance...", "stars": 3 }, { "url": "\/study-help\/questions\/the-analyzing-of-organizations-in-the-lens-of-this-theory-991299", "description": "The analyzing of organizations in the lens of this theory features the use of asking questions in order to gage the health of the organization. One of the questions often asked with the use of this...", "stars": 3 }, { "url": "\/study-help\/questions\/you-have-configured-a-switch-you-have-set-the-ip-999884", "description": "You have configured a switch. You have set the IP on VLAN500. The uplink port which is connected t the router is also in VLAN500. You have just connected 3 devices to the switch ports. The devices...", "stars": 3 }, { "url": "\/study-help\/questions\/troy-single-purchased-a-home-in-hopkinton-massachusetts-on-january-1001190", "description": "Troy (single) purchased a home in Hopkinton, Massachusetts, on January 1, 2007, for $215,000. He sold the home on January 1, 2023, for $242,900. How much gain must Troy recognize on his home sale in...", "stars": 3 }, { "url": "\/study-help\/questions\/6-assume-the-following-hfc-corporate-bond-trades-on-the-1008058", "description": "6. Assume the following HFC corporate bond trades on the GSE has a face value of GH1000 Bond HFC 9s29 Current yield ? Volume 500 Close 10512 Net change -14 a. How much does this bond pay every six...", "stars": 3 }, { "url": "\/study-help\/questions\/propose-three-upgrading-solutions-for-the-hq-minimum-five-floors-999759", "description": "Propose THREE upgrading solutions for the HQ (minimum FIVE floors). Your proposal MUST be based on upgrading the existing HQ network infrastructure you have discussed above. Provide detail...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/the-following-items-appear-on-the-balance-sheet-of-a-10719911", "next": "\/study-help\/questions\/resent-value-of-an-annuity-on-january-1-you-10719913" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "At the beginning of 2018, the Redd Company had the following balances", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/at-the-beginning-of-2018-the-redd-company-had-the-10719912" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }} }