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fredd [130]
3 years ago
7

On April ​3, a customer returned $ 900 of merchandise that had been purchased with cash to Cooke Supplies. Cooke​'s cost of the

goods returned was $ 200. Which journal entry or entries should Cooke ​prepare? (No sales discount was offered for early​ payment.)
Business
1 answer:
PIT_PIT [208]3 years ago
4 0

Answer:

The Journal entries are as follows:

(i) Sales revenue A/c  Dr. $900

          To Cash  $900

(To record the correction in sales revenue)

(ii) Merchandise Inventory A/c  Dr. $200

           To Cost of Goods sold  $200

(To record the merchandise returned)

Note:

(1) At the time of sale, the cash would have been debited with the amount of $900 and the sales revenue would have been credited with the amount of $900. Now, the cash of $900 should be credited as it was debited earlier.

(2) The inventory account also credited at the time sale, so it should be debited and the cost of goods sold debited at the time of original sale, so it need to be credited.

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In 2011 oil production in Libya was interrupted by political unrest. At the same time, the demand for oil by China continued to
kondaur [170]

Answer:

As a result of the political unrest in Libya, the supply of oil would fall, As a result the supply curve would shift to the left. This would lead to fall in equilibrium quantity and a rise in price.

The increased demand for oil would shift the demand curve to the right. The equilibrium price and quantity would increase

Taking these two effects together, equilibrium price would rise and there would be an indeterminate effect on equilibrium quantity

Please check the attached image for a graph showing these shifts

b. As a result of the change in supply, supply would increase. This would increase equilibrium quantity and equilibrium price would fall. in addition with the increase in demand for oil, equilibrium quantity would rise and there would be an indeterminate effect on equilibrium quantity

Explanation:

7 0
3 years ago
A company having difficulty with timely delivery of parts to its manufacturing plants should implement a supply chain ________ s
Ksju [112]

Answer:

The answer is D, Execution System.

Explanation:

Supply chain Execution system is a system that ensures the delivery of materials or orders to the concerned departments. So in this example, when a company is having difficulty with timely delivery of parts to its manufacturing plants, the company should implement the Supply Chain Execution System in order to ensure the timely delivery of the material to the manufacturing plant of the company.

8 0
2 years ago
Joey cuts lawns during the summer. Let q equal the number of acres mowed per day, and let L equal the number of hours worked per
Anna71 [15]

Answer:

The answer is B.

Explanation:

Marginal Productivity can be described as when every variable in the equation is held constant, it is the amount of productivity gained for every extra hour of labor that is put in.

And according to the information about Joey and his productivity cutting the lawns, we are provided the equation q = 0.2*L which means that for every extra hour Joey works cutting the lawns, Joey's marginal productivity is going to decrease by 0.2 or 20% so the answer is B.

I hope this answer helps.

7 0
3 years ago
Read 2 more answers
Janice Hartley works as a writer at a fashion magazine in New York. She was recently asked by her editor to write an article on
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Answer:

C

Explanation:

Affective component has been displayed as mood and feelings have been touched as a result of the feedback Janice got from her boss.

Cheers

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3 years ago
Jose Ramirez worked 38 hours last week at a pay rate of $7.25 per hour. What was his gross pay? Bill Green, a storm-door salesma
AVprozaik [17]

Answer:

Jose Ramirez worked 38 hours last week at a pay rate of $7.25 per hour. What was his gross pay?

  • Jose Ramirez's gross pay = 38 hours x $7.25 per hour = $275.50

Bill Green, a storm-door salesman, sold $5,000 worth of doors and received a commission of $400. What was his rate of commission?

  • Bill Green's commission rate = $400 / $5,000 = 8%

With a base salary of $250 and a commission of 4% of all sales, compute Cindy Nelson’s salary for the following weeks:

Week           Base Salary       Sales Commission       Total Salary

1                     $250.00                $890.00                    $1,140.00

2                    $250.00               $1,126.00                   $1,376.00

3                    $250.00                $975.00                    $1,225.00

4                    $250.00                $824.00                    $1,074.00

If I work 45 hours my salary will be

  • = (40 x $7.25) + (5 x $7.25 x 1.5) + ($800 x 2%) = $290 + $54.38 + $16 = $360.38

Your paycheck lists $324.25 as your gross earnings. Is that correct?

  • no, it should be $360.38

Arlene Grossman earns $235 per week. Her federal income tax is $36.00. Her FICA tax is 6.2%. Arlene is also subject to a 3% state income tax and a 1% city tax. What’s her net pay?

  • = $235 - $36 - ($235 x 6.2%) - ($235 x 3%) - ($235 x 1%) = $175.03

Will Brown, who pays weekly union dues of $3.00, earns $289 per week. His federal income tax is $39.13 and his FICA tax is 6.2%. He pays a 4% state income tax, a $15.00 annual city tax, and 2% of his pay to his retirement fund. What’s his net income for the week he pays the city tax?

  • = $289 - ($289 x 2%) - $39.13 - ($289 x 6.2%) - [($289 x 98%) x 4%] - $3 - $15 = $289 - $5.78 - $39.13 - $17.92 - $11.33 - $3 - $15 = $196.84
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3 years ago
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