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Inga [223]
3 years ago
15

Milo Clothing experienced the following events during 2016, its first year of operation: 1. Acquired $12,000 cash from the issue

of common stock. 2. Purchased inventory for $5,600 cash. 3. Sold inventory costing $3,360 for $5,712 cash. 4. Paid $650 for advertising expense. Required a. Record the general journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Serga [27]3 years ago
5 0

Answer:

Explanation:

The four transactions  will be recorded in the general journal as follows:

1) Debit cash                 $12,000

             Credit common stock                       $12,000

(To record the sale of common stock)

2) Debit purchases                 $5,600

            Credit   cash                 $5,600

(To record purchase of inventory in cash)

3) Debit cash                 $5,712

           Credit sales                        $3,360

            Credit gross profit              $2,352

(To record the sale of inventory in cash)

4) Debit advertising expenses                   $650

          Credit cash                     $650

(To record the payment of advertising expenses in cash)

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As the number of securities in a portfolio is increased, what happens to the average portfolio standard deviation? a) It decreas
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Answer:

c) It first decreases rapidly, then starts to decrease slowly as more securities are added.

Explanation:

In the case when the number of securities in a portfolio is rises so the standard deviation of the average portfolio would first reduced instantly and after then it begins reduced in slowly manner according to the number of securities added

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4 0
2 years ago
The balance sheet contains
nasty-shy [4]
Assets and liabilities 
3 0
3 years ago
Read 2 more answers
2019 2018 2017 2016 2015 Sales $ 282,880 $ 270,800 $ 252,600 $ 234,560 $ 150,000 Cost of goods sold 128,200 122,080 115,280 106,
zhuklara [117]

Answer:

Sales

2019 Net Sales = 188.59%

2018 Net Sales = 180.53%

2017 Net Sales = 168.4%

2016 Net Sales = 156.37%

Cost of Goods Sold

2019Cost of Goods Sold = 191.34%

2018 Cost of Goods Sold = 182.21%

2017 Cost of Goods Sold = 172.06%

2016 Cost of Goods Sold = 158.87%

Accounts Receivable:

2019 Accounts Receivable = 201.11%

2018Accounts Receivable = 192.22%

2017Accounts Receivable = 182.22%

2016Accounts Receivable = 168.89%

Explanation:

Computation forn trend percents for the above accounts, using 2015 as the base year:

FOR SALES:

2019:

Net Sales = Sales 2019 / Sales 2015*100

Net Sales = $282,880 / $150,000 * 100

Net Sales = 188.59%

2018:

Net Sales = Sales 2018 / Sales 2015*100

Net Sales = $270,800 / $150,000 * 100

Net Sales = 180.53%

2017:

Net Sales = Sales 2017 / Sales 2015*100

Net Sales = $252,600 / $150,000 * 100

Net Sales = 168.4%

2016:

Net Sales = Sales 2016 / Sales 2015*100

Net Sales = $234,560 / $150,000 * 100

Net Sales = 156.37%

COST OF GOODS SOLD:

2019:

Cost of Goods Sold = Cost of Goods Sold 2019 / Cost of Goods Sold 2015 *100

Cost of Goods Sold = $128,200 / $67,000 * 100

Cost of Goods Sold = 191.34%

2018:

Cost of Goods Sold = Cost of Goods Sold 2018 / Cost of Goods Sold 2015 *100

Cost of Goods Sold = $122,080 / $67,000 * 100

Cost of Goods Sold = 182.21%

2017:

Cost of Goods Sold = Cost of Goods Sold 2017 / Cost of Goods Sold 2015 *100

Cost of Goods Sold = $115,280 / $67,000 * 100

Cost of Goods Sold = 172.06%

2016:

Cost of Goods Sold = Cost of Goods Sold 2016 / Cost of Goods Sold 2015 *100

Cost of Goods Sold = $106,440 / $67,000 * 100

Cost of Goods Sold = 158.87%

ACCOUNTS RECEIVABLE:

2019:

Accounts Receivable = Accounts Receivable 2019 / Accounts Receivable 2015 * 100

Accounts Receivable = $18,100 / $9,000 * 100

Accounts Receivable = 201.11%

2018:

Accounts Receivable = Accounts Receivable 2018 / Accounts Receivable 2015 * 100

Accounts Receivable = $17,300 / $9,000 * 100

Accounts Receivable = 192.22%

2017:

Accounts Receivable = Accounts Receivable 2017 / Accounts Receivable 2015 * 100

Accounts Receivable = $16,400 / $9,000 * 100

Accounts Receivable = 182.22%

2016:

Accounts Receivable = Accounts Receivable 2016 / Accounts Receivable 2015 * 100

Accounts Receivable = $15,200 / $9,000 * 100

Accounts Receivable = 168.89%

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