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makkiz [27]
3 years ago
14

On June​ 30, Coral, Inc. finished Job 750 with total job costs of $ 4 comma 500​, and transferred the costs to Finished Goods In

ventory. On July​ 6, Coral sold goods to a customer for $ 5 comma 500 cash. Which of the following is the correct journal entry to record the cost of goods​ sold? Assume the perpetual inventory system is used. A. debit Finished Goods Inventory $ 4 comma 500 and credit Cost of Goods Sold $ 4 comma 500 B. debit Cost of Goods Sold $ 4 comma 500 and credit Finished Goods Inventory $ 4 comma 500 C. debit Cost of Goods Sold $ 4 comma 500 and credit WorkminusinminusProcess Inventory $ 4 comma 500 D. debit WorkminusinminusProcess Inventory $ 4 comma 500 and credit Cost of Goods Sold $ 4 comma 500
Business
1 answer:
kherson [118]3 years ago
4 0

Answer:

B. debit Cost of Goods Sold $ 4,500 and credit Finished Goods Inventory $ 4,500

Explanation:

The cost of goods sold will be 4,500 cost of the job 750

We are going to debit the cost of good sold for the amount it cost to make job 750

and credit the finished goods inventory as the amount of goods available for sale decreases.

When we sale we deliver an asset of ours (finished goods) thus, we have to make it decrease.

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Work-family conflicts can be social or emotional.T/F
solong [7]

True because when you don't have enogh time with your family you can be unhappy and you might not be as cheerful around people.

3 0
3 years ago
Storico Co. just paid a dividend of $2.05 per share. The company will increase its dividend by 24 percent next year and then red
VikaD [51]

Answer:

A share of stock sell for <u>$74.21 </u>today.

Explanation:

This can be calculated as follows:

Dividend per share in year 1 = Year 0 dividend * (1 + growth rate of year 1 dividend) = $2.05 * (1 + 24%) = $2.5420

PV of year 1 dividend per share = Year 1 dividend / (1 + rate of return)^1 = $2.5420 * / (1 + 10%)^1 = $2.31090909090909

Dividend per share in year 2 = Year 1 dividend * (1 + growth rate of year 1 dividend) = $2.5420 * (1 + (24% -6%)) = $2.5420 * (1 + 18%) =$3.00

PV of year 2 dividend per share = Year 2 dividend / (1 + rate of return)^2 = $3.00 / (1 + 10%)^2 = $2.47933884297521

Dividend per share in year 3 = Year 2 dividend * (1 + growth rate of year 2 dividend) = $3.00 * (1 + (18% -6%)) = $3.00 * (1 + 12%) =$3.36

PV of year 3 dividend per share = Year 3 dividend / (1 + rate of return)^3 = $3.36 / (1 + 10%)^3 = $2.5244177310293

Dividend per share in year 4 = Year 3 dividend * (1 + growth rate of year 3 dividend) = $3.36 * (1 + (12% -6%)) = $3.36 * (1 + 6%) =$3.5616

PV of year 4 dividend per share = Year 4 dividend / (1 + rate of return)^4 = $3.5616 / (1 + 10%)^4 = $2.43262072262824

Dividend per share in year 5 = Year 4 dividend * (1 + growth rate of year 4 dividend) = $3.5616 * (1 + 6%) = $3.775296

Price at year 4 = Year 5 dividend / (Rate of return – growth rate) = $3.775296 / (10% - 6%) = $94.3824

PV of price at year 4 = Price at year 4 / (1 + rate of return)^4 = $94.3824 / (1 + 10%)^4 = $64.4644491496482

Share price to day = PV of year 1 dividend per share + PV of year 2 dividend per share + PV of year 4 dividend per share + PV of year 4 dividend per share + PV of price at year 4 = $2.31090909090909 + $2.47933884297521 + $2.5244177310293 + $2.43262072262824 + $64.4644491496482 = $74.21

5 0
3 years ago
Because the auditors of XYX Company accepted a client firm’s questionable financial statements when the infractions have occurre
OverLord2011 [107]

Answer: setting ill-conceived goals

Explanation:

3 0
2 years ago
Suppose you want to play a carnival game that costs 7 dollars each time you play. If you win, you get $100. The probability of w
lilavasa [31]

Answer:

The correct answer would be $5

Explanation:

The formula to use is "Expected return to player" which is

E(x) = x.p(x)

where x is the return to player if they win

and p(x) is the probability of winning.

So here,

x = $100 (return to player for winning)

p(x) = 1/50 (probability of winning)

Therefore expected return to player is

E(x) = x.p(x)

= $100 x 1/50

= $100/50

= $2

Cost: $7

Expected return to player is $2.

Therefore Loss (to player) is Cost minus Expected return

= $7 - $2 = $5 <---- expected value for the carnival to gain,

The loss to the player is the carnival's gain. It's $5.

8 0
3 years ago
Read 2 more answers
Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $242.00. 15 Replenished the pe
kkurt [141]

Answer:

petty cash fund 242 debit

                cash             242 credit

--to establish a petty fund--

freigth-out                       53.40 debit

entertainment expense  15.00 debit

postage expense            12.70 debit

miscellaneous expense 112.50 debit

cash shortage loss            2.40 debit

             cash                                      196 credit

--to replenish the fund on August 15th--

petty cash fund 200 debit

                cash             200 credit

--to increase petty fund by 200 dollars--

freigth-out                        25.40 debit

entertainment expense  153.60 debit

postage expense            124.00 debit

cash shortage loss              1.00 debit

             cash                                      304 credit

--to replenish the fund on August 31th--

Explanation:

when replenish we don't use the petty fund account we adjust directly against cash leaveing the petty fund balance untouched. We only adjusted for increases or decreases in the total amount available at the petty cash fund.

3 0
3 years ago
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