1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
JulijaS [17]
4 years ago
8

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system a

nd the gross method. Apr. 2 Purchased $6,500 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $900. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $12,300 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $500 allowance toward the $12,300 owed on the April 18 purchase. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Business
1 answer:
atroni [7]4 years ago
8 0

Answer: Check attachment

Explanation:

Apr. 17:

Account payable:

= $6500 - $900

= $5600

Merchandise Inventory

= $5600 × 2%

= $5600 × 0.02

= $112

Cash = $5600 - $112

= $5488

Apr. 28:

Account payable:

= $12300 - $500

= $11800

Merchandise inventory

= $11800 × 1%

= $11800 × 0.01

= $118

Cash = $11682

Check attachment

You might be interested in
Newly issued securities are sold to investors in which one of the following markets?A. ProxyB. InsideC. SecondaryD. Primary
Harrizon [31]

Answer:

D. Primary

Explanation:

The newly issued securities are first sold to the investors of the primary market .

The primary market id responsible for issuing the securities for the exchange of the company , or other groups .

The primary market are run by the underwriting groups which includes the investment banks .

Hence , from the information of the question , the correct term is ( d. ) Primary market .

7 0
3 years ago
What is the difference between marginal revenue and total revenue ?
Daniel [21]

Answer:

Explanation:

Total revenue is the amount of money you got for selling all of your products/services.

Marginal revenue is the amount of money you got for selling the last unit of goods or services.

6 0
3 years ago
In its first year of operations, Roma Company reports the following. Earned revenues of $54,000 ($46,000 cash received from cust
lesya692 [45]

Answer:

The Net Income in terms of Cash is $13600 while that of accrual basis is $24000.

Explanation:

As the complete question is not given, a similar  question is found online and is attached herewith.

By using the given data

Cash Values are given as

Revenues=$46000

Expenses Paid=$23400

Prepaid Cost=$9000

Total Expense Cash=Expense Paid +Prepaid Cost

Total Expense Cash=$23400 +$9000

Total Expense Cash=$32400

So the Net Income in terms of Cash is given as

Cash Net Income=Cash Revenue-Total Expense Cash

Cash Net Income=$46000-$32400

Cash Net Income=$13600

So the Net Income in terms of Cash is $13600.

Cash Values are given as

Earned Revenues=$54000

Incurred Expenses=$30000

So the Net Income in terms of Accrual is given as

Accrual Net Income=$54000-$3000

Accrual Net Income=$24000

So the Net Income in terms of Accrual  is $24000.

5 0
4 years ago
What cost measure is equal to AFC plus+AVC​? A. average total cost B. total cost C. marginal cost D. total variable cost All of
AlekseyPX

Answer:

The correct answer is option A.

The correct answer is option A.

The correct answer is option C.

Explanation:

The average fixed cost is the ratio of total fixed cost and total output. It measures the fixed cost per unit of output. The average variable cost is the ratio of total variable cost and total output. It measures the variable cost per unit of output.  

The sum of the average fixed cost and average variable cost is the average total cost. It is the ratio of the total cost of production and the total output produced. It measures the cost of production per unit of output.  

The marginal cost of production is the cost of producing an additional unit of output.  

The average total cost and average variable cost are at their minimum points when they are equal to the marginal cost. There is no such thing in the case of an average fixed cost. This is because the fixed cost is constant in the entire production process, so the average fixed cost goes on declining with the increase in output.  

As the level of output increases, the difference between the average total cost and average variable cost goes on declining. This is because the total fixed cost remains constant during the entire process. While the variable cost goes on increasing with the level of output. As the output increases this difference between smaller and becomes equal to average fixed cost.  

3 0
4 years ago
Emily purchased a building to store inventory for her business. The purchase price was $980,000. Emily also paid legal fees of $
svlad2 [7]

Answer

The answer and procedures of the exercise are attached in the following image.

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

7 0
4 years ago
Other questions:
  • Help pleaseee!
    10·2 answers
  • "company has 300,000 shares of common stock outstanding that is currently selling at a price of $100 per share. The company has
    6·1 answer
  • Direct Materials and Direct Labor Variances At the beginning of June, Bezco Toy Company budgeted 5,000 toy action figures to be
    14·1 answer
  • Amy, a baker, has found her dream home, but cannot afford the down payment. amy's brother agrees to loan her $30,000 for the dow
    10·1 answer
  • Which statement is false?A. Using a single plantwide overhead allocation rate is the simplest method of allocating overhead cost
    15·1 answer
  • Jessica is a U.S. Army Reservist and in 2020 traveled 130 miles each way to serve duty at a local military installation. She was
    9·1 answer
  • Kyla is a salesperson for Liberty Financial Corporation. Micky is also a Liberty salesperson. Neil is Kyla and Micky's superviso
    14·1 answer
  • Sujito Electronix makes headphones for $22 and sells them for $32. Sujito has sold at least 50 headphones on average per week in
    7·1 answer
  • For questions 1-10, fill in the blank with the letter of the term that best matches the description.
    7·1 answer
  • Many times training results are not measured sufficiently and/or correctly to provide valuable assessment data regarding the eff
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!