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Bad White [126]
3 years ago
14

Brief Exercise 5-3 Flint Company buys merchandise on account from Windsor, Inc.. The selling price of the goods is $1,050, and t

he cost of the goods is $660. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Business
1 answer:
creativ13 [48]3 years ago
6 0

Answer:

<u>Flint Company </u>

DR Merchandise <u>$1,050</u>

CR Accounts Payable <u>$1,050</u>

(<em>To record purchase of merchandise</em>)

<u>Windsor Inc.</u>

DR Accounts Receivable <u>$1,050</u>

CR Sales <u>$1,050</u>

(<em>To record sale of merchandise</em>)

DR Cost of Goods Sold <u>$660</u>

CR Merchandise Inventory <u>$660</u>

(<em>To record change in stock from sale of merchandise</em>)

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Companies that use job-order costing ______. Multiple choice question. make unique products use a series of standardized process
tamaranim1 [39]

Companies that use job-order costing make unique products.

<h3>What is job-order costing?</h3>

Job order costing can be defined as a costing method that is used to calculate the cost of each unique item  produce or the cost of producing each unique product that is different from the ones in the market.

Example companies can make use of job-order costing when they produce a unique bag or shoe for their customer.

Since this product they produce for this customer is unique, the manufacturer can tend to use job order costing to determine the price or selling price they will to charge the customer.

A company can use a job order cost method if it produce products with unique characteristics.

Inconclusion companies that use job-order costing make unique products.

Learn more about  job-order costing here: brainly.com/question/24516871

7 0
3 years ago
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common
malfutka [58]

Solution:

Power Drive Corporation has the following beginning balances in its stockholders’ equity accounts on January 1, 2012:  

Common Stock, $100,000;  

Additional Paid-in Capital - common stock    $4,830,000;  

Retained Earnings,  $2,520,000.  

March 1 Issues 55,500 additional shares of $1 par value common stock for $67 per share.

Dr Cash 3,718,500

Cr Common stock 55,500

Cr Paid-in Capital 3,663,000

At this point there are 175,500 common shares outstanding

May 10 Repurchases 11,000 shares of treasury stock for $89 per share.

Dr Treasury stock 979,000

Cr Cash 979,000

At this point there are 164,500 common shares outstanding

June 1 Declares a cash dividend of $1.50 per share to all stockholders of record on June 15.  

Dr Cash dividend 246,750 (164,500 x $1.50)

Cr Dividend payable 246,750

July 1 Pays the cash dividend declared on June 1.

Dr Dividend payable 246,750

Cr CAsh 246,750

October 21 Reissues 3,000 shares of treasury stock purchased on May 10 for $95 per share.

Dr Cash 285,000

Cr Treasury stock 267,000 (3,000 x cost of $89)

Cr Additional paid-in capital - treasury stock 18,000

At this point there are 167,500 common shares outstanding   Stockholders' equity

Common stock - 175,500 shares of $1 par issued, 167,500 outstanding $175,500

Additional paid-in capital - common stock $8,493,000

Additional paid-in capital - treasury stock $18,000

retained earnings $2,803,250

less Treasury stock (8,000 shares) $712,000

Stockholders' equity $10,777,750

4 0
3 years ago
Why an investor might choose to have less than 20% holding in a company if they could have more?
gtnhenbr [62]
<span>The simple answer here is you never want to over commit any part of your portfolio. Every single successful investor has a wide variety of investment holdings. This is known as diversification. If you place all of your "eggs in one basket," so to speak, if that investment were to play against you, your losses may be much higher than anticipated or often irrecoverable. With a diverse portfolio, when one small portion of your investment strategy fails, you can count on other, more successful aspect to make up the difference.</span>
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3 years ago
A retail company sells products such as agricultural produce and consumer products. The company procures materials from farmers
mojhsa [17]

Answer:

Inbound logistics

Explanation:

Inbound logistics is the process of obtaining raw materials, and other goods and services, to the firm, while outbound logistics is the process of delivering the final goods and services from the firm to the customers.

In this case, the retail company is engaging in inbound logistics because it is procuring the raw materials from local farmers. Once these materials reach the firm, it can transform them into the agricultural produce and consumer produce that it sells.

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3 years ago
Laura is carefully estimating the time required for each phase of a proposed system development project to see if her company ca
PilotLPTM [1.2K]
Laura is checking on schedule feasibility.
She is doing everything in order to see whether each phase will run smoothly and according to her schedule. She wants to see if her schedule is possible at all, which is why she is making a timetable to prove her hypotheses.
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3 years ago
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