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3 years ago

Assume the following data for Casper Company before its year-end adjustments:

Business

1 answer:

Ratling [72]3 years ago

5 0

Answer:

a. Journalize the adjusting entry for the estimated customer allowances.

Dr Sales returns and allowances 10,500
Cr Customer refunds payable 10,500

The adjusting entry should = total sales x estimated percent of returns = $1,750,000 x 0.6% = $10,500

b. Journalize the adjusting entry for the estimated customer returns.

Dr Estimated returns inventory 8,000
Cr Cost of merchandise sold 8,000

This amount is given in the question, $8,000, so you need to record it as a decrease in COGS and an increase in returns inventory.

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Assume the small-country model is applicable. If the world price of the product is $6 and an import quota of 400 units is impose

algol13

Answer:

Equilibrium price = $6

Total quantity in the market would be > 400 units ( unchanged )

Explanation:

Applying small=country model

world price of product = $6

import quota = 400 units

The Equilibrium price in Marketopia would be $6 and the total quantity available in Marketopia would > 400 units

This is because in a small country assumption model, the total imports made by any country is insignificant to the Total quantity of the products available in the market therefore it has no effect on the price of the products even if when the imports are stopped by the country

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3 years ago

One day, a local theme park charges $40 per person for admission, and 10,000 people visit the park. On another day, the park cha

slega [8]

Answer:

The low-attendance day falls on an autumn Wednesday, while the high-attendance day falls on a summer Saturday.

Explanation:

There are no rare class of goods which do not follow the Law of Demand

The most probable reason may be the dates are at different time period, when the demand is lower and therefore the price must be lower to generate enought attendance to make it profitable. While, the second date is onpeak demand.

8 0

3 years ago

you want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long will it take you to earn $200 in

Solnce55 [7]

It will take 2 years because eaxh year you get 4% of the $2500 which means $100 a year

6 0

3 years ago

Which following statement about FAFSA process are TRUE?

aleksklad [387]

FAFSA stands for Free Application for Federal Student Aid. It is a form that can be prepared annually by current and prospective college students in the United States to determine their eligibility for student financial aid. Hope this helps.

3 0

3 years ago

It costs Bonita Industries $12 of variable and $5 of fixed costs to produce one bathroom scale which normally sells for $35. A f

Serga [27]

Answer:

There will be an increase of $6,200 , If the special order is accepted

Explanation:

For computing the net income effect first we have to find out the net income per scale which is a difference between offer purchase price and variable cost per unit

In mathematically,

Net income = Offer purchase price - variable cost per unit

where,

Offer purchase price is $35

And, the variable cost is $12 per unit plus it incur special shipping charges which is also a part of the variable cost.

So, total variable cost = variable cost per unit + Special shipping charges per scale

= $12 + $1

= $13

So, Net income is

= $15 - $13

= $2 per unit

Now for producing the 3100 scales, the net income should be multiply with the production unit

= Net income × Production unit

= 3,100 × 2

= $6,200

Fixed cost is fixed whether the production level changes or not. Thus, it is not be considered.

Hence, there will be an increase of $6,200 , If the special order is accepted

6 0

3 years ago