All categories

3 years ago

Question:

Business

1 answer:

valina [46]3 years ago

6 0

Answer:

Explanation:

The journal entries are shown below:

1. Purchase A/c Dr $8,500

To Accounts payable A/c $8,500

(Being purchase of inventory is made on credit)

2. Freight-in A/c Dr $45

To Cash A/c $45

(Being freight charges is paid for cash)

3. Purchase A/c Dr $11,985

To Accounts payable A/c $11,985

(Being purchase of inventory is made on credit)

4. Account payable A/c Dr $20,485 ($8,500 + $11985)

To Cash A/c $20,280.15

To Purchase discount A/c 204.85 ($20,485 × 1 %)

(Being the payment is recorded)

You might be interested in

The best defensive driving strategy in planning ahead for an evasive action on the road includes:

Pie

Answer:

A) Scan the highway far and wide.

B) Think about how slow, stop or change lanes suddenly.

Explanation:

The Smith Driving Standards can be a very useful guide for defensive driving techniques. It includes the Five Principles of Defensive Driving:

Aim high : you should be alert and focused, and your head should be held up high so that you can view the whole road.
The Big Picture : try to identify angry or erratic drivers, and always be aware of your surroundings.
Keep Your Eyes Moving: you must be alert and keep your eyes on the road.
Leave Yourself An Out : try to anticipate what other drivers are doing so that you have a possible exit in case you need to change lanes suddenly.
Ensure they see you: make sure other drivers have noticed you.

7 0

3 years ago

Which of the following is known as a partnership agreement? articles of partnership distribution of assets shared liability the

Vlad1618 [11]

The correct answer is shared liability

5 0

3 years ago

Coronado Company received proceeds of $209000 on 10-year, 5% bonds issued on January 1, 2016. The bonds had a face value of $220

Aleksandr [31]

Answer:

Coronado Company

The amount of gain or loss that Coronado would report on its 2018 income statement is:

= $13,200.

Explanation:

a) Data and Calculations:

Bonds proceeds = $209,000

Bonds face value = 220,000

Bonds Discounts = $11,000

Period of bonds = 10 years

Straight-line amortization = $1,100 annually

Interest payment = annually

Coupon rate rate = 5%

Fair value on January 1, 2017 = $210,100 ($209,000 + $1,100)

Fair value on January 1, 2018 = $211,200 ($210,100 + $1,100)

Call price = 102

Total call value (cash payment) = $224,400 ($220,000 * 102/100)

Loss to report on its 2018 income statement = $13,200 ($224,400 - $209,000 - $2,200)

6 0

3 years ago

A vice president of operations wants to evaluate the impact of reducing manufacturing expenses on the firm's return on assets. W

frosja888 [35]

Available Options Are:

a. Cost of Goods Sold

b. Net Profit Margin

c. None of these

d. Asset Turnover

Answer:

Option B. Net Profit Margin

Explanation:

The increase or decrease in cost of Goods sold can not tell whether the return on assets has increased or decreased becuase it would only tell that the expense are decreased or increased not the profit. Which means it only tells one side of the story hence Option A is incorrect.

Option B is correct because it talks about the profit. If the manufacturing cost has been decreased then the it must increase the profit. Because if the profits has increased then the return on asset will increase. Hence the Option B is correct here.

Option D is incorrect because asset turnover formula is:

Asset Turnover = Sales / Total Assets

The decrease in manufacturing cost will not increase the sales because sales and total assets are independent of manufacturing expenses hence the Option D is incorrect.

3 0

3 years ago

The variable overhead rate is $9.30 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $106,140 per m

Pani-rosa [81]

Answer:

Cash= 87,910 + 9.3*direct labor hour

Explanation:

Giving the following information:

The variable overhead rate is $9.30 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $106,140 per month, which includes depreciation of $18,230.

Cash= (106,140 - 18,230) + 9.3*direct labor hour

Cash= 87,910 + 9.3*direct labor hour

8 0

3 years ago