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Mumz [18]
3 years ago
11

Maxie's Game World sold games to a customer on credit for $2,600, terms 1/10, n/30 and the cost of the games was $1,700. When re

cording the sales transaction in its sales journal, Maxie's would enter: Multiple Choice $1,700 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Cost of Goods Sold Dr./Inventory Cr. column. $2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Accounts Payable Dr./Purchases Cr. column. $2,600 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Cash Cr. column. $2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column. $1,700 in the Accounts Receivable Dr./Sales Cr. column and $2,600 in the Other Accounts Dr. column.
Business
1 answer:
aleksandrvk [35]3 years ago
7 0

Answer:

$2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column.

Explanation:

If we assume that Maxie's Game World uses a perpetual inventory system, the appropriate journal entries should be:

Date XXX, merchandise sold on credit to client YYY, terms 1/10, n/30

Dr Accounts receivable 2,600

    Cr Sales revenue 2,600

Dr Cost of goods sold 1,700

    Cr Merchandise inventory 1,700

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Indicate whether each of the following cost of an automobile manufacturer would be classified as direct materials, direct labor,
SOVA2 [1]

Answer:

Explanation:

The meaning of terms is shown below:

Direct material: The material which is directly related to the production process of the product is known as direct material

Direct labor: The labor who are engaged in production process of the product plus their wages is known as the direct labor

Manufacturing overhead: All the indirect cost related to manufacturing is known as manufacturing overhead i.e depreciation on factory equipment, the salary of supervisor etc

The categorization is given below:

a. Windshield - direct materials

b. Engine - direct materials

c. Wages of assembly line worker - direct labor

d. Depreciation of factory machinery - manufacturing overhead

e. Factory Machinery lubricants - manufacturing overhead

f. Tires - direct materials

g. Steering wheel - direct materials

h. Salary of painting supervisor - manufacturing overhead

3 0
3 years ago
​abby is marketing consultant who specializes in small businesses. her current client is very interested in estimating the costs
Anton [14]

Answer:

below the break even point, the firm is losing money.

Explanation:

The break even point is the output level at which the firm's revenue equals its costs. Above this level, the firm is operating at a profit, below this level, the firm is operating at a loss.

The formula for calculating break even point in units produced is:

break even point in units = total fixed costs / contribution margin per unit

6 0
3 years ago
Bonita Industries took a physical inventory on December 31 and determined that goods costing $210,000 were on hand. Not included
UNO [17]

Answer:

$258,500

Explanation:

The terms FOB shipping point indicates that ownership of the goods will passes to the buyer immediately the goods are accepted or collected from the seller by the public carrier. Since the goods in the question are already in transit, they should be added to the closing stock.

FOB destination destination implies ownership of the goods passes to the buyer at the destination. Since the goods in the questions are still in transit, they should be included in the closing stock.

Therefore, we have:

December 31 inventory = $210,000 + $24,000 + $24,500 = $258,500

Therefore, Bonita should report $258,500 as its December 31 inventory,

6 0
3 years ago
A company requisitioned $40,000 in direct materials and $30,000 in indirect materials from the storeroom to be used in productio
UNO [17]
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4 0
2 years ago
The management of Mitchell Labs decided to go private in 2002 by buying all 3.50 million of its outstanding shares at $22.50 per
Roman55 [17]

Answer:

Initial cost to Mitchell Labs to go private = $78.75 million

Total value = $121.60 million

Percentage return = 54.41%

Explanation:

As per the data given in the question,

a)

Initial cost to Mitchell Labs to go private = Price per share×no. of shares

= $22.50 × 3.50 million

= $78.75 million

b)

Total value = Sale proceeds + Current share value

= Sale proceeds +[(P ÷ E × EPS) × No. of shares]

= $12.50 million +$7.75 million +$24 million + [(17× $1.30) × 3.50 million]

= $44.25 million + $77.35 million

= $121.60 million

c)

Percentage return = ($121.60 million - $78.75 million) ÷ $78.75 million

= 0.5441

= 54.41%

7 0
3 years ago
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