Answer:
debit Accounts Payable $800; credit Merchandise Inventory $16; and credit Cash $784
Explanation:
Since Jello's Market purchased $1,000 of goods on account with terms of 2/10,n/30, and they returned $200 of the goods due to defect the next day.
Since the goods are paid fr the next day, if falls within the settlement for discount date which is 2% within 10 days
If Jello pays for the purchase within the discount period and uses the perpetual inventory system, the required journal entry to record the payment would: debit Accounts Payable $800; credit Merchandise Inventory $16; and credit Cash $784.
This would be the case because accounts payable account would have been credited since the goods were not bought for cash but on account, and the would be $1000 less $200 returns, which is $800.
The discount of 2% x (1000 - 200 returns) would be $16 and posted directly to inventory, since it is a perpetual inventory system.
The actual amount paid is credited to cash, which is $1000 - $200 returns - $16 discount
Answer and Explanation:
The computation is shown below:
Total material cost variance
= (Standard quantity × standard price) - (actual quantity × actual price)
= (4,000 tiles × 2 pounds of material × $4) - (8,800 pounds × $35,640 ÷ 8,800 pounds)
= (8,000 pounds × $4) - ($8,800 pounds × $4.05)
= $3,640 unfavorable
For material price variance
= Actual Quantity × (Standard Price - Actual Price)
= 8,800 × ($4 - $4.05)
= $440 unfavorable
For material quantity variance
= Standard Price × (Standard Quantity - Actual Quantity)
= $4 × (8,000 pounds - 8,800 pounds)
= $3,200 unfavorable
The favorable variance is that in which the standard cost is more than the actual cost and the inverse goes to unfavorable variance
Answer:
755 units
Explanation:
Given that,
variable cost per clock = $10.20
Selling price = $17
Fixed cost = $7,701
At old price,
Contribution margin:
= Selling price - Variable cost
= $17 - $10.20
= $6.8
Break even point:
= Fixed cost ÷ Contribution margin per unit
= $7,701 ÷ $6.8
= 1,132.5
Now, Suppose that Juniper raises its price by 20 percent, but costs do not change.
Selling price = $17 + ($17 × 20%)
= $17 + $3.4
= $20.4
Contribution margin:
= Selling price - Variable cost
= $20.4 - $10.20
= $10.2
New Break even point:
= Fixed cost ÷ Contribution margin per unit
= $7,701 ÷ $10.2
= 755 units
Answer:
$1510.28
Explanation:
The monthly on the purchase of new sports car can be computed using the pmt excel function as shown below:
=pmt(rate,nper,-pv,fv)
rate is APR of 7.15% expressed in monthly terms i.e 7.15%/12
nper is the number of months that payments would last i.e 60 months
pv is the cost of the new sports car i.e $76000
fv is the balance owed after the 60th payment i.e $0
=pmt(7.15%/12,60,-76000,0)=$1510.28
Increased presence of visitor spending
I hope that helped
