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marusya05 [52]
3 years ago
6

Cumberland Co. sells $2,000 of inventory to Hancock Co. for cash. Cumberland paid $1,250 for the merchandise. Under a perpetual

inventory system, which of the following journal entry(ies) would be recorded?
Business
1 answer:
mafiozo [28]3 years ago
4 0

Answer:

Cash (Debit)                                    $2,000

         Sales (Credit)                                         $2,000

Cost of Merchandise Sold (Debit)   $1,250

         Merchandise Inventory (Credit)             $1,250

Explanation:

Cash (Debit): Cash increase because it is a Cash Sale, cash increases by debit.

     

Sales (Credit):  to register the sale, Sales(income) increases by credit .

Cost of Merchandise Sold (Debit): to record the cost of the merchandise sold, the costs increase by debit.      

Merchandise Inventory (Credit): to record the inventory output of the merchandise sold, inventory decreases by credit.

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Locking a cell so that others cannot alter its contents is known as _____.
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I would say the correct answer is cell protection. It is when you prevent others to edit or change the contents of certain cells in a sheet. In doing this, you first unlock all cells. Then, select the cells you want to lock then select the option to lock them. Hope this helped.
8 0
3 years ago
Suppose your firm receives a $ 3.2 million order on the last day of the year. You fill the order with $ 1.7 million worth of inv
AURORKA [14]

Answer & Explanation:

<u>a.- Revenues: </u>Increase for 3.2 millions

It will be recognize for the entire order, as it was deliveried entirely within the accounting period.

<u>b.- Earnings: </u> Increase for 1.5 millions

The earnings for the business will be the net between the revenues and expenses.

3.2 revenues - 1.7 expenses = 1.5 earnings

<u>c.- Receivables: </u> Increase for 1.8 millions

It will increase for the unpaid portion ofthe order.

<u>d.- Inventory</u> Decrease for 1.7 millions

It will decrease for the entire cost of the order, as it was within this accounting period both, revenues and the expense related to it, will be recognize.

<u>e.- Cash:</u> Increase for 1.4 millions

It will increase for the amount received from the customer. As it was no payment from the business in the transaction.

5 0
3 years ago
Hello, im stuck. if i could get some ideas for this i will mark you brainliest if i can.
Shtirlitz [24]

Answer: so you are giving someone instructions like how to make a sandwich with a lot of detail so someone could do everything you did :)

Explanation:

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3 0
3 years ago
The risk-free rate is 6% and the expected rate of return on the market portfolio is 13%. a. Calculate the required rate of retur
svet-max [94.6K]

Answer:

a) The required rate of return is 14.75%

b) The expected return on this stock is 16% which is more than its required rate of return 14.75%, thus it is underpriced.

Explanation:

a)

Using the SML equation, we can calculate the required rate of return (r) of a stock.

r = rFR + β * (rM - rFR)

r = 6% + 1.25 * (13% - 6%)

r = 0.1475 or 14.75%

b)

The SML shows the return that is required on a security based on the risk is carries. Using SML we calculate the required rate of return which is the percentage return that investors require a security to provide.

If the expected return is greater than the required rate of return which means that security is expected to provide more than is required then the security is underpriced.

The expected return on this stock is 16% which is more than its required rate of return 14.75%, thus it is underpriced.

5 0
3 years ago
Assume that Global Cleaning Service performed cleaning services for a department store on account for​ $180. How would this tran
tamaranim1 [39]

Answer:

(B) Increase both assets and equity by $180

Explanation:

The transaction analysis model tells us that:

Assets = Liabilities + Owner's Equity

Owner's equity = Contributed Capital + Retained Earnings

Retained Earnings = Net Income − Dividends

and

Net Income = Income − Expenses

The expanded accounting equation is obtain if all substitutions are made:

Asset = Liabilities + Contributed Capital + Income – Expenses − Dividends

In the Global Cleaning Service`s case:

Assets are increased either because the service is collected or is an account receivable. As the service provided is a revenue (income) is part of the Owner's Equity that also increase. Both, Asset and Owner's Equity, increase in 180.  

7 0
3 years ago
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