El Toro Corporation declared a common stock distribution to all shareholders of record on June 30, 20X3. Shareholders will recei
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Answer:
The entries are as follows
To record estimated returns on Sales
Debit: Sales Refund Payable Account $131,400
Credit: Accounts Receivables $131,400
To record estimated Cost of Sales returns
Debit: Inventory Returns Estimated Account $77,700
Credit: Inventory on Sales on Returns $77,700
Explanation:
To derive the figure for Sales Refund payable for the year
6% of $2,190,000
= = $131,400
To derive the figure for Inventory cost on Sales Refund payable for the year
6% of $1,295,000
= = $77,700
<u>Pay of Malik Boykin:</u>
Step 1:
Adding the total hours for each week:
Week of 3/10 = 5.5+6+9+12+7 = 39.5
Week of 3/17 = 8+8.5+9+13+4.5+4 = 47
Step 2:
Any sum of 40 hours or less gets multiplied by the hourly salary:
Week of 3/10: - That's the pay for that week
Week of 3/17:
Step 3:
For hours worked over 40 the salary is 1.5 times the normal salary:
Now multiply the hours over 40 for that week by the time and a half:
And adding it to the we get,
Therefore, Week of 3/10: and Week of 3/17: