I purchased a chair from a vendor for $2,500 in September 2009 and sold the chair to MEDIC for $3,500 in September 2009
In January 2010 MEDIC returned the chair. MEDIC did not want a refund only another brand of chair.
I returned that chair to my vendor and got a full refund of $2,500.
I purchased another chair from a different vendor for $2,200 and sent it to MEDIC. MEDIC is HAPPY.
How do I post these transactions my Balance sheet and Income statement

You don't post anything to a balance sheet and income statement. You make journal entries, post the entries, go through a series of period-end stuff, and then do statements off that info, last.

Is this homework by chance?

If not, are you using periodic or perpetual, and are you using some kind of software. If using software, you should be able to do credits both from your vendor and to your customer.

Provide an explanation of the reasons a brand new company, family owned company and long standing corporation, would need a financial forecast.

One container contain 2 items but different amount and quantity,for the charges and expenses percentage how we add it to the 2 items is it depends on quantity or amount to have the last price of each item.

My company is selling a truck load of tuna to a company but they are going to pay us before we ship it to them how do I post the entry.

Debit Sales Revenue or other appropriate account
Credit Accounts Receivable

The factory cost of production is found by what?

How to journalize accrued service revenue of 1400 dollars

I would liked to know if there is an alternative name for the Profit and Loss Appropriation Account section for a company as per international standards?

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Originally Posted by 2Sam22

I purchased a chair from a vendor for $2,500 in September 2009 and sold the chair to MEDIC for $3,500 in September 2009
In January 2010 MEDIC returned the chair. MEDIC did not want a refund only another brand of chair.
I returned that chair to my vendor and got a full refund of $2,500.
I purchased another chair from a different vendor for $2,200 and sent it to MEDIC. MEDIC is HAPPY.
How do I post these transactions my Balance sheet and Income statement

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Where I come from these all happened in the same accounting period therefore you have sales of $3500 and cost of sales of $2200. The original purchase and the return net themselves out
Transactions are recorded when they take place not months later

Re

Hello

We have finished with this now

Start-up with two partners received a total of $40,000 from four individual investors giving 10K each. They company showed zero profit for the last calendar year and is now filing tax returns. All investment dollars are now gone. How do they file?

The partners were paid from the investment dollars to create the company. Do they file those dollars as income or something else?

New thread

Are there any internal control issue if someone in billing does the application of cash receipt? The billing doesn't do the deposit. Someone in GL record the deposit and someone else in GL makes the deposit and give the copy of the checks to billing to apply the payments. What will be the issue here? Thank you

Please don't append new questions to old questions

Internal control relys on the separation of duties and certain checks. The scenario you present means that a bogus invoice could be raised and the cash appropriated, it also means that the cash could be appropriated and the accounts be maniputated by the billing process

The adjustment for accrued wages failed to include the closing date wages. This would

??

You credit REVENUES EARNED, and if the revenues are receivable you debit to ACCOUNTS RECEIVABLE

I have an asset account for IC advance... Doe this JE sound right?

When an advance is given D advance C cash.

When IC returns with expense report using the advance amount as a beginning balance I write a check from operating account to the IC debiting the correct expenses and if there is a balance I credit the advance account to show the advance lowered.

What am I doing wrong?

Since we are not using telephones it might be easier if you didn't communicate in SMS

The relieving Journal is credit advance, debit expense, credit cash for difference if reimbursement is necessary, otherwise credit advance debit expense

I received an early retirement offer in April 5, 2012 and I accepted the offer April 25, 2012. No terms or conditions. I was asked to stay on until a replacement for my position was found and that I assist in training this replacement, (verbal agreement). This I did and completed the week of Nov. 19, 2012. On Nov. 22, 2012, I received an e-mail stating the early retirement offer was a preliminary one and the amount of the pay out is reduced by 25%. From the date that I accepted the offer until the e-mail concerning the reduction I was in discussions with the president of our company and on each occasion, (about once monthly), he confirmed that the offer was good but they needed to verify the legal aspects and they were also looking out for my best interests from a taxation standpoint.I want the initial offer. What do I do?

Cashing in 401K due to loss of job. How much will be paid out in taxes/fees and followong years taxes on income taxes(federal/Maine too? Apx value 110K.

The balance sheet of Phototec, Inc. a distributor of photographic supplies, as of May 31 is given below:

Phototec, Inc.
Balance Sheet
May 31
Assets
Cash $ 10,800
Accounts receivable 72,000
Inventory 36,000
Buildings and equipment, net of depreciation
601,200

Total assets $
720,000

Liabilities and Stockholders' Equity
Accounts payable $ 86,400
Note payable 15,840
Capital stock 531,360
Retained earnings
86,400

Total liabilities and stockholders' equity $
720,000


The company is in the process of preparing a budget for June and has assembled the following data:
a.
Sales are budgeted at $274,000 for June. Of these sales, $75,000 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder is collected the following month. All of the May 31 accounts receivable will be collected in June.
b.
Purchases of inventory are expected to total $199,000 during June. These purchases will all be on account. Fifty percent of all inventory purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the May 31 accounts payable to suppliers will be paid during June.
c. The June 30 inventory balance is budgeted at $35,000.
d.
Selling and administrative expenses for June are budgeted at $32,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $3,000 for the month.
e.
The note payable on the May 31 balance sheet will be paid during June. The company's interest expense for June (on all borrowing) will be $700, which will be paid in cash.
f. New warehouse equipment costing $8,000 will be purchased for cash during June.
g.
During June, the company will borrow $21,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year.





1b.Prepare a cash budget for June. (Input all amounts as positive values except cash deficiency, repayments and interest which should be indicated by a minus sign. Omit the "$" sign in your response.)

2.Prepare a budgeted income statement for June. (Input all amounts as positive values. Omit the "$" sign in your response.)

3.Prepare a budgeted balance sheet as of June 30. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.)

Please help, I'm desperate!

What is this? Twenty questions?

Customer is invoiced for $500, but asked for a 10% discount which he received. The $450 customer payment was applied to his account. So far, the invoice is a $500 credit and the $450 payment is a debit. My question: how is the discounted $50 handled in Quick Books?

Thank you

I have been asked to provide a service to residents in a nursing home. The nursing home is going to pay me by cheque as a sub contractor, therefore, no taxes are added to the invoice. My business is just starting and I will basically earn $1500 every other month. In Canada I understand you can make up to $30,000 before you pay HST. The money that I make is added as "other income" on my personal income tax return. My question is, to perform this service, I need someone to go and get the residents and bring them to the clinic. The nursing home is not going to pay her, they are only paying me. Can I pay her as a sub contractor to me and deduct the amount that I give her from the amount that the nursing home gives me before putting it on my income return as "other income"

I'm working on calculating car fringe benefits for year end W-2. I've seen multiple options to choose from. I'm confused on which to use.