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sasho [114]
3 years ago
8

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system a

nd the gross method. Apr. 2 Purchased $6,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $200 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $11,700 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $11,700 owed on the April 18 purchase. 28 Sent check to Frist paying f
Business
1 answer:
anzhelika [568]3 years ago
6 0

Answer:

April 2

Merchandise $6,200 (debit)

Accounts Payable :  Lyon Company $6,200 (credit)

<em>Purchase of Merchandise on credit from Lyon Company (FOB)</em>

April 3

Accounts Payable :  Lyon Company $200 (debit)

Cash $200 (credit)

<em>Payment of Shipping Costs included in the Invoice </em>

April 4

Accounts Payable :  Lyon Company $450 (debit)

Merchandise $450 (credit)

<em>Return of unacceptable merchandise to Lyon Company</em>

April 17

Accounts Payable :  Lyon Company $5,550 (debit)

Discount Received $111 (credit)

Cash $5,439 (credit)

<em>Settlement of Account with supplier and recognition of discount received</em>

April 18

Merchandise $11,700 (debit)

Accounts Payable :  Frist Corp $11,700 (credit)

<em>Purchase of Merchandise on credit from Frist Corp</em> <em> (FOB)</em>

April 21

Accounts Payable :  Frist Corp  $500 (debit)

Merchandise $500 (credit)

<em>Allowance received from supplier (Frist Corp)</em>

<em />

Explanation:

There is some missing transactions for the dates closer to end of April.

However the rest of the journals and their narrations have been prepared. This will help with completing the rest of the transactions.

See journals above.

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A tax preparer's high ethical standards protect taxpayers by option A: Providing them with an accurate return, including all tax benefits to which they are entitled.

A tax preparer's high ethical standards protect the tax preparer through except option D: Eliminating the need for preparer due diligence notes Mark for follow up

The statement that  is accurate is option C: Beatrice may claim EITC based on Jordyn if her AGI was higher than Beth's and if she files first.

<h3>What are tax ethics?</h3>

Tax ethics, is known to be the term for the taxpayer's moral duty to pay taxes, is influenced by their interaction with the government as citizens. Tax evasion and tax ethics are frequently used synonymously.

When filing taxes, a tax preparer should take certain ethical considerations into account:

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Therefore, one can say that anyone who prepares a tax return may now be held accountable for errors committed in filing a return for someone else due to a change in tax regulations that took effect more than ten years ago. An IRS monetary penalty may be imposed on a tax preparer who made errors on your return.

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1 year ago
Which one of the following statements does NOT describe a problem with using ROE as a performance measure? A. ROE measures retur
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B) ROE is a forward-looking, one-period measure, while business decisions span the past and present

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ROE is a forward-looking, one-period measure, while business decisions span the past and present, this statement does not describe a problem with using ROE as a performance measure.

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3 years ago
All else being equal, a company with a low operating leverage will have:
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c) relatively high variable costs

Explanation:

Operating leverage is a ratio that is used to analyze and understand the cost structure of a business. It gives the relation between the variable and fixed cost to the the total cost of running the business.

A business with a large amount of fixed cost relative to variable is said to have  a high operating leverage . For such business, operating income would  be more volatile because the operating income would not increase in commensurate proportion as sales revenue.

And a company with low operating leverage has low amount of fixed cost relative to variable cost and therefore a relatively high variable costs

Operating leverage is calculated as

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A ten-year note is priced at par and has a (modified) duration of 7.8 years. A twenty-five year bond has a (modified) duration o
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Answer:

Between 7.8 and 12 Years

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The modified duration of a portfolio is defined as a weighted average in the modified duration of an individual bonds. Therefore it will lie between the extreme values of the modified duration of the bonds in portfolio so that the weights are all positive.

In the context, the modified duration lies between 7.8 years and 12 years as the modified duration would always lie between the lowest modified duration and the highest modified duration of any bonds in a portfolio. Therefore the weights are value that will lie between these two years.

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Explain the changes in the allowance for doubtful accounts from 2013 through 2015. Does it appear that Hewlett-Packard increased
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The amount that was to be receivable in the year 2015 decreased and the balance of  allowance for doubtful accounts also decreased.

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According to the information that was given, the amount that was receivable in 2014 was 13,832 million where as in the year 2015 it was 13,363 millions. The ending balance of allowance for doubtful accounts in 2014 was 232 million and in 2015 it was 189 millions.

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