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Stylon Co., a women's clothing store, purchased $13,000 of merchandise from a supplier on account, terms FOB destination, 1/10,

Ber [7]

Answer:

Dr. Inventory..................13,000

Cr. Accounts Payable...............13,000

Explanation:

Stylon Co., a women's clothing store, purchased $13,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30 using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $2,100, receiving a credit memo.

a. Journalize Stylon's entry to record the purchase. If an amount box does not require an entry, leave it blank.

Dr. Inventory..................13,000

Cr. Accounts Payable...............13,000

b. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank.

Dr. Accounts Payable........2.100

Cr. Inventory...................................2,100

c. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank.

In this case there will be discount credited to the inventory account

Dr. Accounts Payable.....(13000-2100)....10,900

Cr. Inventory................................................................109

Cr. Cash....................................................................10,791

d. Journalize Stylon's entry to record the payment beyond the discount period of 10 days.

In this case there will be no discount credited to the inventory account

Dr. Accounts Payable.....(13000-2100)....10,900

Cr. Cash....................................................................10,900

7 0

3 years ago

The rest-a-lot chair company manufacturers a standard recliner. during february, the firm's assembly department started producti

MAVERICK [17]

Calculation of the Cost of Goods Transferred Out During February:

Units that were started during February were completed during February = 75,000 - 10,000 = 65,000

Equivalent units for conversion costs during February = (15,000 x 0.7) + 65,000 + 10,000 (0.8) = 83,500

The amount of direct materials cost assigned to ending work-in-process inventory at the end of February = $168,000/75,000 = $2.24 x 10,000 = $22,400

The Costs of Beginning Inventory ($24,000 + $35,000)$59,000

Direct Materials ($2.24 * 65,000)$145,600

Conversion Costs [$278,000/(10,500 + 8,000 + 65,000)] x 65,000$216,450

FG beginning inventory (15,000 x 0.7 x 3.33)$34,965

Total Costs of Goods$456,015

Therefore, the Total Cost of Goods Transferred Out During February is $456,015

8 0

3 years ago

Will Paten is the manager of a team of 12 people in the marketing division of Palmer, Inc. Will, who has been working in the com

alisha [4.7K]

Answer: The options are given below:

A) The promotions and bonuses of the team members depended heavily on Will's performance ratings.

B) The company had provided Will with additional duties and he was left with little time to ensure that his team members performed well.

C) Will believed that since the job demands in marketing were ambiguous and ever-changing, a supportive approach to leadership would suffice.

D) Will was considered an expert at analyzing market trends and making accurate projections.

E) Will was uncomfortable exercising coercive measures to control employees.

The correct option is E.

Explanation:

Will Paten is someone that is liked by all his co-workers, including his colleagues and subordinates. He is probably liked by all because he is a nice and easy going person, who does not enjoy forcing his will on others.

Aaron and Abby are likely taking Will's niceness for granted and they believe that they would not be punished for going against Will's requests.

Will, being an easy going and nice person will not enjoy forcing them to do his bidding, he will therefore be uncomfortable about exercising coercive measures to control Aaron and Abby.

5 0

3 years ago

Preparing a Schedule of Cash Collections on Accounts Receivable

marysya [2.9K]

Answer:

Kailua and Company

Schedule of Cash Collections

August September

Cash collections from June $25,200 $0

Cash collections from July $38,500 $19,250

Cash collections from August $17,220 $43,050

Cash collections from September $0 $17,800

Total cash collections $80,920 $80,100

I suppose that 5% of the billings are uncollectible since 20% + 50% + 25% = 95%.

7 0

3 years ago

_____ provides the advertiser with useful guidelines for future advertising by evaluating the effectiveness of an individual ad

shutvik [7]

Marketing Strategists provide the advertiser with useful guidelines for future advertising by evaluating the effectiveness of an individual ad or an entire ad campaign after it runs.

Explanation:

Marketing strategists are professionals employed to check and see the validity of the advertising that is being run by the advertisers and check their effectiveness in the ground level.

The usual marketing strategists would come up with solutions for the advertising that are needed to reach out to the goals of the company and also formulate a plant hat they can follow as the advertiser then would make the ad for them.

7 0

4 years ago