Answer:
a) Sales returns and allowances $600
Accounts receivable $600
b) Merchandise inventory $350
Cost of goods sold $350
Explanation:
The Journal entry and their narrations are shown below:-
a. Sales Returns and Allowances Dr, $600
To Accounts Receivable $600
(Being sales return is recorded)
b. Merchandise Inventory Dr, $350
To Cost of Goods Sold $350
(Being merchandise inventory is recorded)
Answer:
What is Bob’s basis in the warehouse and in the land?
- warehouse basis = $53,571
- land basis = $71,429
Explanation:
since the total appraisal value was $75,000 + $100,000 = $175,000, we must allocate the basis using a coefficient = $125,000 / $175,000 = 0.714285
- warehouse basis = appraised value x coefficient = $75,000 x 0.714285 = $53,571
- land basis = appraised value x coefficient = $100,000 x 0.714285 = $71,429
- total = $53,571 + $71,429 = $125,000 (total purchase price)
Since the transaction price was lower than the appraised value, we must adjust the basis for both the land and the warehouse in the same proportion.
Answer: $725
Explanation:
One call option is valued at $7.25.
We are to find the value of a Call Option contract which is assumed to have a 100 shares in it.
If therefore, 1 call option is $7.25, then 100 call options is,
= 7.25 * 100
= $725
A buyer would have to pay $725 for one call option contract.
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The borrower pays the proper amount due to the seller Cash 3270
<h3>Briefing:-</h3>
1. Interest income of $3000 X (0.18) = 540
2. $540 over six or twelve months equals 270.
3. Journal Entry 3,000 Notes Receivable Interest Revenue 270 Cash 3270
<h3>Interest income is it income?</h3>
Interest income is the profit made from lending money to other organizations. The phrase is typically used in the income statement of the company to describe the interest received on cash held in savings accounts, certificates of deposits, or other investments.
<h3>What do journal entries entail?</h3>
A firm keeps a journal, which is a succinct record of all transactions; journal entries describe how transactions influence accounts and balances.
The information in journal entries serves as the foundation for all financial reporting, and there are several versions to suit different corporate requirements.
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