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salantis [7]
3 years ago
14

Powell Company began the Year 3 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retain

ed 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

Business
1 answer:
mario62 [17]3 years ago
5 0

Answer and Explanation:

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

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

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Samson and Sons purchased a 6-month insurance policy for $1,200 which covers the months July through December. Initially the ent
Vika [28.1K]

Answer:

The answer is D.

Explanation:

To increase asset and expense, you debit while credit decreases it.

To increase, liabity, revenue(income), equity, you credit while debit decreases it.

An insurance that has been prepaid is an asset because the benefit has not been fully utilised.

Samson and Sons has paid for an insurance that will expire December at the beginning of July.

$1,200 for 6 months.

Samson and Sons needs to recognize this as the service is being enjoyed monthly.

Therefore, insurance expense every month will increase by $1,200/6

$200

Remember that expense increase by debit and asset(Prepaid Insurance) decrease by credit.

So we have:

Debit insurance expense $200; Credit prepaid insurance $200

3 0
3 years ago
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in p
galben [10]

Answer:

See explanation below as attached.

Explanation:

1. Predetermined overhead is 139% of direct labor hour

2. Under applied overhead is $6,200

Please find attached breakdown and solution to question 1, 2, 3, 4 and 5.

5 0
3 years ago
"Which of the following statements are TRUE? I New issues of Treasury Bills are generally priced at par II New issues of Treasur
Aleksandr [31]

Answer:

The remaining part of the question is:

Which of the following statements are TRUE?

I New issues of Treasury Bills are generally priced at par

II New issues of Treasury Bonds are generally priced at par, or at a slight discount to par

III New issues of Agency Bonds are generally priced at par, or at a slight discount to par

A. I only

B. III only

C. II and III only

D. I, II, III

Correct Answer:

C. II and III only

Explanation:

It is a fact that virtually all new issues of T-Bills are always sold at a discount to par value. These are original issue discount obligations, with the accrued value of the discount being the interest income earned on these securities.

<em>Treasury Bonds and Agency Bonds are issued at par or in most cases at a very slight discount to par, and make periodic interest payments.</em>

4 0
3 years ago
If Coca-Cola had all the human resources, operations, marketing, and accounting functions for the bottled water division at an o
astraxan [27]

Answer:

product

Explanation:

When a company is organized by product, it will structure its whole operation to cater to focus on that one product. This will include the way the arrange their production method, distribution strategy, marketing plan that they implemented, etc.

We can use coca-cola as an example.

They separate the office to cater specific products only. They do this to increase the efficiency of the production. Focusing only on one product  will make it easier for the workers to understand the type of customers that they face in the market and the type of  materials and production method that will be the most cost efficient.

6 0
3 years ago
Fern motors is offering a rebate on cars purchased this month. this activity involves the ____ ingredient of the marketing mix.
saveliy_v [14]

Answer:

Pricing

Explanation:

4 ingredients of marketing mix are Pricing, Product, Place and Promotion(the 4Ps).

Pricing-  is for determining the value that is put on a product including rebates. Deciding the correct intrinsic value of a product puts a lot of factors into consideration like the target market, the consumer willingness to pay, whether it is sufficient enough for the company to make a profit out of it.

Product - answers the <em>what</em>; the actually good or service being offered for sale.

Place- answers the <em>where; </em>the location of product so customers can buy it.

Promotion- any activities to inform the target market that the product exist, how to use it etc. this includes advertisement, word of mouth among others.

6 0
3 years ago
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