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3 years ago

Laker Company reported the following January purchases and sales data for its only product.

Business

1 answer:

Varvara68 [4.7K]3 years ago

5 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

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When economists attempt to predict the spending patterns of U.S. households, they will typically view the _____________________

Digiron [165]

When economists attempt to predict the spending patterns of U.S. households, they will typically view the DAILY COST OF LIVING as a primary determining factor that influences the individual consumption choices that each will make.

An economist can predict the spending power of the masses if he/she knows how much energy and monetary value is being spent on a daily basis. This way he/she will know the consumption choices that these consumers are making for themselves.

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3 years ago

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory

Irina-Kira [14]

Answer:

Seemore Lens Company (SLC)

Journal Entries to correct the balances presently reported:

a) Debit Accounts payable $13,200

Credit Inventory $13,200

To record lenses held on consignment.

b) Debit Office Supplies $6,600

Credit Inventory $6,600

To record office supplies.

c) Debit Inventory $9,600

Credit Cost of goods sold $9,600

To exclude from cost of goods sold lenses in the warehouse for January 2 delivery.

c) Debit Sales Revenue $18,200

Credit Accounts Receivable $18,200

To exclude from sales revenue lenses not yet sold.

d) Debit Cost of goods sold $3,800

Credit Inventory $3,800 (Scrap)

To record the cost of scrap.

Explanation:

a) Data and Analysis:

Reported Inventory = $86,000

Reported Cost of Goods Sold = $452,000

Transactions:

a) Accounts payable $13,200 Inventory $13,200

b) Office Supplies $6,600 Inventory $6,600

c) Inventory $9,600 Cost of goods sold $9,600

c) Sales Revenue $18,200 Accounts Receivable $18,200

d) Cost of goods sold $3,800 Inventory $3,800 (Scrap)

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2 years ago

Sheridan Company sells merchandise on account for $6400 to Carla Vista Company with credit terms of 2/10, n/30. Block Company re

Aliun [14]

Answer: $4,508

Explanation:

Companies usually give discounts with credit terms to encourage Receivables to pay faster.

In this scenario, credit terms of 2/10, n/30 were offered which means that if Carla Vista Company pays within 10 days they get a discount of 2% but if they don't they should pay the full amount in 30 days.

They paid within the discount period meaning that they qualify for the discount of 2% but they however returned goods worth $1800.

So calculating for that would be,

= (6,400 - 1800) (1 - 0.02)

= $4,508

The amount of the check is $4,508

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3 years ago

Read 2 more answers

Frank has thirty years of service as a manager for his company. he remembers when managers had almost complete freedom to fire w

Alex787 [66]

From the described case in the question, it is clear that Frank believes in doctrine called at-will employment or employment at-will.

At-will employment is a U.S term used for a condition where an employee can be fired at anytime and without any warning as long as the reason isn’t illegal by law.

This type of doctrine is no longer the main doctrine used in most U.S states by the 20th century, but it was commonplace during the late 19th century.

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3 years ago

At the beginning of the year, Glaser Company estimated the following: Assembly Department Testing Department Total Overhead $702

Arte-miy333 [17]

Answer:

Assebly rate: $ 9.12 per labor hour

Testing rate: $11.43 per machine hour

Explanation:

Assembly Department Testing Department Total

$702,000 $786,240 $1,488,240

Direct labor hours 77,000 95,480 172,480

Machine hours 95,500 68,760 164,260

$\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate$

Assembly rate:

702,000 / 77,000 = 9,11688

Testing rate

786,240 / 68,760 = 11,4347

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3 years ago