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Alla [95]
3 years ago
5

country cupboard purchased inventory for 5500 and also paid a 360 freight bill. Country cupboard returned 45% of the goods to th

e seller and later took a 3% purchase discount. Assume country cupboard uses a perpetual inventory system. what is country cupboard's final cost of the inventory that it kept
Business
1 answer:
Shalnov [3]3 years ago
7 0

Answer:

$3,475.75

Explanation:

the journal entries required to record the purchases are:

Dr Inventory 5,500

    Cr Accounts payable 5,500

Dr Inventory 360

    Cr Cash 360

Dr Accounts payable 2,475

    Cr Inventory 2,475

Dr Accounts payable 3,025

    Cr Cash 2,934.25

    Cr Purchase discounts 90.75

Cost of inventory = $5,500 + $360 - $2,475 - $90.75 = $3,475.75

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answer is b

Explanation:

3 0
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During the year, Cheng Company paid salaries of $24,000. In addition, $8,000 in salaries has accrued by the end of the year but
Burka [1]

Answer:

Correct answer is D. Credit to Salaries Payable for $8,000

Explanation:

Based on the basic underlying guideliness in accounting, specifically matching principle. All income and expenses should be reported during the period it incurred. Thus, all expenses incurred during the period even though it wasn't paid yet shoud be recorded to the book and that's the moment that the year-end adjusting entry is necessary.

On the above given problem, the salaries paid of $24,000 is presumed to have been recorded in the book already. Because it incurred and paid within the calendar period. In addition, the salaries accrued by the year end needs year-end adjustment<em> to recognize the salaries expense applicable for the period</em>. Journal entry of it is to debit salaries expense and credit salaries payable in the amount of $8,000.

6 0
3 years ago
What isthis one pls help
Nataliya [291]
Small number is three and large number is four
3 0
3 years ago
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If you co-sign for a friend's credit card, what is the danger to you if your friend fails to pay? A. You might get secured credi
klasskru [66]

Answer:

The correct option is C

Explanation:

When the person who co- sign for a credit card of a friend, then the person will be in a danger of lowering its own credit score if the person's friend fails to pay for the payment.

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7 0
3 years ago
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You need some money today and the only friend you have that has any is your ‘miserly' friend. He agrees to loan you the money yo
Bingel [31]

Answer:

B. The total interest = $4.35

Explanation:

The first question to answer, is  what is the present value of the annuity of the loan and then based on that the total interest can be calculated.

<h2>Present value of annuity= A x [(1-(1+r)-n)/r]*(1+r) </h2>

Where the A represents Annuity = or $20

The r represents the rate or 1.5%

and the n represents the number of periods which is 6 months

Calculating the value =

= 20 x [(1-1.015^-6)/0.015]*1.015

= 20 x [(1-0.91454219251)/0.015]*1.015

= 20*5.782644973

=$115.65

Now that the loan amount is known, the Total Interest can be calculated as follows

Total Interest= number of payments x monthly payments) - the loan amount (calculated above)

= 20 x 6 -115.65

= 120-115.65

The total interest = $4.35

8 0
3 years ago
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