Purchase goods from Hari Rs 30,000 and partial payment Rs 20,000 (journal entries)

King Costume uses a periodic inventory system. The company started the month with 6 masks in its beginning inventory that cost $

madreJ [45]

Answer:

$464

Explanation:

Periodic Inventory method is being used. That means valuation of inventory is done at the end of a specific period.

LIFO method is also used for determining the cost of inventory sold. FIFO stands for Last In First Out.

<u>Calculation of Cost of Goods Sold :</u>

41 unit × $10 = $440

3 units × $8 = $24

Total = $464

The cost of goods sold for the month is: $464

8 0

3 years ago

Mideast Airlines purchased a 777 aircraft on January 1, 2020 at a cost of

iren [92.7K]

Answer:

3,400,000 accumulated depreciation, 36,600,000 book value

Explanation:

Cost - salvage = amount to be depreciated

40,000,000-6,000,000=34,000,000 amount to be deprecated

34,000,000/20 years =1,700,000 depreciation per year

1,700,000x2-3,400,000 accumulated depreciation after 2 years

40,000,000-3,400,000=36,600,000 book value

8 0

3 years ago

A student believes that less than 50% of students at his college receive financial aid. A random sample of 120 students was take

den301095 [7]

Answer:

P-value is greater than the significance level, we fail to reject null hypothesis.

Explanation:

Here,

Sample size = n = 120

Sample proportion = p = 0.6500

Population Proportion = $P_{0}$ = 0.5

Level of significance = α = 0.02

<u />

<u>Step 1: </u>

$H_{0}$ : p = 0.5

$H_{1}$ : p < 0.5 (Left tailed test)

<u></u>

The critical vale is = 2.0537

<u></u>

The test statistic is,

z = $\frac{p - p_{0} }{\sqrt{\frac{p_{0} (1-p_{0}) }{n} } }$

Conclusion using critical value: Since the test statistic value is greater than the critical value, we fail to reject null hypothesis.

Conclusion using P-value: Since the P-value is greater than the significance level, we fail to reject the null hypothesis.

3 0

3 years ago

Prepare the journal entry to record the accrual of interest and the premium amortization on December 31, 2022. (Credit account t

vesna_86 [32]

The journal entry to record the accrual of interest includes:

Dr. Interest Expense $5,000
Cr. Interest Payable $5,000

<h3>What is an accrual of interest?</h3>

This mean the interest which has been incurred for specific date on a loan but has not yet been paid out.

Here, the Accrued interest expense on 12/31/15 is paid on 1/1/16.

Based on the calculation, the journal entry to record the accrual of interest includes a Debit to Interest Expense for $5,000 and a Credit to Interest Payable for $5,000.

Missing words "On January 1, 2015, Candlestick, Inc. issues $100,000, five-year, 10% bonds at 100 (100% of face value). Assume that interest is payable semiannually on January 1 and July 1."

Read more about accrual of interest

<em>brainly.com/question/1542335</em>

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8 0

2 years ago

A company received a bill for newspaper advertising services, $340. the bill will be paid in 10 days. how would the transaction

Sladkaya [172]

The transaction for the bill for newspaper advertising services will be recorded today as a debit to Advertising Expenses and a credit to Accounts Payable (Advertising Payable).

<h3>How is an accrued expense recorded?</h3>

An accrued expense refers to an incurred outgoing that the service has been enjoyed previously and payment is due later.

According to the matching principle and accrual concept of generally accepted accounting principles, all expenses incurred within a financial period must be recognized in that period whether cash has been exchanged or not.

Thus, the transaction for the bill for newspaper advertising services will be recorded today as a debit to Advertising Expenses and a credit to Accounts Payable (Advertising Payable).

Learn more about recording accrued expenses at brainly.com/question/14524895

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6 0

2 years ago

Purchase goods from Hari Rs 30,000 and partial payment Rs 20,000 (journal entries)​

Purchase goods from Hari Rs 30,000 and partial payment Rs 20,000 (journal entries)