1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ValentinkaMS [17]
3 years ago
7

Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah’s Cycles on February 1 for $550 (cost of goods sold of

$375). On February 9, Sarah’s Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $85). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale.
Business
1 answer:
nikitadnepr [17]3 years ago
5 0

Explanation:

The journal entries are shown below:

On February 1

Account receivable - Sarah’s Cycles A/c Dr $550

       To Sales $550

(Being the goods are sold on credit)

Cost of goods sold A/c Dr $375

           To Merchandise Inventory A/c $375

(Being goods are sold at cost)

On February 9

Sales return and allowance A/c Dr $137.50    ($550 ÷ 4)

To Accounts receivable - Sarah’s Cycles    $137.50

(Being sales return is recorded)  

Merchandise Inventory A/c $85

                  To Cost of goods sold A/c Dr $85

(Being sales return is recorded)  

On March 2

Cash A/c Dr $412.50        ($550 - $137.50)

           To Accounts receivable - Sarah’s Cycles $412.50    

(Being cash is received)

The net profit margin is

= (Net sales - Cost of goods sold) ÷ Net sales

= ($412.50 - $290) ÷ ($412.50)

= 29.69%

The cost of goods sold

= $375 - $85

= $290

You might be interested in
Youngston Company (a Massachusetts employer) wants to give a holiday bonus check of $750 to each employee. Since it wants the ch
stepan [7]

Answer:

Gross bonus=$1,148.54

FIT=252.68

OASDI=71.21

HI =16.65

MASS. TAX=58.00

Explanation:

Calculation for the withholding taxes and the gross amount of the bonus

Calculation for gross amount of the bonus

Gross amount of the bonus= [$750/ (1- 0.22 - 0.062 - 0.0145 - 0.0505] - 0.01

Gross amount of the bonus= [$750/ (0.78 - 0.062 - 0.0145 - 0.0505] - 0.01

Gross amount of the bonus= [$750/ 0.653] - 0.01

Gross amount of the bonus=1,148.545-0.01

Gross amount of the bonus=$ 1,148.54

Therefore the Gross amount of the bonus will be $ 1,148.54

Calculation for the withholding taxes

FIT =1148.54 * 22%

FIT=252.68

OASDI= 1148.54 * 6.2%

OASDI=71.21

HI=1148.54 * 1.45%

HI =16.65

MASS. TAX =1148.54 * 5.05%

MASS. TAX =58.00

NET 750.00

[$1,148.54-(252.68+71.21+16.65+58.00)]

Therefore the withholding taxes are:

FIT=252.68

OASDI=71.21

HI =16.65

MASS. TAX = =58.00

7 0
3 years ago
Today’s job seekers can choose whether to use technology to apply for any job or they can submit paper versions of all documents
strojnjashka [21]
True, Hope this helps :)
4 0
3 years ago
Read 2 more answers
Audiences are allowed to preview (sneak preview) actual movies such as The Hunger Games and Star Trek so that changes might be m
evablogger [386]

Answer:

The correct answer is: market testing.

Explanation:

A market test, also known as an experimentation technique, is a research technique that consists in trying to know directly the response of people to a product, service, idea, advertising, etc., in order to obtain certain information necessary for a investigation.

Generally, a market test is carried out before the launch of a new product, in order to evaluate its acceptance or reception, and thus reduce the risk of introducing the new product to the market and that it does not have sufficient demand.

When carrying out the market test, the acceptance, reception, printing, reaction or behavior of the public before the new product is known and, based on the results, to determine if the launch of the new product is feasible, if it is necessary to make some changes before its launch, or if the launch is definitely not feasible.

7 0
3 years ago
Suppose the tax rate is 0 on the first $20,000, 20 percent on the next $20,000, 30 percent on the next $20,000, 40 percent on th
DENIUS [597]

Answer:

income tax expense 18,000

Explanation:

we have to calcualte the taxable income on each bracket:

1st 20,000 tax free

$20001 to $40,000 are taxes at 20% Thus, 4,000 income tax

$40,001 to $60,000 are taxes at 30% Thus, 6,000 income tax

$60,001 to $80,000 are taxes at 40% Thus, 8,000 income tax

In total the income tax will be for $18,000

5 0
3 years ago
Two agencies that look out for the best interest of customers are ____
elixir [45]

Answer:FDA and CPSC

Explanation:

8 0
3 years ago
Read 2 more answers
Other questions:
  • Marla, a bookkeeper, would like to work at home in order to be with her young children. But before setting up her home-based boo
    14·2 answers
  • Journalizing sales transactions-periodic inventory system Journalize the following sales transactions for Straight Shot Archery
    11·1 answer
  • Before year-end adjusting entries, Waterway Industries's account balances at December 31, 2020, for accounts receivable and the
    10·1 answer
  • A number of activities that are a part of a company's quality control system are listed below:
    15·1 answer
  • Economists have determined that the economy goes through a cycle of
    13·2 answers
  • The Rasputin Brewery is considering using a public warehouse loan as part of its​ short-term financing. The firm will require a
    9·1 answer
  • An investor who purchases stock in a closely held corporation with a small number of outstanding shares should be MOST concerned
    15·1 answer
  • Haft Construction Company determines that 54,000 pounds of direct materials are needed for production in July. There are 3,200 p
    15·1 answer
  • Marcy and Liz developed a new jewelry design. They were fortunate to get the attention of a large online retailer who was willin
    12·1 answer
  • Select the correct answer.
    12·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!