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
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>)

You might be interested in
When Kim and Liam move from spending 30 minutes of each hour producing pies and 30 minutes producing cakes to specializing in th
Novay_Z [31]

Answer:

A) 30 pies and 100 cakes.

Explanation:

Kim can produce 40 pies or 400 cakes an hour. Liam can produce 100 pies or 200 cakes an hour.

Since each one will specialize in the production of the good in which they have a comparative advantage, Kim will produce cakes and Liam will produce pies.

before specialization Kim produced 20 pies and 200 cakes, while Liam produced 50 pies and 100 cakes.

So the total gains from trade are:

  • 50 pies - 20 pies = 30 pies
  • 200 cakes - 100 cakes = 100 cakes
8 0
2 years ago
Bramble's Bakery makes a variety of home-style cookies for upscale restaurants in the Atlanta metropolitan area. The company's b
jolli1 [7]

Answer:

$15.51 per Double chocolate almond supreme

Explanation:

Calculate the standard cost for a pound of Mama Fran's double chocolate almond supreme cookies.

1. Standard Material Cost (Ratio Denominator = 10 +  5  + 1 = 16)

Std. Mat Cost = 10 Ounces /16  * $0.80   +   5 Ounces /16* $6  + 1/16* $18

Standard Material Cost = $3.5 per Double chocolate almond supreme

2. Standard Direct Labor Cost

Std. Labor Cost = 1 /60 Hours * $12.7 per Hour + 7/60 Hour * $19 per Hour

Std. Labor Cost = $2.4283 per Double chocolate almond supreme

3. Standard Variable Overhead Cost

Std. Variable OH. Cost = 6/60 Hours * $35.8

Standard Variable overhead cost = $3.58 per Double chocolate almond supreme

4. Standard Fixed Overhead Cost

Std. Fixed Overhead per cake = 6/60 Hours * $60 per Hour

Standard Fixed overhead cost = $6 per Double chocolate almond supreme

Now Standard cost for a pound is calculated as under:

Standard cost for a pound = 2.9375 + 2.4617 + 3.70 + 6

Standard cost for a pound = $15.51 per Double chocolate almond supreme

8 0
3 years ago
A _________ works outside established organizational divisions and has greater flexibility to apply innovative approaches to new
ivanzaharov [21]

The answer is a venture team. This is a team that is cross functional because it has the ability of making new products that are being targeted or focused on new markets and that it also responsible of the aspects of the development of products.

5 0
3 years ago
Debt analysis Springfield Bank is evaluating Creek​ Enterprises, which has requested a $ 3 comma 620 comma 000 ​loan, to assess
stepan [7]

Answer:if the debt ratio is lower,the loan request should be granted but if it is higher the loan request should not be granted by the bank.

Explanation:

Debt ratio is a financial ratio which shows the ability of a firm to pay their debt as they fall due.lenders are more concerned with the liquidity position of a firm in order to guarantee the solvency of the firm whenever a loan is granted to such a firm. The debt ratio is used to know the financial leverage of a firm and the financial risk involved in lending to such firm. When a firm is said to be highly leverage it means that such a firm will find it difficult to pay their debt as they fall due because the liabilities in their balance sheet is more than their assets. Debt ratio is calculated as

Total Liabilities/ Total Assets

The Debt ratio is calculated from the Liabilities and Asset figures obtained from their balance sheet. When it is calculated, lower ratio is more preferable than higher rato because it means that a firm will find it easy to settle their debt to their lenders as that debt fall due.but a higher ratio is an indication that such firm will not be able to meet their debt obligation to their lenders as they fall due. Therefore, when a firm has a higher debt ratio it is not advisable to grant a loan to such a firm by the bank. As regard the loan request of Creek Enterprises from Springfield bank, if the debt ratio of Creek Enterprises is lower, the loan should be granted but if it is higher the bank should not grant the loan.

5 0
3 years ago
You are asked to recommend whether a firm should make or purchase product A. The following are data concerning the two options.
Alexxandr [17]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

For the purchase​ option:

Buying price= ​$22 per unit.

For the make​ option:

Weekly rental payment of ​$30,800

The firm also has to hire five operators to help make product A. Each operator works eight hours per​ day, five days per week at the rate of ​$14 per hour.

The material cost for the make option is ​$15 per unit of product A.

A) We need to find the number of units that makes the unitary fixed costs= $7

Weekly rental= 30800

Direct labor= ($14*8 hours*5workes)*5 days= 2800

Total fixed costs= $33,600

Unitary fixed costs= total fixed costs/ Q

7=33600/Q

Q= 4800 units

B) Now Q= 6600

Buy= 6600*22= $145,200

Make= 6600*15 + 33600= $132,600

3 0
3 years ago
Other questions:
  • All of the following are true regarding deferred revenues except: They are payments received in advance of services performed. T
    12·1 answer
  • Nicole knows her restaurant is understaffed today. She is hoping to get through the day without falling below her customers' ___
    6·1 answer
  • When the price level decreases:
    11·1 answer
  • If a government wants to pursue an expansionary fiscal policy, then a tax cut of a certain size will be more expansionary the: 

    13·1 answer
  • Which of the following statements is CORRECT? a. Prior to the Enron scandal in the early 2000s, companies would put verbal infor
    8·1 answer
  • Suppose that real GDP is currently ​$13.22 trillion and potential real GDP is​ $14.0 trillion, or a gap of ​$800800 billion. The
    11·1 answer
  • f the demand for houses increases, the wage of Wage carpenters will ____ and the quantity will ____. Assume bricks and wood are
    8·1 answer
  • A monopolist can sell 15 toys per day for $12.50 each. To sell 16 toys per day, the price must be cut to $12.20. The marginal re
    15·1 answer
  • John has two hours before having to go to his part-time job. He is deciding between studying for a math exam and taking a nap. I
    10·1 answer
  • the rlx company just paid a dividend of $3.10 per share on its stock. the dividends are expected to grow at a constant rate of 4
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!