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NikAS [45]
3 years ago
14

Prepare the journal entry (if any) to record the sale on January 2, 2017. (Credit account titles are automatically indented when

amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2, 2017 Jan. 2, 2017 (b) Crane prepares an income statement for the first quarter of 2017, ending on March 31, 2017 (installation was completed on June 18, 2017). How much revenue should Crane recognize related to its sale to Ricard? First Quarter Sales Revenue $ Cost of Goods Sold Gross Profit $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT
Business
1 answer:
Troyanec [42]3 years ago
8 0

Answer:

JOURNAL ENTRY

a) 2 Mar Debit Accounts receivable $946000, Credit Revenue $946000

          Debit Cost of Sale $538100, Credit Inventory $538100

b) 5 Mar Debit Sales return $ 113000, Credit Account receivables $113000

             Debit inventory $63100, credit Cost of Sales $63100

c) 12 Mar Debit bank $816340 , Debit discount allowed $16660 , Credit Accounts receivable $833000

The balance due is $946000-$113000=$833000*98%=$816340 net of discount.

Revenue to be recognized = $833000 net of returns

cost of sales = $538100-$63100 = $475000

gross profit = $358000

Explanation:

COMPLETE QUESTION ( I will use the dates in the complete question)

Question:

Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual Inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

(a) On March 2, Crane Company sold $946,00D of merchandise to Sheridan Company, terms 2/10, n/30. The cost of the merchandise sold was $538,100

(b) On March 5, Sheridan Company returned $113,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,100.

(c) (c)On March 12, Crane Company received the balance due from Sheridan Company.

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A 38-year-old investor places $25,000 into a single premium qualified deferred variable annuity. Twenty years later, with the ac
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The total tax liability is $12,500.

<h3>What is the total tax liability? </h3>

Due to the fact that the account is qualified annuity, the total amount withdrawn is subject to tax.  Also, because the investor is less than 59.5 years, the investor pays an additional tax of 10%.

The effective total tax = 25% + 10% = 35%

Total tax liability = 25% x $50,000

= 0.25 x $25,000 = $12,500

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2 years ago
The recovery time objective (RTO) downtime metric is the defined as the point in time to which lost systems and data can be reco
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Answer:

False

Explanation:

 Recovery time objective(RTO) - The main objective of RTO is to work on the real-time designation.  It works to define lost or re-entered data during the downtime of the network. The purpose of RTO is to define the actual working time before a disturbance begins.

It defined to that time period during which the unprocessed process can be recovered after the disturbance occurs during any business operation.

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3 years ago
A(n) __________ is prepared as part of the human resource planning process, and indicates the characteristics and qualifications
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Answer:

c. human resource inventory

Explanation:

The human resource inventory is the inventory of employees skills and capabilities which represents their qualifications, experience, knowledge, personality, age, gender, interest, salary package etc in order to get a better idea about the person who is coming for an interview

So according to the given situation, the characteristics and qualifications of the organization's labor force represents the human resource inventory

4 0
3 years ago
In this question, assume that all variables other than price and quantity are held constant.
serg [7]

Answer:

A. The price reduced by 0.115%

B.  Betty can expect her total revenue to increase.

C.  The demand reduced by 43.32%

D. Patty can expect her total revenue to increase.

 Explanation:

A.

The price elasticity of demand can be expressed as shown below;

P.E=%Q/%P

where;

P.E=price elasticity of demand

%Q=percentage change in the quantity demanded

%P=percentage change in price

In our case;

P.E=305

%Q=35%=0.35

%P=unknown, to be determined

Substituting;

305=0.35/P

305 P=0.35

P=0.35/305=0.00115

%P=0.0011×100=0.115%

The price reduced by 0.115%

B.

Determine the initial and final revenue and compare to illustrate if the revenue increased or reduced.

Initial Revenue=initial unit price×initial quantity demanded

where;

Initial unit price=p

Initial quantity=q

replacing;

Initial Revenue=p×q=pq

Final Revenue=final unit price×final quantity demanded

where;

final unit price=(p-0.115% of p)=p-0.00115 p=0.99885 p

final quantity demanded=(q+35% of q)=(q+0.35 q)=1.35 q

Substituting;

Final revenue=(0.99885 p)×(1.35 q)=1.348 pq

Final revenue-Initial revenue=1.348 pq-pq=0.348 pq

Betty can expect her total revenue to increase.

C.

Using the same expression as above;

P.E=%Q/%P

where;

P.E=0.57

%Q=unknown, to be determined=0.01 Q

%P=76%=76/100=0.76

Substituting;

0.57=0.01 Q/0.76

0.01 Q=0.57×0.76

Q=(0.57×0.76)/0.01

Q=43.32%

The demand reduced by 43.32%

D.

Initial Revenue=initial unit price×initial quantity demanded

where;

Initial unit price=p

Initial quantity=q

replacing;

Initial Revenue=p×q=pq

Final Revenue=final unit price×final quantity demanded

where;

final unit price=(p+76% of p)=p+0.76 p=1.76 p

final quantity demanded=(q-43.32% of q)=(q-0.43 q)=0.57 q

Substituting;

Final revenue=(1.76 p)×(0.57 q)=1.0032 pq

Final revenue-Initial revenue=1.0032 pq-pq=0.0032  pq

Patty can expect her total revenue to increase.

 

5 0
3 years ago
Axle Corporation acquires 100% of Drexel Corporation's stock from Drexel's shareholders for $500,000 cash. Drexel Corporation ha
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Answer:

C) $500,000

Explanation:

According to Section 1012, the basis for stock is the purchase cost of stock.

Axle Corporation's basis in the Drexel Corporation stock is $500,000 .

8 0
3 years ago
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