There are 3 total problems I cannot figure and thats question C & D on #3 and #2, and #1 Can you help me ?
#1
Purchase-Related Transactions Illustrate the effects on the accounts and financial statements of the following related transactions of Bowen Inc. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. Purchased $400,000 of merchandise from Swanson Co. on account, terms 1/10, n/30. Balance Sheet Statement of Liabilities Stockholders' Income Cash Flows Assets = + Equity Statement No Effect v + Inventory v = Accounts Payable v + No Effect v 396,000 396,000 V Statement of Cash Flows Income Statement No effect v No effect v No effect v No effect vb. Paid the amount owed on the invoice within the discount period. Balance Sheet Statement of Assets Liabilities Stockholders' Income + Cash Flows Equity Statement Cash v + No Effect V = Accounts Payable v No Effect v -396,000 0 -396,000 Statement of Cash Flows Income Statement Operating v -396,000 No effect No effect No effect vc. Discovered that $60,000 of the merchandise was defective and returned items, receiving credit. Balance Sheet Statement of Stockholders' Income Assets Liabilities + Cash Flows Equity Statement No Effect v + Inventory v = Accounts Payable v + No Effect v Statement of Cash Flows Income Statement No effect v No effect v No effect v No effect vd. Purchased $35,000 of merchandise from Swanson Co. on account, terms 1/10, n/30. Balance Sheet Statement of Stockholders' Income Assets Liabilities + Cash Flows Equity Statement No Effect v + Inventory v = Accounts Payable v No Effect v 34,650 34,650 Statement of Cash Flows Income Statement No effect v No effect v No effect v No effect ve. Received a check from Swanson Co. for the balance owed from the return in (c), after deducting for the purchase in (d). Balance Sheet Statement of Liabilities Stockholders' Income Assets = + Cash Flows Equity Statement Cash v + No Effect Accounts Payable v + No Effect Statement of Cash Flows Income Statement Operating v No effect v No effect v No effect vAdjustment for Customer Refunds and Returns Assume the following data for Alpine Technologies for the year ending July 31, 20Y2. Sales $953,000 Estimated percent of sales expected to be refunded or issued an allowance in 20Y3 1.6% Estimated cost of inventory expected to be returned in 20Y3 $18,400 Illustrate the effects of the adjustments for customer refunds and returns on the accounts and financial statements of Alpine Technologies for the year ended July 31, 20Y2. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Statement Balance Sheet of Cash Assets Stockholders' Equity Income Liabilities Statement Flows No Effect V Estimated Returns Inventory v E Customer Refunds Payable v Retained Earnings v 0 18,400 V 15,248 0 X Statement of Cash Flows Income Statement Sales v -15,248 Cost of goods sold v 18,400 No effect v 0After the amount due on a sale of $149,800, terms 2/15, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $67,410. If required, round your answers to nearest whole value. a. What is the amount of the refund owed to the customer? b. Illustrate the effects on the accounts and financial statements of the return and the refund. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases, net cash outflows, and all negative effects on net income as negative amounts. Balance Sheet Statement of Income Assets = Liabilities Stockholders' + Cash Flows Equity Statement Cash v + Inventory v + Est. Returns Inventory v = Customer Refunds Payable v No effect v -67,410 V Statement of Cash Flows Income Statement Operating v
