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
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.)

You might be interested in
We have been trying to reach you about your car's extended warranty?
Ede4ka [16]

Answer: Your welcome hope this helps :D

Explanation: “We've been trying to reach you about your car's extended warranty”: Robocalls top FCC complaints. According to the FCC, chances are it's a scammer. It can be difficult, though, to tell if this call is fraudulent.

8 0
2 years ago
Read 2 more answers
Advanced Products Corporation has supplied the following data from its activity-based costing system:
Vladimir79 [104]

Answer:

1. Direct labor Support $150,000

Order processing $100,000

Customer Support $80,000

Other $70,000

Totals $400,000

2. Activity cost pool Activity rate

Supporting direct labor $ 7.50 per DLH

Order processing $ 250 per order

Customer Support $ 400 per customer

3. Overhead cost $800

4.$-100

Explanation:

1. Prepare of the report showing the first-stage allocations of overhead costs to the activity cost pools.

Direct labor Support Order processing Customer Support Other Totals

Wages and salaries $120,000 $90,000 $60,000 $ 30,000 $300,000

(40%*$300,000=$120,000)

(30%*$30,000=$90,000)

(20%*$300,000=$60,000)

(10%*$300,000=$30,000)

(100*$300,000=$300,000)

Other overheads cost $ 30,000 $10,000 $20,000 $ 40,000 $ 100,000

(30%*$100,000=$30,000)

(10%*$100,000=$10,000)

(20%*$100,000=$20,000)

(40%*$100,000=$40,000)

(100%*$100,000=$100,000)

TOTAL COST $150,000 $100,000 $80,000 $70,000 $400,000

Therefore the first-stage allocations of overhead costs to the activity cost pools are :

Direct labor Support $150,000

Order processing $100,000

Customer Support $80,000

Other $70,000

Totals $400,000

2. Computation for the activity rates for the activity cost pools.

Activity cost pool Activity rate

Supporting direct labor $ 7.50 per DLH

($150,000/20,000=$ 7.50)

Order processing $ 250 per order

($100,000/400=$250)

Customer Support $ 400 per customer

($80,000/200=$400)

Therefore the activity rates for the activity cost pools are:

Activity cost pool Activity rate

Supporting direct labor $ 7.50 per DLH

Order processing $ 250 per order

Customer Support $ 400 per customer

3. Preparation of a report showing the overhead costs for the order from Shenzhen Enterprises including customer support costs.

Activity cost pool ABC cost

Supporting direct labor $150

($7.50*2*10)

Order processing $250

($100,000/400=$250)

Customer Support $400

($100,000/200=$400)

Overhead cost $ 800

($150+$250+$400)

Therefore the overhead costs for the order from Shenzhen Enterprises including customer support costs is $800

4. Preparation of a report showing the customer margin for Shenzhen Enterprises

Shenzhen Enterprises

Customer Margin - ABC Analysis

Sales (10* $300) 3,000

Less Costs:

Direct materials (10*$180) $1,800

Direct labor (10 * $50) $ 500

Overhead cost $800

($150+$250+$400)

Total cost ($3,100)

Customer margin $-100

($3,000-$3,100)

Therefore the customer margin for Shenzhen Enterprises is $-100

8 0
3 years ago
In a _______, the majority of a nation’s land, factories, and other economic resources are privately owned by individuals or bus
katovenus [111]
In a market economy
8 0
3 years ago
MARKING BRAINLIEST IF RIGHT! NO ABSURD ANSWERS!
GarryVolchara [31]

Answer:

I believe its A signs one contract

8 0
3 years ago
Read 2 more answers
All of the following are liabilities except
dolphi86 [110]

Answer:

Accounts receivable

Explanation:

Accounts receivable is a component or part of the current assets. It is the amount that is created by selling the goods on account. Such receipts are receivable within the duration of one year.

Salaries payable is a part of current liabilities.

Notes payable is also a part of current liabilities.

Similarly, accounts payable is also a part of current liabilities.

Such payments are payable within the duration of one year.

5 0
3 years ago
Other questions:
  • Messer Company purchased equipment for $24,000. The company is considering whether to determine annual depreciation using the st
    11·1 answer
  • Dallas is the manager of a manufacturing company. dallas's approach is to break down assembly workers' jobs into a series of ele
    14·1 answer
  • Which type of bank account is most likely to pay you interest on the money in the account?
    12·1 answer
  • Makes our arms, legs, and head move
    13·2 answers
  • Corporate-level managers use ______ to summarize sales by region, current inventory levels, and other company-wide metrics all i
    13·1 answer
  • Which statement does not describe a difference between government and household budgets? In the short term, economists would exp
    14·1 answer
  • A sector fund specializing in commercial bank stocks had average daily assets of $3.7 billion during the year. This fund sold $1
    7·1 answer
  • You have two employees who report directly to you. One is making $36,000/year and the second is making $24,000/year. You feel th
    11·1 answer
  • Describe the philosophical differences between inspection, prevention, quality, quality control, statistical quality control, st
    7·1 answer
  • A. An analysis of WTI's insurance policies shows that $2,674 of coverage has expired.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!