A. It is decreased by 50,000 (I'm 50% sure)
6% of 50,000 is 3,000
Answer:
$10,215
Explanation:
Amount
Purchase 11,100
Less; purchase return <u>-1,600</u>
Net purchase 9,500
Less: Purchase discount (9500*3%) <u> -285</u>
9,215
Freight in <u>1,000
</u>
Cash Amount paid <u>$10,215</u>
Answer:
$106 million
Explanation:
allowance for doubtful accounts
debit credit
beg. balance 426
bad debt 85
ending balance <u>405 </u>
106
Since you need $106 million to balance the account, that should be the amount of bad debt written off during the current year. Allowance for doubtful accounts is a contra asset account, any debit balance increases accounts receivable while a credit balance decreases it.
Answer:
$21
Explanation:
Crystal Vase was originally priced as $100
80% off: 80% = 80/100 = 0.80
100 x 0.80 = 80
Subtract the amount that is off from the original amount:
100 - 80 = 20
Add sales tax. Sales tax is 5% or 0.05 of the amount.
20 x 0.05 = 1
20 + 1 = 21
$21 is your answer.
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Answer:
Explanation:
step 1
Inventory after purchase adjustment = Inventory as per periodic inventory system + Adjustment of purchase
=$245,770+$28,480
=$274,250
Explanation
Company S has account as per the periodic inventory system of $245,770. Company S made purchases of about $28,480 from Person P with the condition that the FOB shipping point is to be included in the record as per periodic system. The commodities are supplied by the vendor and goods are in transit.
step 2
Compute the amount of inventory which is to be reported by Company S on December 31 as given below:
Value of inventory = Amount after purchase adjustment + Sales adjustment
=$274,250+$24,980
=$299,230
Explanation
When Company S sold the supplies to Company A with a cost of $28,480 at a sales price of $39,990. The commodities are sold at state of FOB destination which literally can be referred to mean that until and unless Company S make available the goods at destination of Company A, sale is not assumed to be complete. The commodities are still in transit which reveals that the sale to Company A won’t be recorded as sale for the period. The cost of stock is to be integrated in the cost of inventory.