Explanation:
The journal entries are as follows
a.
Merchandise Inventory A/c $254,500
To Accounts payable A/c $254,500
(Being merchandise purchased on credit)
b.
Account payable Dr $30,000
To Merchandise inventory $30,000
(Being the merchandise returned is recorded)
c.
Account payable Dr $224,500 ($254,500 - $30,000)
To Cash $224,500
(Being the payment of the invoice is recorded)
Note:
I wasn't able to access the Chester Income Statement but I successfully accessed a similar question Digby.
The Complete Question is as under:
Refer to the HR Reports in the Inquirer. Through past investments in recruiting and training Digby has obtained a productivity index of 109.6%. This means that Digby's labor costs would be increased by 9.6% if it did not have these productivity improvements. This is a competitive advantage that Digby can sustain or even widen further if its competitors have no HR initiatives. Now, refer to the Income Statement in Digby's Annual Report. How much did Digby's productivity improvements save it in direct labor costs (in thousands) last year?
A. $766
B. $29818
C. $3137
D. $3211
Answer:
Option D. $3,137
Explanation:
The Productivity Index of 9.6% shows that if the improvement plan is implemented then the efficiency gains would result in saving of 9.6% of total direct cost. So if we total the direct cost for the year for all of the four products then we have an amount of $32,680 which is given at the second last column.
The amount saved last year would be:
Savings = $32,680 * 9.6% = $3,137
Hence the option C is correct here.
Answer:
Unsafe food creates a vicious cycle of disease and malnutrition, particularly affecting infants, young children, elderly and the sick. Foodborne diseases impede socioeconomic development by straining health care systems, and harming national economies, tourism and trade.
Answer:
Items --- Reporting Method
1
. Accounts payable - Current liability
2
. Current portion of long-term debt - Current liability
3
. Sales tax collected from customers - Current liability
4
. Notes payable due next year - Current liability
5
. Notes payable due in two years - Long-term liability
6
. Advance payments from customers - Current liability
7
. Commercial paper - Current liability
8
. Unused line of credit - Disclosure note only
9
. A contingent liability that is probable likelihood of occurring within the next year and can be estimated - Current liability
10
. A contingent liability that is reasonably possible likelihood of occurring within the next year and can be estimated - Disclosure note only
Answer and Explanation:
According to the scenario, computation of the given data are as follow:-
Price ceiling:-This is show the limit of the price on maximizing value of the product which is decided by government and his imposed group for customer.
Binding:-The binding price ceiling is below the equilibrium price.
Unbinding:-The unbinding price ceiling is above equilibrium price.
Price floor:-This is show the limit of the price on lower value of the product which is decided by government and his imposed group for customer. A price floor must be higher than the price equilibrium price in order to be effective.
Binding:-The binding price floor is above the equilibrium price.
Unbinding:-The unbinding price floor is below the equilibrium price.
It is given that the equilibrium price of milk is $2.50 per gallon.
Statement 1:-This is the example of price floor and binding because minimum price of $2.30 per gallon is decided.
Statement 2:-This is the example of price floor and binding because minimum price of $3.40 per gallon is decided for gasoline.
Statement 3:-This is the example of price floor and binding because teenagers are not hired due to minimum-wage laws.
