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LenaWriter [7]
3 years ago
12

In its first year of business, Borden Corporation had sales of $2,020,000 and cost of goods sold of $1,210,000. Borden expects r

eturns in the following year to equal 6% of sales. The adjusting entry or entries to record the expected sales returns is (are):
Business
1 answer:
Iteru [2.4K]3 years ago
7 0

Answer:  Please see answers in explanation column

Explanation:

Accounts title and explanation            Debit          Credit

Sales returns and allowances       $121,200      

Sales refund payable                                               $121,200

Calculation

Expected Sales returns and allowances = sales x expected percentage

= 2,020,000 x 6%=   $121,200

Accounts title and explanation            Debit              Credit

Inventory returns estimated               $72,600

Cost of goods sold                                                     $72,600

Calculation

expected Cost of goods sold =  Cost of goods soldx expected percentage

= 1,210,000 x6%=$72,600

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The Kwok Company’s inventory balance on December 31, 2021, was $215,000 (based on a 12/31/2021 physical count) before considerin
Eduardwww [97]

Answer:

$274,000

Explanation:

As per the data given in the question,

Particulars                                                                                     Amount

Inventory balance before considering following items         $215,000

Adjustments:

1) According to FOB destination, ownership passes to buyer at receipt of goods $-

2) According to FOB shipping point, ownership passes to buyer at the point of shipment                                                                                     $27,000

3) According to FOB destination, ownership passes to buyer at receipt of goods                                                  

                                                                                                    $32,000

4) As goods received before period close, no adjustment is required $-

5) According to FOB shipment, ownership passes to buyer at receipt of shipment $-

Correct inventory amount to be reported in Kwok's 2021 balance sheet  

= ( $215,000 + $27,000 + $32,000) =  $274,000

8 0
2 years ago
Preferred stock which confers rights to prior periods' unpaid dividends even if they were not declared is called:
Zanzabum
<span>Preferred stock which confers rights to prior periods' unpaid dividends even if they were not declared is called: </span>Cumulative preferred stock
In cumulative preferred stocks, the amount of dividend usually given on a fixed-rate annually. But, it shall always be set aside before calculating the dividend for the common stock and the amount will be accrued for the next period if the dividend is not paid on current period.
6 0
3 years ago
A supervisor finds the mean number of miles that the employees in a department live from work. He finds and . Which statement mu
MrMuchimi

Complete Question:

A supervisor finds the mean number of miles that the employees in a department live from work. He finds x=2.9 and s=3.6. Which statement must be true?

z376 is within 1 standard deviation of the mean.

z37 is between 1 and 2 standard deviations of the mean.

z37 is between 2 and 3 standard deviations of the mean.

z37 is more than 3 standard deviations of the mean.

Answer:

z37 is between 2 and 3 standard deviations of the mean.

Explanation:

Standard deviation is a way of measuring of how much the value sample varies or disperses. A low standard deviation means that the values are near the mean value of the set, whereas a high standard deviation implies that the values are distributed over a wider range.

In reasonably average data sets, the values reflect about 68 per cent of the sample within 1 standard deviation from the mean; about 95 per cent in 2 standard deviations; and about 99.7 per cent within 3 standardized deviations.

6 0
3 years ago
Read 2 more answers
When an account payable is paid off in full, an entry is journalized that credits
Sedbober [7]

Answer:

B

Explanation:

8 0
2 years ago
Read 2 more answers
How many ink cartridges can you buy with 165 dollars if one cartridge costs 11 dollars
laiz [17]

Answer:

15

Explanation:

165 divided by 11 is 15. For any number over 10 that you divide by 11, you can ignore the middle number and take the digit in the hundreds place and the digit in the ones place.

7 0
3 years ago
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