1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
anzhelika [568]
3 years ago
12

On June 5, a company purchases 280 units of inventory on account for $28 each. After closer examination, the company determines

30 units are defective and returns them to its supplier for full credit on June 9. All remaining inventory is sold on account on June 16 for $51 each.
Required:Record transactions for the purchase, return, and sale of inventory assuming the company uses a perpetual inventory system.
Business
1 answer:
fgiga [73]3 years ago
7 0

Answer:

June 5, 202x, 280 units purchased on account

Dr Merchandise inventory 7,840

    Cr Accounts payable 7,840

280 units x $28 per unit = $7,840

June 9, 202x, 30 defective units are returned

Dr Accounts payable 840

    Cr Merchandise inventory 840

30 units returned, so accounts payable decreases by 30 x $28 = $840

June 16, 250 units sold on account

Dr Accounts receivable 12,750

    Cr Sales revenue 12,750

Dr Cost of goods sold 7,000

    Cr merchandise inventory 7,000

250 units sold at $51 = $12,750

COGS = 250 units x $28 = $7,000

You might be interested in
The Lin household’s annual income is $188000. Based on the U.S. federal tax rates below, what is the average tax rate for the Li
Sedaia [141]

Answer:

24%

Explanation:

For the taxes due on April 2020 (current year taxes):

The Lin household falls under the fourth tax bracket for married individuals filing jointly:

  • tax rate 24%
  • Income between $171,051 to $326,600

If no deductions were available, they would owe $188,000 x 24% = $45,120 in taxes.

6 0
3 years ago
Aces, Inc., a manufacturer of tennis rackets, began operations this year. The company produced 6,000 rackets and sold 4,900. At
SVETLANKA909090 [29]

Answer:

$165,500

Explanation:

Given that,

Sales (4,900 × $90) = $ 441,000

Cost of goods sold (4,900 × $38) = 186,200

Gross margin = $ 254,800

Selling and administrative expenses = $75,000

Net income = $ 179,800

Production costs per tennis racket total = $38

Variable production cost = $25

Fixed production cost = $13

Units produced = 6,000

Contribution margin:

= Sales - Variable production costs

= $441,000 - (4,900 × 25)

= $441,000 - $122,500

= $318,500

Fixed costs = Fixed production costs + Selling and administrative expenses

                   = ($13 × 6,000) + $75,000

                   = $78,000 + $75,000

                   = $153,000

Net income under variable costing:

= Contribution margin - Fixed costs

= $318,500 - $153,000

= $165,500

8 0
2 years ago
Which scenario most strongly indicates that workplace rules will have to be changed to resolve the conflict
8090 [49]

The scenario that show workplace rules need to be changed is Workers voting to disband their union because they feel that it has not adequately represent their interest.

<h3>What is a workplace?</h3>

A workplace is a designated location or place where employees of and employer work or a place where workers perform their designated duties.

Therefore, The scenario that indicate workplace rules need to be changed to resolve conflict is Workers voting to disband their union because they feel that it has not adequately represent their interest.

The question is incomplete are the options were not given.

Here are the options from another website.

  • A lack of deadlines for research staff, preventing other staff members from getting information in a timely fashion
  • Line workers and executives not eating together at lunch, except for onescheduled day each month
  • An employee threatening to quit, because he did not get a raise that he hadcounted on and believed he deserved
  • Workers voting to disband their union because they feel that it has not adequately represent their interest.

Learn more about workplace below.

brainly.com/question/1249474

5 0
2 years ago
Investors are willing to purchase stocks having high P/E ratios because:
skelet666 [1.2K]

Answer:

D. They expect these shares to have greater growth opportunities.

Explanation: P/E(price to earning) ratio is a ratio used in the stocks and other marketable securities to determine the price of the shares of a particular Company in relationship with the annual net income of the company per share.

A HIGHER PRICE TO EARNING RATIO INDICATES THAT THE COMPANY INVOLVED IS EFFICIENTLY UTILIZING ITS RESOURCES IN ORDER TO GENERATE PROFIT,IT ALSO SHOWS THAT THEIR IS HIGH DEMAND FOR THE COMPANY'S SHARES BECAUSE INVESTORS TRUST IN THE COMPANY'S ABILITY TO GROW AND MAKE PROFIT.

4 0
2 years ago
To maximize profits, a firm should continue to increase production of a good until?
Butoxors [25]

To maximize profits, a firm should continue to increase production of a good until marginal revenue is equal to marginal cost.

According to the cost-benefit analysis, a company should continue to increase production until marginal revenue is equal to marginal cost. A manager maximizes profit when the value of the last unit of product (marginal revenue) equals the cost of producing the last unit of production (marginal cost)

What Is Marginal Revenue?

Marginal revenue is the increase in revenue that results from the sale of one additional unit of output.

What Is Marginal Cost?

In economics, the marginal cost is the change in total production cost that comes from making or producing one additional unit.

to learn more about Marginal Revenue click below

brainly.com/question/13563292

#SPJ4

7 0
2 years ago
Other questions:
  • Which of the following is an example of an accrual? A : Record Revenues that were received in cash in an earlier period. B : Rec
    5·1 answer
  • What is true of someone with a low credit score I they probably make payments on time II they may not be able to rent the apartm
    13·1 answer
  • Durable goods and non-durable goods comprise approximately ________ of the supply side of the gdp.
    5·1 answer
  • Firm XYZ produces and sells corn in a perfectly competitive market and hires its workers in a perfectly competitive labor market
    10·1 answer
  • Which of these outcomes become more likely for someone with strong personal finance skills? Check all that apply.
    5·1 answer
  • What are the advantages of taking a criminal case to the criminal grand jury?
    7·1 answer
  • The Treasury Department auctioned $21 billion in 3-month bills in denominations of $10,000 at a discount rate of 4.965%. What wo
    8·1 answer
  • Suppose a $3 per-unit tax is placed on this good. The tax causes the price paid by buyers to
    9·1 answer
  • Noterman Company has credit sales of $600,000 in January. Past experience suggests that 40% is collected in the month of sale, 5
    6·1 answer
  • Hobson Company bought the securities listed below during 2020. These securities were classified as trading securities. In its De
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!