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Bad White [126]
2 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]2 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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The residual income for the Division A of Magnolia Company for an income from operations of $80,000 will be $32,000.

<h3>What is residual income?</h3>

Residual Income is the total of total income from operations less the minimum acceptable rate of return on the deployed assets for such operations over a financial period.

Using the above information, it can be ascertained that the residual income will be,

\rm Residual\ Income = Income\ from\ Operations - Rate\ of\ Return\ x\ Assets\\\rm Residual\ Income = 80000- (12\%\ x\ 400000)\\\\\rm Residual\ Income = \$32,000

Hence, the residual income will be as computed above.

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1 year ago
Green Valley Exporters USA has $100,000 of before tax foreign income. The host country has a corporate income tax rate of 25% an
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Answer:

Amount paid in host country will be = Income * Tax rate in host country = $100,000*25% = $25,000

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7 0
2 years ago
Which of the following examples describes how data science can improve<br> business outcomes?
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The data science can alter business resultants with the support of Analytics.

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It also implies using data patterns to make more intelligent decisions. With the usage of analytics, data science may modify and better business outcomes.

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3 0
1 year ago
In a continuous review system, the inventory level for an item is constantly monitored, and when the reorder point is reached, a
Tasya [4]
<span>One variable is demand, which states that the inventory item of interest has a constant demand per period.

Demand is the insistent request of an item. When demand changes of a good or service, it changes the companies revenue because when the item is in high demand, they often sell a lot.  On the other hand, when an item is in low demand, they do not sell very much. </span>
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2 years ago
Carol wants to invest money in a 6% CD account that compounds semiannually. Carol would like the account to have a balance of $5
mash [69]

Answer:

PV= $37,204.70

Explanation:

Giving the following information:

Interest rate= 6% compounded semiannually= 0.03

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To calculate the initial investment to reach the objective, we need to use the following formula:

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8 0
3 years ago
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