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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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Barkley Company uses a periodic inventory system and has the following account balances: Beginning Inventory $50,000, Ending Inv
Dmitriy789 [7]

Explanation:

The computation is shown below:

a. Net purchase

= Purchase - Purchase Returns and Allowances - Purchase Discounts + Freight in

= $330,000 - $8,000 - $6,000 + $12,000

= $328,000

b. The cost of goods available for sale is

= Beginning inventory + purchase

= $50,000 + $328,000

= $378,000

c. The cost of goods sold is

=  The cost of goods available for sale - ending inventory

= $378,000 - $80,000

= $298,000

4 0
3 years ago
The Goodyear Tire & Rubber Company's December 31, 2016, financial statements reported the following (in millions). Cash Dece
Gnom [1K]

Answer:

A. $1,476 million.

Explanation:

Cash at beginning of the year + cash from operating activities + Cash from investing activities + cash from financing activities

Cash at beginning of the year + $1,504 -$973 -$875 = $1132

Cash at beginning of the year - $344 = $1132

Cash at the beginning of the year = $1132 + $344

Cash at the beginning of the year = $1,476 million

6 0
3 years ago
You have found an asset with an arithmetic average return of 14.60 percent and a geometric average return of 10.64 percent. Your
Ksju [112]

Answer:

return of the asset =  13.94%

return of the asset =  13.11%

return of the asset = 11.46 %

Explanation:

given data

average return = 14.60 percent

geometric average return = 10.64 percent

observation period = 25 years

solution

we get here return of the asset over year  by Blume formula that is

return of the asset = ( T- 1 ) ÷ ( N - 1)  × geometric average + ( N -T)  ÷ ( N - 1)  × arithmetic average   ..................1

here N is observation period and T is time

put value in equation 1

return of the asset = \frac{5-1}{25-1} *0.1064 + \frac{25-5}{25-1} * 0.1460

return of the asset = 0.1394 = 13.94%

and

return of the assets = \frac{10-1}{25-1} *0.1064 + \frac{25-10}{25-1} * 0.1460

return of the asset = 0.13115 = 13.11%

and

return of the assets = \frac{20-1}{25-1} *0.1064 + \frac{25-20}{25-1} * 0.1460

return of the asset = 0.11465 = 11.46 %

6 0
3 years ago
Social responsibility is know as ______.
FinnZ [79.3K]

Answer:

B. people and community

Explanation:

Social responsibility is known as people and community. In other words it refers to any and all responsibilities that you may have when being part of a community or society to make that community better. This involves a wide range of responsibilities or obligations such as volunteering, cooperating with others, ethical and moral choices, etc. Anything that benefits the larger structure that you are part of would be considered a social responsibility.

6 0
3 years ago
Managing economic exposure is generally perceived to be ____ managing transaction exposure. a. more difficult than b. less diffi
Anit [1.1K]

Answer:

the correct answer is a. more difficult than

Explanation:

Unlike Transaction exposure, economic exposure is difficult to predict and difficult to mitigate in an event of occurence, thus making it harder to manage than transaction exposure.

This is mainly because economic exposure can happen due to various macro economic factors and international political incidents.

6 0
3 years ago
Read 2 more answers
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