Answer:
A) debit to Accounts Receivable for $9,300
Explanation:
The journal entry to record the sale should be:
XX, YY, merchandise sold on account, credit terms 2/10, n/30
Dr Accounts receivable 9,300
Cr Sales revenue 9,300
Credit terms 2/10, n/30 means that if the customer pays within the discount term (10 days) they will get a 2% discount. If the customer pays after the discount term and before 30 days, they have to pay the full invoice price.
Answer: E. she can now work as a trainee with an expert
Explanation:
Since Jessica hopes to get an entry level job in an audit firm, the professional organization will help her in her quest as she can now work as a trainee with an expert.
By joining the professional organization, she'll get the work experience that's needed when she finally get the role on the audit firm. She would have learned from a professional who's experienced and this will be vital in her getting into the workforce.
Answer:
Inventory turnover in days = 43.59 days
Inventory turnover (No of times)= 8.37 times
Explanation:
<em>Inventory turnover days is the average length of time it takes a business to sell its inventory before replacement.</em>
Inventory turnover in days
= Average inventory /Cost of goods sold × 365 days
<em>Average inventory = (Opening Inventory + closing inventory)/2</em>
<em>Average inventory </em>
= (21,000 + 22,000)/2
= 21,500
<em>Inventory turnover in days</em>
(21,500/180,600) × 365 days
=43.597 days
Inventory turnover (No of times )
= Cost of goods sold/Average inventory
= 180,600/21,500
= 8.37 times
Answer:
C. Debit Work in Process—Dept. B; credit Finished Goods—Dept. A
Explanation:
It is known that during continuous production, businesses find it difficult to isolate each individual unit and calculate a cost. Process costing systems accumulate the materials, labor and overhead costs for the period along with the total number of units produced. The total number of units produced includes both completed units and partially completed units. The company determines the percentage of completion for each partially completed unit and adds these amounts to the total number of completed units to determine the equivalent units.
Answer:
3.14 years
Explanation:
Year Cash flow Accumulated cash flows
0 -$4,900 -$4,900
1 $1,150 -$3,750
2 $1,350 -$2,400
3 $2,230 -$170
4 $1,250 $1,080
3 years + $170/$1,250 = 3.14
The payback period is 3.14 years, or 3 years, 1 month and 19 days.
