Safty nets should be provided where the falling distance is 25 feet or more

Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system.

marta [7]

Answer:

Evans Company

General Journal

Part a.

Debit : Cash $645

Debit : Cost of goods sold $375

Credit : Sales Revenue $645

Credit : Merchandise $375

Part b.

Debit : Cash $432

Debit : Cost of goods sold $195

Credit : Sales Revenue $432

Credit : Merchandise $195

Part c.

Debit : Accounts Receivable $670

Debit : Cost of goods sold $438

Credit : Sales Revenue $670

Credit : Merchandise $438

Part d.

Debit : Credit Card fees $85

Credit : Cash $85

Explanation:

The Perpetual inventory system calculates the cost of sale and inventory balance on each and every sale made hence the journals above.

4 0

3 years ago

The company's wacc is 10. 5%. what is the irr of the better project? (hint: the better project may or may not be the one with th

Simora [160]

The better Project is Project S having a NPV of $17.968 and IRR of 12.10 %

IRR:

An approach to capital budgeting that is used to assess the profitability of a project is the discounted payback time. Internal rate of return is one of these capital planning strategies (IRR).
This rate of return corresponds to the point at which a project's net present value equals zero. Since it does not account for any outside forces, such as inflation, they call it internal.

The calculator's capabilities will be utilized to determine the IRR,

Project S

CF0 = (1,000)
CF1 = 882.62 & F01 = 1
CF2 = 250 & F02 = 1
CF3 = 15 & F03 = 1
CF4 = 5 & F04 = 1
I = 10.5%
[NPV] [CPT]
The NPV is $17.968
[IRR] [CPT]
The IRR will come as 12.10%
Project L
CF0 = (1,000)
CF1 = 0 & F01 = 1
CF2 = 260 & F02 = 1
CF3 = 420 & F03 = 1
CF4 = 732.87 & F04 = 1
I = 10.5%
[NPV] [CPT]
The NPV is $15.78
[IRR] [CPT]
The IRR will come as 11.03%
The better Project is Project S having a NPV of $17.968 and IRR of 12.10%

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7 0

2 years ago

NemiM [27]

Answer:

$85

Explanation:

Costco Medical Supply's inventory:

Surgical Eq - Surgical Supp - Rehab Eq - Rehab Supp

Selling price $260 $100 $340 $165

Cost $170 $90 $250 $162

Costs to sell $30 $15 $25 $10

If we apply the net realizable value rule, the value of surgical supplies would be:

NRV = $100 = $15 = $85

the NRV is also the lower of cost since $85 < $90

6 0

3 years ago

Mercury Inc. purchased equipment in 2019 at a cost of $497,000. The equipment was expected to produce 580,000 units over the nex

Ivan

Answer:

1.

Gain or (Loss) on sale = (17000) Loss

2.

Cash 253600 Dr

Accumulated Depreciation 226400 Dr

Loss on Sale 17000 Dr

Equipment 497000 Cr

3.

Gain or (Loss) on sale = 9400 Gain

4.

Cash 280000 Dr

Accumulated Depreciation 226400 Dr

Gain on Sale 9400 Cr

Equipment 497000 Cr

Explanation:

We first need to calculate the carrying value of the equipment at the date of disposal. The carrying value is calculated as follows,

Carrying value = Cost - Accumulated depreciation

Depreciation 2019 = (497000 - 33000) * 83000 / 580000

Depreciation 2019 = 66400

Depreciation 2020 = (497000 - 33000) * 133000 / 580000

Depreciation 2020 = 106400

Depreciation 2021 = (497000 - 33000) * 67000 / 580000

Depreciation 2021 = 53600

Carrying value = 497000 - [ 66400 + 106400 + 53600 ]

Carrying value = $270600

1.

Gain or (Loss) on sale = Sales price - Carrying Value

Gain or (Loss) on sale = 253600 - 270600

Gain or (Loss) on sale = (17000) Loss

2.

Cash 253600 Dr

Accumulated Depreciation 226400 Dr

Loss on Sale 17000 Dr

Equipment 497000 Cr

3.

Gain or (Loss) on sale = Sales price - Carrying Value

Gain or (Loss) on sale = 280000 - 270600

Gain or (Loss) on sale = 9400 Gain

4.

Cash 280000 Dr

Accumulated Depreciation 226400 Dr

Gain on Sale 9400 Cr

Equipment 497000 Cr

6 0

3 years ago

Company uses the direct write-off method to account for uncollectible receivables. On April 18, Wears wrote off a $ 6 comma 10

vlabodo [156]

Answer:

On April 18, Wears wrote off a $ 6 comma 100 account receivable from customer W. Jalan

Debit Bad debt expense $6,100

Credit Accounts receivable $6,100

Being entries to write off debts due from W. Jalan

On May 24, Wears unexpectedly received full payment from Jalan on the previously written off account

Debit Cash account $6,100

Credit Bad debt expense $6,100

Being entries to record cash collected for debt previously written off

Explanation:

Ordinarily, When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.

To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.

Where a debit that had previously been determined to have gone bad gets settled, debit cash and credit bad debt expense.

However, these entries are posted directly between the bad debt expense account and the accounts receivable if the company uses the direct write off method.

7 0

3 years ago