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Rainbow [258]
3 years ago
10

Botanic choice sell natural supplements to customers with an unconditional right of return if they are not satisfied. The right

of returns extends 60 days. Based on experience, estimated returns are expected to be 20% all sales are paid in cash. On February 10, 2014, a customer purchases $3,000 of products (cost1,500).
Required:
Prepare the journal entry to rexcord the sale and the cost of goods sold.
Business
1 answer:
ExtremeBDS [4]3 years ago
4 0

Answer and Explanation:

The Journal entry is shown below:-

Cash Dr, $3,000

Cost of goods sold Dr, $1,500

Estimated inventory returns Dr, 600  ($3,000 × 20%)

      To Inventory $1,500

      To Refund liability $600

     To Sales revenue $3,000

(Being cost of goods sold is recorded)

Here the sale and the cost of goods sold is recorded in which some accounts are debited and some are credited

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Latoya as 50 shares of stock in ABC company worth $35.75 a share, a car worth about $5,600, and a collection of figurines worth
patriot [66]

Answer:

$ 9,387.50

Explanation:

An asset is any item that the owner considers valuable.

Shares , the cars and figurines are assets as Latoya can attach a value to them.

Total value of the shares = 50 x 35.75 = 1, 787.5

Value of the car = $5,600

Figurines = $ 2,000

Total value of assets = 1,787.50+ $5,600 + $2,000

=$ 9,387.50

8 0
4 years ago
Scenario: There are 4 households in a locality. The annual income of the first household is $20,000, the annual income of the se
Fynjy0 [20]

Answer:

A) The first household.

Explanation:

The tax of the first household = $20,000 x 20% = $4000

The tax of the second household = $47,000 x 17.5% = $8225

The tax of the third household = $50,000 x 13% = $6500

The tax of the first household = $71,000 x 10% = $7100

A regressive tax is a tax applied uniformly, taking a larger percentage of income from low-income earners than from high-income earners. It is in opposition to a progressive tax, which takes a larger percentage from high-income earners.

<u>Hence Household A which earns the lowest income pays the highest tax</u>

<u />

3 0
3 years ago
Read 2 more answers
Bob, an art dealer, is writing a post for his own professional blog. His latest blog post is about a new mixed-media artist who
zheka24 [161]

      encontré al patito juan

Explanation:

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4 0
3 years ago
A person's total "net worth" =
iren [92.7K]
An average teenagers/ young adults net worth is $9,632
4 0
3 years ago
Shanna, a calendar year and cash basis taxpayer, rents property to be used in her business from Janice. As part of the rental ag
andreyandreev [35.5K]

}{y}[/tex]Answer:

For part A) The <u>entire 2019 is deductible.</u>

For part B) $9,075

Explanation:

FOR PARTE A) we know the equation is:

\frac{24,200}{y} number of months where y is 12 (which means the entire year) and the number of months will be also 12. So the equation will be:

\frac{24,200}{12} 12 and the answer will be 24,200 which means the entire year is deductible.

FOR B) the equation to be used  will be replaced by 24 (two years) and the number of month will be 9.

so the equation is:

\frac{24,200}{24} 9

the answer wil be $9,075

5 0
4 years ago
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