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Rasek [7]
4 years ago
15

Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transacti

ons for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $5,000 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $220 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $750. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $9,300 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 $9,300 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:
skelet666 [1.2K]4 years ago
3 0

Answer: See attachment

Explanation:

Note:

April 17:

Account payable- Lyon Company:

= $5000 - $750

= $4250

Merchandise inventory:

= $4250 × 2%

= $4250 × 0.02

= $85

Cash = $4250 - $85

= $4165

April 28:

Account payable- Frist Corp:

= $9300 - $500

= $8800

Merchandise inventory:

= $8800 × 1%

= $8800 × 0.01

= $88

Cash = $8800 - $88

= $8712

Check the attachment for further information

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photoshop1234 [79]

Answer:

1. False.

2. False.

3. True.

4. False.

5. False.

6. True.

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8. True.

Explanation:

1. Employers generally restrict or monitor the Internet activity of their employees because the increased use raises the company's ISP rates significantly: False because it is considered unethical under certain employee rights.

2. Although unethical, there are currently no laws in the U.S. for actions such as hacking and sharing copyrighted material: False because there is a computer fraud and abuse act in existence.

3. Employees who engage in telecommuting may find themselves working more hours, especially if their supervisor feels as if they are always "on the clock.": True

4. Most experts recommend that companies monitor their employees secretly in order to prevent workers from circumventing the technologies used to track them: False because it is not ethical and violates the fundamental rights of the employees.

5. Copyright protection lasts 20 years after the date of publication or release: False because a copyright protection is 95 years from date of publication or release and 120 years from creation.

6. A web developer creates and maintains websites for organizations: True

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6 0
4 years ago
Which of the following statements does correctly explain the effect of additional debt on the weighted average cost of capital (
Aleksandr-060686 [28]

Answer: The net effect of additional debt on WACC is uncertain.

Explanation:

Weighted Average Cost of Capital (WACC) refers to the rate of return that a company is paying it's capital providers on average be it debt holders or shareholders.

Adding additional debt to the mix effects the WACC in an uncertain way due to the different ways the WACC could react. For example, adding additional debt decreases the after-tax cost of debt because debt is tax deductible which means that more money can flow to shareholders so that reduces the cost of equity. At the same time however, Additional debt can increase the risk of bankruptcy meaning that the before tax cost of debt rises which also increase the WACC.

The effect can swing either way thereby making it uncertain.

5 0
3 years ago
___________ encompasses all the activities required to get the right product into the right consumers hands in the right quantit
Verdich [7]

Answer:

The correct answer that fills the gap is: Supply Chain Management.

Explanation:

To complement the definition, supply chain management (SCM) tracks materials, information and finances during the process that goes from the supplier to the manufacturer, the wholesaler, the retailer, and the consumer. Supply chain management involves the coordination and integration of these flows, both within the same company and between different companies. It is said that the main objective of any effective supply chain management system is the reduction of inventories (assuming that the products are available when necessary). To offer optimal supply chain management solutions, there are currently sophisticated software systems with Web interfaces competing with Web-based application service providers (ASP) that are committed to providing part or all of the SCM service to Companies that hire their services.

------

NOTE: If you need to extend the explanation given, you can make a comment or add a new question. I will be very pleased to help you.

6 0
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6 0
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Answer:

D) $62.57

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Therefore, You should be willing to pay $62.57 for this stock.

3 0
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