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12345 [234]
3 years ago
13

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual i

nventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,800, terms n/30. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $51 credit because they did not meet specifications. 12 Sold calculators costing $460 for $670 to Fryer Book Store, terms n/30. 14 Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $28. 20 Sold calculators costing $560 for $780 to Heasley Card Shop, terms n/30.
Journalize the September transactions. (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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
Alisiya [41]3 years ago
5 0

Answer and Explanation:

The journal entries are shown below:

1. Inventory $1,800

        Accounts Payable $1,800

(Being purchased on account)

2. Inventory $50

     To Cash $50

(being freight paid)

3. Accounts Payable $51

     To Inventory $51

(being the returned calculator is recorded)

4. Accounts Receivable $670

       To Sales Revenues $670

(Being sales is recorded)

5. Cost of Goods Sold $460

      To Inventory $460

(Being cost of goods sold is recorded)

6.  Sales returns $40

         To Accounts Receivable $40

(being sales return is recorded)

7. Inventory $28.20

      To Cost of Goods Sold $28.20

(Being cost return is recorded)

8. Accounts Receivable $780

      To Sales Revenues $780

(Being the sales is recorded)

9. Cost of Goods Sold $560

      To Inventory $560

(Being the cost of goods sold is recorded)

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Products that appeal to mothers have evolved since mothers are no longer homogeneous like before. Instead, there are traditional
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A food manufacturer reports the following for two of its divisions for a recent year.
hram777 [196]

Answer:

1. 13.8% and 14.6%

2. 13.6% and 16.5%

3. 1.01 times and 0.88 times

Explanation:

The computations are shown below:

1. Return on investment = Operating Income ÷ Average invested Assets

where, average invested assets would be

= (Invested assets, beginning + Invested assets, ending) ÷ 2

For Beverage Division, it would be

= $366 ÷ {($2,696 + $2,610) ÷ 2}

= $366 ÷ $2,653

= 13.8%

For Cheese Division, it would be

= $651 ÷ {($4,489 + $4,417) ÷ 2}

= $651 ÷ $4,453

= 14.6%

2. Profit margin = (Operating income ÷ sales) × 100

For Beverage Division, it would be

= ($366 ÷ $2,698) × 100

= 13.6%

For Cheese Division, it would be

= ($651 ÷ $3,942) × 100

= 16.5%

3. Investment turnover = Sales ÷ Average Operating Assets

For Beverage Division, it would be

= $2,698 ÷ {($2,696 + $2,610) ÷ 2}

= $2,698 ÷ $2,653

= 1.01 times

For Cheese Division, it would be

= $3,942 ÷ {($4,489 + $4,417) ÷ 2}

= $3,942 ÷ $4,453

= 0.88 times

7 0
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