A. is the only appropriate answer.
Answer:
A Merchandising Company
Journal Entries:
Nov. 5:
Debit Inventory $6,000
Credit Accounts Payable $6,000
To record the purchase of 600 units of a product at a cost of $10 per unit, terms, 2/10, n/60.
Nov. 7:
Debit Accounts Payable $250
Credit Inventory $250
To record the return of 25 defective units.
Nov. 15:
Debit Accounts Payable $5,750
Credit Cash Discount $115
Credit Cash Account $5,635
To record payment on account.
Explanation:
The journal entries show the accounts affected by each transaction. Two or more accounts are usually affected. One account receives value and is debited and the other gives value, and it is credited.
The trade terms 2/10, n/60 implies that a cash discount of 2% on the outstanding balance exists for early settlement on account within 10 days and the credit period should not exceed 60 days or two months.
The Cash Collection from the Credit sales in the Month of December is $130,300.
Credit (from the Latin verb credit score, which means "one believes") is the agree with which permits one party to offer money or resources to any other celebration in which the second birthday celebration does not reimburse the primary birthday party at once (thereby producing a debt), however, guarantees both to repay or go back those resources (or different substances of identical price) at a later date. In different words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a massive organization of unrelated humans.
The assets provided may be financial (e.g., granting a loan), or they'll encompass items or offerings (e.g., client credit score). credit score encompasses any shape of the deferred fee. a credit score is extended by means of a creditor, also called a lender, to a debtor, additionally called a borrower.
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Answer:
2012 - 2013
a. Return on equity 26,2% - 25,0%
b. Return on assets 14,0% - 14,3%
c. Return on sales 18,1% - 18,5%
d. Total assets to shareholders' equity 1,88 - 1,75
e. Asset turnover 0,77 - 0,77
Explanation:
2012 2013
TOTAL ASSETS $191.225 $212.440
TOTAL EQUITY $101.975 $121.165
Income Statement 2012 2013
Sales $147.860 163.585
Net Income after Taxes $26.765 30.340
C. Why will money be produced
This is NOT one of the 3 basic economic questions. The 3 questions must be answered to figure out how to use limited resources are what will be produced, how it will be produced, and who will consume the goods and services.
