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White raven [17]
3 years ago
9

Juniper company uses a perpetual inventory system and the gross method of accounting for purchased. the company purchase $9,750

of merchandise on august 7 with terms 1/10, n/30. on august 11, it returned $1,500 worth of merchandise. on august 26, it paid the full amount due. the correct journal entry to record the merchandise return on august 11 is:
Business
2 answers:
dusya [7]3 years ago
8 0
Due to the return of merchandise Juniper Company needs to shift some numbers around to make sure the correct journal entry is in place. To do so, Juniper Company will debit $1,500 from Accounts Payable. Next, they will place a credit to of $1,500 to Merchandise Inventory. 
Ratling [72]3 years ago
3 0

Answer:

Correct journal entry is;

Dr Accounts payable $1,500

Cr Inventory $1,500

Explanation:

Using perpetual inventory system, purchase returns made by Juniper on August 11 will cause their actual inventory on hand and accounts payable less than to its record. As a result, Juniper should recognize the return by debiting accounts payable and crediting inventory in the amount of $1,500. Purchase return and allowances should be directly charged against inventory account in perpetual inventory system method.

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4 0
3 years ago
Rico bought 100 shares of Banana Republic stock for $24.00 per share on January 1, 2010. He received a dividend of $2.00 per sha
dimaraw [331]

Answer:

12.5%

Explanation:

We have to first calculate Rico's gain per share during the 2010-2012 period:

Rico's gain = -initial purchase price + dividend 1 + dividend 2 + dividend 3 + sales price

Rico's gain = -$24 + $2 + $3 + $4 + $18 = $3

$3 represents a 12.5% [= ($3 / $24) x 100] rate of return for the holding period.

B. 12.5%

Rico bought 100 shares of Banana Republic stock for $24.00 per share on January 1, 2010. He received a dividend of $2.00 per share at the end of 2010 and $3.00 per share at the end of 2011. At the end of 2012, Rico collected a dividend of $4.00 per share and sold his stock for $18.00 per share. What was Rico's realized holding period return? (Pick the closest answer.)

7 0
3 years ago
Read 2 more answers
Equilibrium income is that level of income:______. a. which an economy is capable of producing without generating accelerating i
Phoenix [80]

Answer:

The correct answer is: c. toward which the economy gravitates in the short-run.

Explanation:

In the economic context, the Short Term is a period in which an economy does not have enough time to change its fixed expenses in order to reach new levels of profitability or production, so it must be limited to changes in variable costs. It is worth mentioning that the Short Term is not a defined period of time, but depends on each company, industry or economic variable.

One of the most important bases of the meaning of Short Term is that companies have fixed and variable costs. For example, some common expenses, wages and prices are fixed costs, so they cannot change to freedom to reach a new equilibrium.

3 0
3 years ago
Brickhouse is expected to pay a dividend of $2.60 and $2.24 over the next two years, respectively. After that, the company is ex
Sholpan [36]

Answer:

$29.83

Explanation:

This question requires application of dividend discount model, according to which current value of share is present value of dividends expected in future.

P0=\frac{Div1}{(1+r)^{1} }+\frac{Div2}{(1+r)^{2} }+\frac{V2}{(1+r)^{2} }

where V2 is the terminal value, present value of dividends growing at constant growth rate,

V2 = Div3 ÷ (r - g)

Div3 = $2.24 × (1 + 2.8%)

        = $2.30272

V2 = $2.30272 ÷ (0.102 - 0.028)

    = $2.30272 ÷ 0.074

    = $31.12

P0=\frac{2.60}{(1+0.102)^{1} }+\frac{2.24}{(1+0.102)^{2} }+\frac{31.12}{(1+0.102)^{2} }

P0=\frac{2.60}{1.102}+\frac{2.24}{1.214404}+\frac{31.12}{1.214404}

          = 2.36 + 1.84 + 25.63

= $29.83

6 0
3 years ago
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