Answer and Explanation:
The Journal entry is shown below:-
Cash Dr, 1969.80 (2010 × 98%)
Sales discount Dr, 40.20
To Account receivable $2,010 ($2,200 - $190)
(Being the entry is recorded)
Here we debited the cash and sales discount as it increased the assets and we credited the accounts receivable as it reduced the assets
This made me me laugh :D ( C )
Answer:
Inventory turnover in days = 43.59 days
Inventory turnover (No of times)= 8.37 times
Explanation:
<em>Inventory turnover days is the average length of time it takes a business to sell its inventory before replacement.</em>
Inventory turnover in days
= Average inventory /Cost of goods sold × 365 days
<em>Average inventory = (Opening Inventory + closing inventory)/2</em>
<em>Average inventory </em>
= (21,000 + 22,000)/2
= 21,500
<em>Inventory turnover in days</em>
(21,500/180,600) × 365 days
=43.597 days
Inventory turnover (No of times )
= Cost of goods sold/Average inventory
= 180,600/21,500
= 8.37 times
Answer:
Explanation:
Data provided in the question:
Cost of chair P = $60
Cost of chair Q = $90
Number of chair P ordered = p
Number of chair Q ordered = q
Now,
Total number of chairs ordered
= Number of chair P ordered + Number of chair Q ordered
= p + q
Total cost of chairs ordered = $60p + $90q
Therefore,
Average cost of a chair
= [Total cost of chairs ordered ] ÷ [Total number of chairs ordered]
=
Answer:
The total income tax expense for 2019 =152.000. Is not available in the options given by the exercise.
Explanation:
- Tax on insurance expense deductible for accounting purposes in 2019= 70000*40%=28.000
- Income tax expense for 2019 = 180.000-28.000=152.000
