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Umnica [9.8K]
3 years ago
11

On March 18, James Smith purchased $5,000 of furniture from Home Furnishings on account. The cost of the goods was $3,000. On Ma

rch 20, Home Fu goods damaged in transit. Which of the following represents the correct way to record this tr rnishings granted the customer a $1,000 sales allowance for 1?
A. Refunds Payable 1,000 Cash 600 Merchandise Inventory 600 Estimated Returns Inventory 1,000
B. Refunds Payable O Accounts Receivable 1,000 1000
C. Sales Revenue O Cash 1,000
D. Sales Returns and Allowances1,000 Cash 1,000
Business
1 answer:
UNO [17]3 years ago
5 0

Answer:

B. Refunds Payable  1,000  Accounts Receivable 1000

Explanation:

Since the given transactions made on credit basis, so there is no role of cash.

Hence, no cash entry would be recorded

Moreover, the sales allowance is granted for $1,000 which reduce the account receive balance so we credited this account and the goods are damaged so we debited the refund payable account

Hence, the entry would be

Refunds Payable  $1,000

              Accounts Receivable $1,000

(Being the sales allowance is recorded)

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Kearney Inc. has a factory with the following characteristics: direct labor of $82056, direct materials of $52432 fixed overhead
frutty [35]

Answer:

The amount of cost from Pool A that is allocated to LQ6 is $7,802.

Explanation:

Since Pool A includes all variable overhead and uses direct labor as the allocation base, we can obtain the following from the question:

Direct labor = $82,056

Variable overhead = $146,362

Number of labor hours used by LQ6 = 162

Factory's labor costs per hour = $27

Therefore, we have:

Factory's labor cost of LQ6 = Number of labor hours used by LQ6 * Factory's labor costs per hour = 162 * $27 = $4,374

Variable over allocated to LQ6 from Pool A = (Factory's labor cost of LQ6 / Direct labor) * Variable overhead = ($4,374 / $82,056) * $146,362 = $7,801.83518572682

Rounding to whole number of $ as required, we have:

Variable over allocated to LQ6 from Pool A = $7,802

Therefore, the amount of cost from Pool A that is allocated to LQ6 is $7,802.

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2 years ago
What tools can you use consistently use to resolve value conflicts?​
7nadin3 [17]

Answer:

Value conflicts can be defined as the issues which arose when the standard or predicted results are not achieved.

Explanation:

In an organization, a values conflict might arise if decisions are made or actions taken that result in compromising a stated value. Tools to resolve value conflicts.

Ignorance: Ignorance can be useful sometimes. If a mistake is too small which  can be ignored or which has not that much affect on the concern topic then it is necessary to ignore.

Mediate it: Sometimes, the small or unnecessary things turn into a big issue which can be dangerous if not mediate properly. Thus correct and timely mediation is a required factor to resolve value conflict.

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Definition of diverse nation
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A plant is proposing to install a combined heat and power system to supply electrical power and process steam. Power is currentl
Degger [83]

Answer:

Cumulative net present value of the project is:

= $33.5 million.

The discounted cash flow rate of return is:

= 26%

Explanation:

a) Data and Calculations:

The capital cost of the combined heat and power system = $23 million

Expected net savings per year = $10 million

Project period = 10 years

Discount rate = 12%

Annuity PV factor for 10 years at 12% = 5.650

Total PV of the cash flows = $56.5 million (5.650 * $10 million)

NPV of the project = $33.5 million

Annualized NPV = $33.5 million/5.650

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Discounted cash flow rate of return = Annualized NPV/Investment * 100

= $5,929,204/$23,000,000 * 100 = 26%

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