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miv72 [106K]
3 years ago
10

Scott Company had sales of $12,050,000 and related cost of goods sold of $7,100,000 for the year ending December 31, 20Y8. Scott

provides customers a refund for any returned or damaged merchandise. Scott Company estimates that customers will request refunds for 0.6% of sales and estimates that merchandise costing $53,000 will be returned in 20Y9. Journalize the adjusting entries on December 31, 20Y8, to record the expected customer returns. If an amount box does not require an entry, leave it blank.
Business
1 answer:
yaroslaw [1]3 years ago
3 0

Answer:

See explanation section.

Explanation:

December 31, 20Y8          Sales                Debit                     $72,300

                                      Customer Refunds Payable     Credit                $72,300

Note: Calculation: $12,050,000 × 0.6% = $72,300

(As the customers requested refunds for 0.6% of sales, we have to deduct it from total sales to give refund.)

December 31, 20Y8           Estimated Returns Inventory Debit  $53,000

                                            Cost of goods sold      Credit                   $53,000

Note: As the returned products had the cost of sales, we have to give cost of goods sold journal assuming the company used perpetual inventory system.                              

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Following the fall of the Soviet Union, Russia saw a rise in political freedom and the economy implemented widespread price dere
d1i1m1o1n [39]

Answer:

Neoliberalism.

Explanation:

If the inequality is increased so the individual income would be represent as a neoliberalism cause also it would be applied in that case when the soviet union fall witness the disparities that lies between the rich and the power having gap widening also. It affects the individuals those already wealthy in order to earn and make more profits and give less for the population that is poor to catch up and decline back on track

6 0
3 years ago
Which of the following statements is most correct concerning a project with normal cash flows (i.e., a cash outflow in Year 0 fo
Bond [772]

Answer: D. If the NPV of a project is zero, then the IRR of the project will be equal to the discount rate for the project.

Explanation:

Net present value (NPV) refers to the difference that exist between the present value of the cash inflows and that of the cash outflows for a particular period of time.

The net present value is used in capital budgeting to determine if a projected investment or project will be profitable or not. For a project with normal cash flows, if the NPV of a project is zero, then the IRR of the project will be equal to the discount rate for the project.

Therefore, the correct option is D.

7 0
2 years ago
Jeff got a part-time job delivering groceries for $15/hour and grossed $8,200
solniwko [45]

Answer:

Income = $8,200

Less:

Federal tax 10% = -$820

State tax at 5.5% = -$451

FICA at 7.65% = -$627.30

Total deduction = -$1,898.30

Net pay = $6,301.70

4 0
3 years ago
In its annual income statement, Fox Co. reported income before income taxes of $300,000. Fox estimated that, because of permanen
mezya [45]

Answer:

In total 84,000 income tax will be reported.

Explanation:

taxable income 280,000

tax rate: 30%

tax expense: taxable income  x tax rate:

                           280,000       x    30%     =     84,000

The company already expected 50,000 tax income:

income tax expense 50,000 debit

             cash                           50,000 credit

So it will adjust for the difference: 84,000 - 50,000 = 34,000

income tax expense 34,000 debit

            income tax payable      34,000 credit

In total 84,000 income tax will be reported.

5 0
3 years ago
Calculate the IRR of a machine that is purchased for $5,000, sold at the end of year 4 for $2,500, and produces the following ca
liraira [26]

Answer:

5.3%

Explanation:

Year     Cash-flow

0           -$5,000

1             $700

2            $800

3            $900

4            $3,500

<em>Using the IRR Function on MS Excel</em>

IRR of the machine = IRR(Cashflow 0,1,2,3,4)

IRR of the machine = 0.053

IRR of the machine = 5.3%

8 0
2 years ago
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