Powell Company began the Year 3 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During Year 3, Powell experienced the following events: Sold merchandise costing $58,000 for $99,500 on account to Prentise Furniture Store. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep. Collected partial payment of $81,000 cash from accounts receivable. Required Record the events in a statements model shown below. Prepare an income statement, a balance sheet, and a statement of cash flows. Why would Prentise agree to keep the damaged goods

Question

18-06-2020
Business

contestada

Powell Company began the Year 3 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During Year 3, Powell experienced the following events: Sold merchandise costing $58,000 for $99,500 on account to Prentise Furniture Store. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep. Collected partial payment of $81,000 cash from accounts receivable. Required Record the events in a statements model shown below. Prepare an income statement, a balance sheet, and a statement of cash flows. Why would Prentise agree to keep the damaged goods

Respuesta :

Otras preguntas

Find the indicated value of each function.

Last edit was 3 minutes ago 14 B I U A G-D Y 13 E E E E 1 2 3 4 5 6 11. A change that produces matter with a different composition than the original matter is c

5x-7<7x-11<5x+9 Give your answer in interval notation

how do round characters usually alter after the storyline?

PLSSSS HELPP!! At the start of the dry season, Yafiah's 3000 L water tank is full. She uses 183 L of water each week to water her garden. at the start of the dr

The rule (x,y) — (-x,-y) maps triangle RST to triangle R'S'T'. Which statement correctly describes the relationship between triangle RST and triangle R'S'T'

A =x+y/2, solve for y

All of the following were powers given to the government in the Articles of Confederation EXCEPT

Which response makes sense in this dialogue? — ¿Cómo se dice Sunday en español? — _____. A. Se dice viernes. B. Se dice enero. C. Se dice diciembre. D. Se dice

Room temperature is about 20 degrees Celsius. Explain how you could convert this temperature to kelvin. Use evidence from the figure to support your answer.

andromache andromache · Answer 1 · 2020-06-24T10:44:01+02:00

The Preparation of the financial statements, Income statements, Balance sheet, and Cash flow statement is explained with the help of a spreadsheet. Kindly find the attachment which is below:-

Income statement, Balance sheet, and cash flow statement:

The net income is $35,700. The total of the balance sheet should be $161,700. And, the ending cash balance is $120,100

Reason for agreeing for keeping the damaging goods:

According to the situation, Prentice agree to keep the damaged goods as Prentice can resell the damaged goods or can get goods at a lower cost.

Learn more about the income here: https://brainly.com/question/17334046