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AlladinOne [14]
3 years ago
13

Tamarisk, Inc. sells merchandise on account for $7400 to Cheyenne Corp. with credit terms of 2/15, n/30. Cheyenne Corp. returns

$1700 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check
Business
2 answers:
serg [7]3 years ago
7 0

Answer:

   Bank                                                       $5586  

Explanation:

In the books of Tamarisk Inc

Sr. No                Particulars                          Debit          Credit

1                        Accounts Receivable        $ 7400

                             Sales                                                $ 7400

2              Sales                                 $ 7400

                     Sales Returns                                       $ 1700

                     Sales Discount                                         $ 144

                      Bank                                                       $5586  

WORKING:

The amount of Check

Credit Sales Less Sales Returns= $ 7400- $ 1700= $ 5700

Sales Discount =2% of Credit Sales= 2% of $ 5700= $ 114

Bank Amount = Credit Sales less Sales Discount= $ 5700- $ 114= $ 5586

Vera_Pavlovna [14]3 years ago
5 0

Answer: $5,586

Explanation:

Tamarisk, Inc. sells merchandise on account for $7,400 to Cheyenne Corp. with credit terms of 2/15, n/30

Returned goods worth $1700 of merchandise that was damaged.

Total purchase. $7,400

Less: Return. ($1,700)

Net purchases. $5,700

Made pmt within the discount period of 15 days at 2% discount

Purchases of $5,700 x 2%. = $114

Total amount paid for the purchase is $5,700 - $114 = $5,586

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Lopez Corporation incurred the following costs while manufacturing its product Materials used in product Depreciation on plant P
kirill [66]

Answer:

The missing data of this question is reproduced as follows;

Materials Used           128,900

Depreciation on plant 63,400

Property taxes on store  8,280

Labor cost of assembly workers 114,800

Factory supplies used           32,100

Advertising expense          55,800

Property taxes on plant          23,100

Delivery expense                 24,800

Sales commission                    43,600

Salaries paid to sales clerk;     60,400

Explanation:

Cost of Goods Manufactured  

Materials Used           128,900

Depreciation on plant 63,400

Property taxes on plant   23,100

Labor cost of assembly workers 114,800

Factory supplies used           32,100

WIP Beginning                        14,200

Less;WIP closing                     (16,900)

Cost of Goods Manufactured 359,600

Cost of Goods Sold

Opening Finished Goods   63,300

Cost of goods manufactured  359,600

Less; Closing Fininsed goods  (48,200)

Cost of Goods Sold                 374,700

5 0
3 years ago
Production records show that there were 440 units in the beginning inventory, 30% complete, 1,440 units started, and 1,600 units
Nimfa-mama [501]

Answer and Explanation:

The computation is shown below:

a. The number of units processed is

= Beginning work in process units + completed and started units - transferred out units

= 440 units + 1,440 units - 1,600 units

= 280 units

b. The material cost per unit is

= Total cost ÷ equivalent units

where,

Total cost is

= Opening work in process + material cost

= $2,220 + $6,610

= $8,830

And, the equivalent units is

= Units transferred out + ending work in process

= 1,600 + 280

= 1,880

So, the material cost per unit is

= $8,830 ÷ 1,880 units

= $4.70

c. The conversion cost per unit is

= Total cost ÷ equivalent units

where,

Total cost is

= Opening work in process + labor cost + overhead cost

= $1,720 + $4,800 + $1,300

= $7,820

And, the equivalent units is

= Units transferred out + ending work in process × completion percentage

= 1,600 + 280 × 40%

= 1,712

So, the material cost per unit is

= $7,820 ÷ 1,712 units

= $4.57

8 0
3 years ago
The level of liquid assets that should be invested in marketable securities depends on several factors. This includes all except
-BARSIC- [3]

Answer:

c.

Explanation:

Based on the information provided within the question it can be said that the exception of the answers provided are seasonal cash requirements. This refers to the amount of cash you or the company needs to pay for unique expenses during a specific season. Which is not a factor when deciding what should be invested in marketable securities.

7 0
3 years ago
In addition to​ risk-free securities, you are currently invested in the Tanglewood​ Fund, a​ broad-based fund of stocks and othe
Murrr4er [49]

Answer:  6.29%

Explanation:

Required return = Risk free rate + beta ( expected return - risk free rate)

Beta.

= Correlation * \frac{Volatility of venture}{Volatility of fund} \\\\= 0.16 * \frac{0.8117}{0.2636} \\\\= 0.493

Required return = 3.63% + 0.493(9.03% - 3.63%)

= 6.29%

7 0
3 years ago
FTYZ Transport Inc. was supposed to pay wages amounting to $1,500 in March, which was the last month of its accounting period. H
leva [86]

Answer: Wages account debit

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Explanation:

Sdjusting entries are simply referred to as the journal entries that are made when the accounting period ends such that there is allocation of the income and the expenditure incurred by the economic agent to the period in which the income and the expenditure occurred.

In this case, the adjusting journal entry passed by the accountant will be to debit the wages account by $1500 and then credit the wages payable account by $1500.

7 0
3 years ago
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