On June 10, Purcey Company purchased $6,000 of merchandise from Guyer Company, terms 3/10, n/30. Purcey pays the freight costs of $430 on June 11. Goods totaling $700 are returned to Guyer for credit on June 12. On June 19, Purcey Company pays Guyer Company in full, less the purchase discount. Both companies use a perpetual inventory system.
On June 10, Purcey Company purchased $6,000 of mer
Part A. Prepare separate entries for each transaction on the books of Purcey Company
Part B. Prepare separate entries for each transaction for Guyer Company. The merchandise purchased by Purcey on June 10 cost Guyer $2,430, and the goods returned cost Guyer $260.
Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 80,000 shares of cumulative preferred 3% stock, $20 par and 405,000 shares of $25 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $32,000; second year, $75,000; third year, $80,000; fourth year, $110,000. Determine the dividends per share on each class of stock for each of the four years. Round all answers to two decimal places.
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 94,000 units, 80% complete as to materials and 25% complete as to conversion. Units started and completed: 264,000. Units completed and transferred out: 358,000. Ending Inventory: 37,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process - Conversion: $79,700. Costs incurred in October - Direct Materials: $646,800. Costs incurred in October - Conversion: $919,300. Calculate the equivalent units of conversion.
