Answer:
Net Purchase = $365,000
Cost Of Goods purchased = $382,100
Explanation:
given data
Purchases = $383,500
Purchase Returns and Allowances = $12,100
Purchase Discounts = $6,400
Freight-in = $17,100
to find out
net purchases and cost of goods purchased
solution
we know that Net Purchase is express as
Net Purchase = Purchases - Purchase Discount - Purchase Return and Allowances .........................1
put here value in equation 1 we get
Net Purchase = $383,500 - $6,400 - $12,100
Net Purchase = $365,000
and
Cost Of Goods purchased = Net Purchase + Freight ....................2
so put here value
Cost Of Goods purchased = $365,000 + $17,100
Cost Of Goods purchased = $382,100
Answer:
1. Sales Budget
2. Selling and Administrative Budget
3. Budgeted Income Statement
4. Budgeted Balance Sheet
Explanation:
First of all the sales budget is prepared in which expected sales are shown and then the selling and administrative budget is prepared which shows expenses related to sale.
The income statement budget is prepared which shows the expected income.
Then at last Budgeted Balance Sheet is prepared in which the expected income is transferred.
The order in which they appear is as follows.
1. Sales Budget
2. Selling and Administrative Budget
3. Budgeted Income Statement
4. Budgeted Balance Sheet
Answer:
yes sir. this makes my day
The Allowance for Doubtful Accounts T-account will have the write-offs of specific customers sales discounts and allowances on the credit side.
<h3>What is
Doubtful Accounts?</h3>
It lowers the value of an asset—in this case, the accounts receivable—the allowance for dubious accounts is referred to as a "contra asset."
The allowance, also known as a bad debt reserve, is management's projection of the amount of accounts receivable that customers will not pay.
Thus, option B is correct.
For more details about Doubtful Accounts, click here:
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