Prepare journal entries to record the following transactions for a retail store. assume a perpetual inventory system. april 2 purchased merchandise from lyon company under the following terms: $4600 price, invoice dated april 2, credit terms of 2/15, n/60, fob shipping point.3 paid $300 for shipping charges on april 2 purchase.4 returned to lyon company unacceptable merchandise that had an invoice price of $600.17 sent a check to lyon company for the april 2 purchase, net of the discount price and the returned merchandise.18 purchased merchandise from frist corp, under the following terms: $8500 price, invoice dated april18, credit terms 2/10, n/30, fob shipping destination.21 after negotiations, received from frist a $1,100 allowance on the april 18 purchase.28 sent a check to frist paying for the april 18 purchase, net of the discount and allowance.

Social computing forces companies to deal with customers as opposed to

Nichols inc. manufactures remote controls. currently the company uses a plantminuswide rate for allocating manufacturing overhead. the plant manager is considering switchingminusover to abc costing system and has asked the accounting department to identify the primary production activities and their cost drivers which are as follows: activities cost driver allocation rate material handling number of parts $5 per part assembly labor hours $20 per hour inspection time at inspection station $10 per minute the current traditional cost method allocates overhead based on direct manufacturing labor hours using a rate of $20 per labor hour. what are the indirect manufacturing costs per remote control assuming an method is used and a batch of 10 remote controls are produced? the batch requires 100 parts, 5 direct manufacturing labor hours, and 3 minutes of inspection time.

Bridgeport company began operations at the beginning of 2018. the following information pertains to this company. 1. pretax financial income for 2018 is $115,000. 2. the tax rate enacted for 2018 and future years is 40%. 3. differences between the 2018 income statement and tax return are listed below: (a) warranty expense accrued for financial reporting purposes amounts to $7,500. warranty deductions per the tax return amount to $2,200. (b) gross profit on construction contracts using the percentage-of-completion method per books amounts to $94,700. gross profit on construction contracts for tax purposes amounts to $67,100. (c) depreciation of property, plant, and equipment for financial reporting purposes amounts to $61,800. depreciation of these assets amounts to $75,700 for the tax return. (d) a $3,600 fine paid for violation of pollution laws was deducted in computing pretax financial income. (e) interest revenue recognized on an investment in tax-exempt municipal bonds amounts to $1,500. 4. taxable income is expected for the next few years. (assume (a) is short-term in nature; assume (b) and (c) are long-term in nature.) (a) prepare the reconciliation schedule for 2017 and future years. (b) prepare the journal entry to record income tax expense for 2017. (c) prepare the income tax expense section of the income statement beginning with “income before income taxes.” (d) determine how the deferred taxes will appear on the balance sheet at the end of 2017.