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saul85 [17]
3 years ago
15

Jo's Market makes a credit sale for $1,000 with terms of 2/10,n/30. The cost of the merchandise is $400. The required journal en

try to record the sale and cost of the sale is: debit Accounts Receivable $1,000 and credit Sales 1,000 debit Accounts Receivable $1,000; credit Sales $1,000; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400 debit Accounts Payable $1,000; and credit Sales $1,000 debit Accounts Receivable $600; credit Sales $600; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400
Business
1 answer:
Westkost [7]3 years ago
7 0

Answer:

The answer is: debit Accounts Receivable $1,000; credit Sales $1,000; debit Cost of Goods Sold $400; and credit Merchandise Inventory $400

Explanation:

The journal records should be:

  • Dr Accounts receivable 1,000
  • Cr Sales revenue 1,000

  • Dr Cost of goods sold 400
  • Cr Merchandise inventory 400

Accounts receivable is an asset account, and when assets increase they are debited.

Sales revenue is a revenue account, and when revenue increases it is credited.

COGS is an expense account, and when expenses increase they are debited.

Merchandise inventory is an asset account, and when assets decrease they are credited.

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Petra, Inc. has collected the following data.​ (There are no beginning​ inventories.): Units produced 580 units Units sold 580 u
Debora [2.8K]

Answer:

Operating income is $28,197.2

Explanation:

In order to calculate operating income, first we have to calculate total product cost per unit which is calculated as shown below:

Direct material per unit = $30

Direct labor = $35

Variable manufacturing overhead per unit = $10

Fixed manufacturing overhead per unit = 23,000 ÷ 580 = $39.66 per unit

Product cost per unit = 30 + 35 + 10 + 39.66 = $114.66

Now compute operating income as shown below:

Total sales = Per unit sales price × Units sold

                  = $230 × 580

                  = $133,400

Cost of goods sold = Units produced × product cost per unit

                                = 580 × 114.66

                                = $66,502.8

Gross profit = Sales - COGS

                    = 113,400 - 66,502.8

                    = $46,897.2

Fixed selling and administrative cost = $10,000

Variable selling and administrative cost = 15 × 580 = $8,700

Total selling and administrative cost = 10,000 + 8,700 = $18,700

Operating income = Gross profit - total selling and administrative cost

                               = $46,897.2 - 18,700

                               = $28,197.20

7 0
3 years ago
Over the past year, you earned a nominal rate of interest of 10% on your money. The inflation rate was 5% over the same period.
zimovet [89]

Answer:

exact actual growth rate of your purchasing power was 4.8%

Explanation:

given data

nominal rate of interest = 10%

inflation rate =  5%

solution

we get here exact actual growth rate that is express as

exact actual growth rate = \frac{1+rate\ of\ interest}{1+inflation\ rate} - 1      ..........................1

put here value and we will get

exact actual growth rate = \frac{1+0.10}{1+0.05} - 1

exact actual growth rate = 4.8 %

so here exact actual growth rate of your purchasing power was 4.8%  

3 0
2 years ago
Frankenstein Enterprises received two notes from customers for sales that Frankenstein made in 2021. The notes included: Note A:
Brums [2.3K]

Answer:

9.17%

Explanation:

Interest on Note B = $227,000 * 8% * 6/12

Interest on Note B = $9,080

Remaining Interest = $16,300 - $9,080  = $7,220

Annual Interest Rate = $7,220 / $135,000 * 12/7

Annual Interest Rate =  0.0916825397

Annual Interest Rate = 9.16825397

Annual Interest Rate = 9.17%

8 0
3 years ago
If he wanted the cash award of each of the five prizes to be $45,000 and his estate could earn 7% per year, how much would he ne
Stels [109]

Answer:

The answer is $3,214,285.71

Explanation:

Price of each award is $45,000

And there are 5

Therefore, we have 5 x $45,000

=$225,000.

So, $225,000 is the future value.

Rate of return(r) in 7% and it is being assumed that it is forever.

So, so how much will be needed to fund his prizes(present value)?:

PV = FV/r

= $225,000/0.07

=$3,214,285.71

5 0
3 years ago
What happens when you do not make a decision?
DENIUS [597]
Making decisions are always an important part. But failure in making decision may cause something unexpected. in most of the time a right decision at right time helps a lot... so for making a good decision one should follow some steps- like what are the good aspect if someone take this decision and what are the negative impact of this decision and if the probability of positiveness is more... than one should take that decision.. and if someone have confusion between what to do? and have to decide which decision to take among many ideas in mind  one should do the same steps but this time he/she should write them in a page for each decision a single page and than take the one which is prominent..
4 0
3 years ago
Read 2 more answers
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