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3 years ago

Journalize the entries to record the following selected transactions.

Business

2 answers:

Inessa05 [86]3 years ago

7 0

Answer:

Please see attached

Explanation:

Please see worked out entries on the attached papers

zlopas [31]3 years ago

5 0

Answer:

Journal Entries

Dr. Cr.

Sale of Merchandise

a. Account Receivable $4,240

Sales $4,000

Sales Tax Payable $240

Cost of Goods Sold $2,360

Merchandise Inventory $2,360

b. Payment of Sales Tax

Sales tax Payable $42,110

Cash $42,110

Explanation:

Sales of Merchandise increase the account receivable and tax liability as well. Inventory has been reduced by the cost of merchandise.

Tax is paid and sales tax liability is reduced along with cash.

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LPM’s weighted average cost of capital (WACC) is 13 percent if the firm does not have to issue new common equity; if new common

erica [24]

Answer:

Projects D and E should be purchased.

Explanation:

since the firm's capital structure is 60% debt and 40% equity, it can pursue up to 2 projects. Only projects D, E and F have an internal rate of return higher than the company's WACC, so project G is discarded immediately.

Since projects D and E have a higher IRR, they should be selected.

project D: $70,000, IRR = 18%, debt = $42,000, equity = $28,000
project E: $85,000, IRR = 15%, debt = $51,000, equity = $34,000
total equity invested = $62,000

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2 years ago

LO 2.2Which of the following is not considered a product cost?

Usimov [2.4K]

Answer:

selling expense

Explanation:

The cost which is charged to manufactured a product is known as product cost

Plus product cost is a combination of direct material; direct labor and indirect cost i.e indirect material and indirect cost

In mathematically,

Product cost = Direct materials cost + Direct labor cost + manufacturing overhead cost

The indirect cost is also known as manufacturing overhead cost.

The cost which is charged to manufactured a product is known as product cost

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3 years ago

MC Qu. 131 At Midland Company's break-even point... At Midland Company's break-even point of 9,000 units, fixed costs are $180,0

kompoz [17]

Answer:

selling price per unit = $80

Explanation:

Giving the following information:

Company's break-even point of 9,000 units

Fixed costs are $180,000

Total variable costs= $540,000

<u>First, we will calculate the unitary variable cost:</u>

Unitary variable cost= 540,000 / 9,000

Unitary variable cost= $60

<u>Now, the unitary selling price, using the following formula:</u>

Break-even point in units= fixed costs/ contribution margin per unit

9,000 = 180,000 / (selling price per unit - 60)

9,000selling price per unit - 540,000 = 180,000

9,000selling price per unit = 180,000 + 540,000

9,000selling price per unit = 720,000

selling price per unit = 720,000/9,000

selling price per unit = $80

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2 years ago

Read 2 more answers

Growth in real GDP per capita has: Group of answer choices been steady over the course of human history. slowed since the mid-ni

SSSSS [86.1K]

Answer:

been more rapid since the mid-nineteenth century than before.

Explanation:

One of the benefits resulting from the second industrial revolution (around 1870) and more specifically from mass production and electricity, is that it helped to increase the growth rate of real GDP per capita in almost all the world. Growth rate of the real GDP per capita has been steadily increasing during the last 150 years.

Of course there are bumps (recessions and wars) in the middle that alter the growth rate of different countries, but in general terms it has recovered swiftly in most places.

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2 years ago

Markus Company sells 1,000 bonds of its debt investment in Berta Inc. for $20,000. The original cost of the 1,000 bonds was $18,

pantera1 [17]

Answer:

To Investment i.e available for sale $18,000

To Gain on sale of an investment $2,000

Explanation:

The journal entry for the sale of the bond is shown below:

Cash Dr $20,000

To Investment i.e available for sale $18,000

To Gain on sale of an investment $2,000

(Being the sale of the bond is recorded)

For recording this we debited the cash as it increased the assets and credited the investment and gain on sale of investment so that the proper posting could be done

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2 years ago