Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fedoras Vases experienced all of the following events during the month of September 2020. For each transaction, give the correct amount of revenue and expense

Fedoras Vases experienced all of the following events during the month of September 2020. For each transaction, give the correct amount of revenue and expense to be recognized. If nothing should be recognized, enter 0 for your answer.

a) Sold vases for $288,000 on credit. The cost of the vases was $160,000.

Revenue recognized ______

Expense recognized ______

b) Paid employees $96,000 for work performed during the months of August and September. Half of the work relates to September 2020.

Revenue recognized ______

Expense recognized ______

c) Purchased $6,400 of shipping bubble wrap on account.

Revenue recognized ______

Expense recognized ______

d) Used half the bubble wrap purchased above.

Revenue recognized ______

Expense recognized ______

e) Received a $3,000 utility bill that relates to the month of September 2020. The bill will not be paid until October 15, 2020.

Revenue recognized ______

Expense recognized ______

f) Paid $6,400 to the supplier of the bubble wrap.

Revenue recognized ______

g) Expense recognized ______

Collected $176,000 worth of receivables that relate to August 2020 credit sales.

Revenue recognized ______

Expense recognized ______

h) Received $112,000 in advance payments for vases not yet shipped.

Revenue recognized ______

Expense recognized ______

i) Sold vases for $80,000 on credit. The vases cost $48,000.

Revenue recognized ______

Expense recognized ______

What was the net income for Fedora's Vases for the month of September considering only the transactions above?

Fedora's net income for September ______

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Money And Wealth

Authors: Joslyn Pine

1st Edition

0486486389, 9780486486383

More Books

Students also viewed these Accounting questions

Question

A professional athlete is injured and seeks Workers Compensation

Answered: 1 week ago

Question

9.8 Describe leadership development and its impact

Answered: 1 week ago

Question

9.6 Explain what management development is and why it is important.

Answered: 1 week ago