_______ is a non-cash expense representing the cost assets as they lose value over time

a customer of juice store returned merchandise with a cost of $25 and a selling price of $40. juice store gave the customer a ca

otez555 [7]

The journal entry to record the cash refund to the customer includes a debit to Sales Returns and Allowances and a credit to Cash for $40.

An item is returned to the seller by a customer or client as a sales return.

Refund policies are customizable by businesses. There are other options, such as allowing free returns within a set time limit, imposing a restocking cost, or only allowing returns with a receipt. A shop credit or exchange may be available from some businesses. Accountants can enter these transactions in a sales returns account after confirming a return complies with a company's policy.

An allowance is a reserve set aside in anticipation of costs that will arise at a later time. By creating a reserve, a cost that would have otherwise been recognized in a later period is instead recognized sooner, into the present period.

Learn more about Sales return, here

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5 0

1 year ago

What-if analysis works forward from known or assumed conditions?

marysya [2.9K]

<span>This is, in fact, true. What-if analysis is done by altering values in cells to see what outcomes are produced due to the changes. All data is kept on a worksheet to analyze. There are three types of What-if Analysis tools available in Excel, Data tables, Goal Seek, and Scenarios.</span>

5 0

3 years ago

Arthur, the ruler of Avalon, has asked for your help with the economy of his country. Arthur's economic minister provides you wi

WARRIOR [948]

Answer:

King Arthur, right now Avalon's unemployment rate is <u>12.5%</u> but Avalon's natural rate of unemployment is 14.58%. Therefore, the Avalon economy is currently in a expansion.

Explanation:

Number of Unemployed = Labor force - Employed

Number of Unemployed = 24 - 21

Number of Unemployed = 3

The unemployment rate = (3/24)*100

The unemployment rate = 12.5%

The Natural unemployment rate = Frictional Rate + Structural unemployment Rate

The Natural unemployment rate = [(2+1.5)/24]*100

The Natural unemployment rate = (3.5/24) * 100

The Natural unemployment rate = 14.58%

From the solution, the current unemployment rate less than natural rate, thus the Avalon economy is currently in a expansion

8 0

3 years ago

The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and $12,000 in conversion cost. The

sveticcg [70]

Answer:

Total cost added including beginning inventory

Raw material = $136,000

Overheads = $180,960

Total = $316,960

Explanation:

As provided the opening Work in process units = 5,000 units

Units started during the period = 37,500 questions

Closing work in process = 8,000 units

That means units produced = opening + additions - closing

= 5,000 + 37,500 - 8,000 = 34,500 units

Provided cost of beginning inventory = $16,000 for raw material and $12,000 for overheads

Also it is 100% complete for raw material and 50% complete for overheads

That means raw material per unit = $16,000/5,000 = $3.20

And the overheads 100% = $12,000 $\times$ 2 = $24,000

Overhead per unit = $24,000/5,000 = $4.80

Therefore, cost added during the period

Shall be

Raw material = 100% = 5,000 + 37,500 = 42,500 $\times$ $3.20 = $136,000

Overheads = for 34,500 units 100% and remaining 8,000 = 40%

= 34,500 $\times$ $4.80 + 8,000 $\times$ $4.80 $\times$ 40%

= $165,600 + $15,360

= $180,960

Total = $316,960

7 0

3 years ago

Which objective is NOT appropriate for an informational interview?

DENIUS [597]

E. Tell your interviewer about difficult experiences in your previous job

3 0

3 years ago

Read 2 more answers