The following information was taken from Jackson Company'saccounting records for 2007:

sales revenue ............................. $247,000

freight-in ................................ 15,000

purchase returns .......................... 8,000

rent expense .............................. 28,000

beginning inventory ....................... 22,000

bad debt expense .......................... 19,000

purchases ................................. 86,000

cost of goods sold ........................ ?

freight-out ............................... 10,000

sales discounts ........................... 12,000

allowance for doubtful accounts ........... 18,000

purchase discounts ........................ ?

income tax expense ........................ 24,000

ending inventory .......................... 17,000

Jackson Company reported a net income of $65,000 for 2017.

Calculate the amount of purchase discounts reported by JacksonCompany during 2017. Do not use decimals in your answer.

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28 Sep 2019

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The following information was taken from Jackson Company's accounting records for 2017:

sales revenue ............................. $247,000freight-in ................................ 15,000purchase returns .......................... 8,000rent expense .............................. 28,000beginning inventory ....................... 22,000bad debt expense .......................... 19,000purchases ................................. 86,000cost of goods sold ........................ ?freight-out ............................... 10,000sales discounts ........................... 12,000allowance for doubtful accounts ........... 18,000purchase discounts ........................ ?income tax expense ........................ 24,000ending inventory .......................... 17,000

Jackson Company reported a net income of $65,000 for 2017.

Calculate the amount of purchase discounts reported by Jackson Company during 2017. Do notuse decimals in your answer.

raspberrycamel466

Need help with closing entries.

						ADJUSTED		INCOME		BALANCE
ACCT	ACCOUNT	YEAR-END ADJUSTMENTS				TRIAL BALANCE		STATEMENT		SHEET
NO.	TITLE
		ID #	DEBIT	ID #	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT

	ASSETS
10100	Cash					93,304.29				93,304.29
10200	Accounts receivable					48,149.00				48,149.00
10300	Allowance for doubtful accounts				3,028.74		1,879.55				1,879.55
10400	Inventory		90,286.00			191,967.00				191,967.00
10600	Marketable securities					24,000.00				24,000.00
10800	Fixed assets					331,731.40				331,731.40
10900	Accumulated depreciation				35,023.64		116,583.14				116,583.14

	LIABILITIES
20100	Accounts payable						7,952.01				7,952.01
20300	Federal income taxes withheld						1,450.00				1,450.00
20400	State unemployment taxes payable						110.44				110.44
20500	Federal unemployment taxes payable						18.67				18.67
20600	F.I.C.A. taxes payable						2,229.32				2,229.32
20700	Federal incomes taxes payable				54,837.12		54,837.12				54,837.12
20900	Interest payable				156.16		156.16				156.16
21000	Notes payable						60,000.00				60,000.00

	STOCKHOLDERS' EQUITY
26000	Common stock						225,000.00				225,000.00
29000	Retained earnings						90,264.99				90,264.99

	REVENUE AND GROSS PROFIT
30100	Sales						1,590,883.00		1,590,883.00
30200	Sales returns and allowances					61,106.00		61,106.00
30300	Sales discounts taken					15,405.82		15,405.82
30400	Cost of goods sold		1,026,379.96			1,026,379.96		1,026,379.96
30500	Purchases				1,128,159.00	0.00		0.00
30600	Purchases returns and allowances		19,445.00				0.00		0.00
30700	Purchases discounts taken		16,554.48				0.00		0.00
30800	Freight-in				24,506.44	0.00		0.00
31200	Miscellaneous revenue						825.00		825.00

	EXPENSES
40100	Rent expense					57,600.00		57,600.00
40200	Advertising expense					22,275.00		22,275.00
40300	Office supplies expense					5,664.91		5,664.91
40400	Depreciation expense		35,023.64			35,023.64		35,023.64
40500	Wages and salaries expense					140,663.35		140,663.35
40600	Payroll tax expense					11,611.26		11,611.26
40700	Federal income tax expense		54,837.12			54,837.12		54,837.12
40800	Interest expense		156.16			156.16		156.16
40900	Bad debt expense		3,028.74			3,028.74		3,028.74
41000	Other operating expense		0.00			29,285.75		29,285.75

	Sub-totals							1,463,037.71	1,591,708.00	689,151.69	560,481.40
	Net Income (Loss)	--------	-----------------	--------	-----------------	-----------------	-----------------	128,670.29			128,670.29
	TOTALS		1,245,711.10		1,245,711.10	2,152,189.40	2,152,189.40	1,591,708.00	1,591,708.00	689,151.69	689,151.69

sangriareindeer860

Question 3 options:

Balance sheet data for Betty DeRose, Inc. for 2017 appears below: January 1, 2017 December 31, 2017

ASSETS: Cash 11,000 29,000 Accounts receivable 39,000 26,000 Allowance for doubtful accounts <6,000> <12,000> Inventory 54,000 89,000 Prepaid rent 19,000 21,000 Land 66,000 84,000 Equipment 83,000 98,000 Accumulated depreciation <21,000> <39,000>LIABILITIES + EQUITY: Accounts payable 29,000 22,000 Income taxes payable 18,000 30,000 Unearned revenue 22,000 28,000 Notes payable 63,000 75,000 Common stock 70,000 80,000 Retained earnings 43,000 61,000Betty's 2017 income statement is given below:

 Sales revenue 400,000 Cost of goods sold 293,000 Depreciation expense 18,000 Bad debt expense 14,000 Rent expense 29,000 Gain on sale of land 16,000 Income tax expense 25,000 Net income 37,000

It is known that during 2017 Betty DeRose, Inc. purchased land for $35,000 cash. Betty did not record any recoveries of previously written off accounts receivable during 2017.

1. Calculate the amount of cash paid for income taxes reported by Betty DeRose, Inc. in its 2017 statement of cash flows.

2. Calculate the amount ofcash paid for rentreported by Betty DeRose, Inc. inits 2017 statement of cashflows.

3. Calculate the amount of cash paid to suppliers for purchases ofinventory reportedby Betty DeRose, Inc. in its2017 statement of cash flows.

4. Calculate the net cash flow from investing activities for 2017.

5. Calculate the net cash flow from financing activities for 2017.

6. Calculate the amount of cash collections from customersreported by Betty DeRose,Inc.in its 2017 statement ofcash flows

amethystmanatee648

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