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svp [43]
3 years ago
14

Exercise 7-6 presented below is information from metlock computers incorporated. july 1 sold $26,200 of computers to robertson c

ompany with terms 3/15, n/60. metlock uses the gross method to record cash discounts. metlock estimates allowances of $1,225 will be honored on these sales. 10 metlock received payment from robertson for the full amount owed from the july transactions. 17 sold $274,000 in computers and peripherals to the clark store with terms of 2/10, n/30. 30 the clark store paid metlock for its purchase of july 17. prepare the necessary journal entries for metlock computers. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)
Business
1 answer:
solmaris [256]3 years ago
4 0

these sales. 10 metlock received payment from robertson for the full amount owed from the july transactions. 17 sold $274,000 in computers and peripherals to the clark store with terms of 2/10, n/30. 30 the clark store paid metlock for its purchase of july 17. prepare the necessary journal entries for metlock computers. (if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. credit account titles are automatically indented when the amount is entered. do not indent manually.)

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A hairdryer manufacturer produced a new model that could dry a person's hair in under five minutes. When customers used this hai
skad [1K]

Answer: Fairness and Honesty

Explanation:

Fairness and honesty are vital to every business ethics and it related to thee general values of the decision makers. Firms are expected to follow applicable laws and regulations and are expected not to cause harm or injury to employees, customers, clients, or competitors through coercion, deception,misrepresentation, or discrimination.

False and misleading advertising can lead to business failure, hence, Truthfulness about a produt's safety and its quality are also vital to consumers.

8 0
3 years ago
Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common. As of January 1, 2021,
devlian [24]

Answer:

Common stock = $210,000

Preferred stock = $15,000

Additional paid in capital = $2,801,000

Treasury stock  =    $120,000

Retained earnings = $31,600

Explanation:

Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common.

As of January 1, 2021, the following accounts had the following balances: Common Stock $10,000, preferred stock $5,000, retained earnings was $9,600.

The following transactions affect stockholders' equity during 2021, its first year of operations: January 1-Dec. 31 Net Income $25,000

January 1 Issue 200,000 shares of common stock for $15 per share.

JOURNAL ENTRIES

Dr. Bank.......................3,000,000

Cr. Common stock.......................200,000

Cr. Additional Paid-in capital..2,800,000

February 6 Issue 1,000 shares of preferred stock for $11 per share.

JOURNAL ENTRIES

Dr. Bank.......................11,000

Cr. Preferred stock.......................10,000

Cr. Additional Paid-in capital.......1,000

October 10 Purchase 10,000 shares of its own common stock for $18 per share.

JOURNAL ENTRIES

Dr. Treasury Stock.......................180,000

Cr. Bank........................................................180,000

November 12 Resell 5,000 shares of treasury stock at $20 per share.

JOURNAL ENTRIES

Dr. Bank..............60,000

Cr. Treasury Stock.......................60,000

December 31 Paid dividends of $3,000

The closing balances can be computed as beginning balances + changes in the year = closing balances:

Common stock = 10,000 + 200,000 = $210,000

Preferred stock =  5,000 + 10,000 =    $15,000

Additional paid in capital = 2,800,000 + 1,000 = $2,801,000

Treasury stock  = 180,000 - 60,000 = $120,000

Retained earnings 9,600 + 25,000 - 3,000 = $31,600

8 0
3 years ago
"Only one firm produces and sells soccer balls in the country of Wiknam, and as the story begins, international trade in soccer
sweet-ann [11.9K]

Answer:

Explanation:

a) since MR=MC, then 15-2Q=3+Q. So, the monopolist produce Q=4

price P=15-Q=10-4=6

profit=6*3-TC=18-(3+4+0.5*4^2)=3

b)since the P=6=6, domestic production will stay the same. The domestic consumption will stay the same. For Wilknam, it will import soccer balls.

c)yes, it holds that Wiknam will be an importer. Because the price for domestic production is 6 which is same as the world price 6.

d)Since the price within country is the same with price out of country, and also, MC=3+Q=7>6, Wiknam will import soccer balls. The monopolist market will become a competitive market.Even though the price won't change,the product will be of high quality and so on. The market will become more equilibrium.

7 0
3 years ago
I want to know what is the correct thing to invest into
vladimir1956 [14]

Answer:

Roth ira

Explanation:

Because you are sort of young, you should invest into a roth ira, because there are retirement tax breaks put on it, plus in an smp 500 account it will grow with the market at about 8% interest per year on average. this is good, because it is pretty much guaranteed growth. that will double the amount of money for 5 or 6 times over creating a nice retirement fund for your old age, but honestly there are other strategies, this is just for sticking money in the ground and forgetting about it, letting it grow for you. low risk, and relatively high reward after a long period of time.

hope this helps

7 0
3 years ago
Once an initial sale has been made by an outside​ salesperson, inside salespeople are often asked to​ ________.
Lapatulllka [165]

Answer:

provide ongoing customer​ support, service, and be alert for new sales opportunities

Explanation:

8 0
3 years ago
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