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3 years ago

Described below are certain transactions of Sheridan Corporation. The company uses the periodic inventory system.

Business

1 answer:

Vesnalui [34]3 years ago

3 0

Answer and Explanation:

Feb 2

Dr PURCHASES ($69,500 X 98%)$68,110

Cr ACCOUNTS PAYABLE $68,110

Feb 16

Dr ACCOUNTS PAYABLE $68,110

Dr PURCHASE DISCOUNTS LOST $1,390

Cr CASH $69,500

Dec 31

NO ADJUSTMENT NECESSARY

April 1

Dr TRUCKS $50,000

Cr CASH $3,000

Cr NOTES PAYABLE $47,000

Dec 31

Dr INTEREST EXPENSE $4,230

Cr INTEREST PAYABLE $4,230

$47,000 PRINCIPAL X 12% INTEREST X 9/12 MONTHS = $4,230

May 1

Dr CASH 88,300

Dr DISCOUNT ON NOTES PAYABLE $9,840

CrNOTES PAYABLE $98,140

Dec 31

Dr INTEREST EXPENSE $6,560

Cr DISCOUNT ON NOTES PAYABLE $6,560

$9,840 DISCOUNT X 8/12 MONTHS (STRAIGHT-LINE) = $6,560

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At December 31, 2020, Carter Company had 450,000 shares of common stock issued and outstanding, 350,000 of which had been issued

Dennis_Churaev [7]

Answer:

$3.03

Explanation:

Calculation to determine What should be Twin Rivers' 2020 earnings per common share,

Using this formula

Earnings per common share=

Net Income for 2020/Weighted Average Shares Outstanding

Let plug in the formula

Earnings per common share=$1,160,000/ [(350,000 x 8/12) + (450,000 × 4/12)]

Earnings per common share=$1,160,000/(233,333+150,000)

Earnings per common share=$1,160,000/383,333

Earnings per common share= $3.03

Therefore What should be Twin Rivers' 2020 earnings per common share is $3.03

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2 years ago

Agri-Cor sells farm equipment throughout the euro zone. The company has noticed that some customers travel to countries where eq

sergejj [24]

Answer:

These statements are correct:

It makes it easier to compare prices across Europe - the Euro is the common curriency across 19 countries, but prices in those countries are far from being the same. For example, Germany is a lot more expensive than Greece (although a lot wealthier too), and Greek people can easily find out that the same product in Germany costs more euros than in Greece.
It makes Europe an optimal currency area - in the Eurozone, economic efficiency is now higher because resources can be allocated across different countries thanks to the fact that prices can be compared in the region.

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3 years ago

A company has two departments, A and B, that incur delivery expense. An analysis of the total delivery expense of $9,000 indicat

DENIUS [597]

Answer:

$5,800; $3,200

Explanation:

Calculation to determine The delivery expenses that should be charged to Dept. A and Dept.

Dept. A and Dept. B

Direct expenses $1,000 $0

Indirect expenses $4,800 $3,200

[$60%*($9,000-$1,000)=$4,800]

[$40%*($9,000-$1,000)=$3,200]

TOTAL $5,800 $3,200

Therefore The delivery expenses that should be charged to Dept. A and Dept. B, respectively, are:$5,800 $3,200

6 0

3 years ago

What are the key elements in undue influence

astra-53 [7]

<u>Explanation:</u>

The key elements of undue influence are as follows:

The parties to the contract should have relationship based on trust, confidence or authority. One person takes advantage of another person with authority.

To enter into the agreement the stronger party influences the other party by using force, domination or unfair persuasion.

When there is undue influence then there is no genuine assent of the party to the agreement.

The party to the agreement does not have adequate knowledge about the consequences of the agreement.

5 0

3 years ago

Now consider the case in which the manufacturer offers a marginal unit quantity discount for the plywood. The first 20,000 squar

Sindrei [870]

Answer:

Explanation:

We can use the following method to solve the given problem

We are given following

Annual demand,

D = 20000*12

D = 240,000 sqft

Fixed order cost, is given as

S = $ 400

Considering the unit cost, is given as

C = $ 1

Holding cost, H = 1*20% = $ 0.2

EOQ = sqrt(2DS/H)

= √(2*240000*400/0.2)

= 30,984 sq ft

This is higher than 20,000 and less than 40,000 sq ft. For this reason, the applicable price for this quantity is $ 0.98

For C = $ 0.98, holding cost, H = 0.98*20% = $ 0.196

Revised EOQ = sqrt(2*240000*400/0.196) = 31,298 sq ft

Total annual cost of EOQ policy = D*C + H*Q/2 + S*D/Q

= 240000*0.98 + 0.196*31298/2 + 400*240000/31298

= $ 241,334.5

Now consider the next level of price, C = $ 0.96

Holding cost, H = 0.96*20% = $ 0.192

EOQ = sqrt(2*240000*400/0.192)

= 31633 sqft

This amount is will not be feasible for this price, because it requires a minimum order of 40000 sqft.

Therefore, Q = 40,000

Total annual cost = 240000*0.96 + 0.192*40000/2 + 400*240000/40000

Total annual cost = $ 236,640

Total annual cost is lowest for order quantity of 40,000 sq ft.

1) Optimal lot size = 40,000 sq ft.

2) the annual cost of this policy

= $ 236,640

3) the cycle inventory of plywood at Prefab = Q/2 = 40000/2

At prefeb= 20,000 sq ft

4) let's assume the manufacturer sells all plywood at $ 0.96, then

Holding cost, H = 0.96*20%

H= $ 0.192

EOQ = sqrt(2*240000*400/0.192)

EOQ = 31633 sqft

Total annual cost = 240000*0.96 + 0.192*31633/2 + 400*240000/31633

Total annual cost = $ 236,471.6

Difference in total annual cost = 236640 - 236471.6 = $ 168.4

4 0

3 years ago