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
Orlov [11]
3 years ago
14

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.

You might be interested in
Last winter, a guest at a nearby motel fell through the ice and was not rescued in time. The motel’s name was included in news c
kaheart [24]
They should sell the info and make that cash cash money
3 0
3 years ago
Read 2 more answers
Provide an explanation of how his/her life will change economically, socially, and politically in a centrally planned economy.
galben [10]

Answer:spazz

Explanation:

spazz

4 0
2 years ago
Tablet Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and
Mrac [35]

Answer:

Please find solutions in the attached images

Explanation:

I have attached images of my journal entry solutions to this question as required.

5 0
3 years ago
At the beginning of the year, Gonzales Corporation had $100,000 in cash. During the year, the company undertook a major expansio
hram777 [196]

Answer:

The correct answer is option (D).

Explanation:

According to the scenario, the given data are as follows:

Beginning cash flow = $100,000

Operating activities generated = $300,000

Investing activities required = $800,000

End Cash = $50,000

So, we can calculate the net cash provided by company's financing activities by using following formula:

So, first we analyze Cash flow after operating activities, then

Cash flow (after operating activities ) = Beginning cash flow + Operating activities generated

= $100,000 + $300,000

= $400,000

Now, cash flow after investing = $400,000 - $800,000

= -$400,000

Given that closing cash balance = $50,000

So, Net cash provided = $400,000 + $50,000

= $450,000

Hence, the net cash provided by the company's financing activities was $450,000.

6 0
3 years ago
An investor estimates that next​ year's sales for​ Dursley's Hotels Inc. should amount to about ​$100 million. The company has 5
Lerok [7]

Answer:

(a) $10 million

(b) $1 per share

(c) $49

(d) 25 %

Explanation:

(a) Estimated net earnings for next year.

Sales next year = $100 million

Net profit margin = 10%

Net profit margin = Net Income ÷ Sales

Net Income = 10% × $100 million

                    = $10 mil lion

(b) Next year's dividends per share.

Dividend payout = Dividends paid ÷ Net Income

                            = 50%

Dividends paid = $10 × 50%

                          = $5 mil lion

Per share dividend = Dividend paid ÷ Shares outstanding

                                = $5 million ÷ 5 million

                                = $1  per share

(c) The expected price of the stock (assuming the P/E ratio is 24.5 times earnings).

Earnings per share:

= Net income ÷ shares outstanding

= $10 million ÷ 5 million

= $2 per share

P/E Ratio = Price per share ÷ Earnings per share

Price per share = $2 × 24.5

                          = $49

(d) The expected holding period return (latest stock price: $40 per share).

= (Final price - Initial price + Dividend) ÷Initial Price

= ($49 - $40 + $1) ÷ $40

= 25%

8 0
3 years ago
Other questions:
  • A researcher is interested in studying the budgeting of money within a police department in a mid-sized American city. She gains
    8·2 answers
  • Grabhouse inc. is experiencing an increase in turnover rates of its top employees. upon consulting with its managers for the rea
    14·1 answer
  • Regardless of on whom a tax is levied, sellers face which of the following?
    15·1 answer
  • Jill wins a lawsuit against Terry in the Wyoming state court. The court passes a judgment for Terry to pay $20,000 to Jill. Imme
    5·1 answer
  • Pam sees that the price of bananas has risen in the grocery store. All else equal, she decides to buy more tangerines than she n
    9·1 answer
  • The amount of time it takes for an investment to double in value is called the doubling time for the investment. If the doubling
    15·1 answer
  • The composition of the Fingroup Fund portfolio is as follows: Stock Shares Price A 310,000 $ 35 B 410,000 40 C 510,000 15 D 710,
    15·1 answer
  • Jaiden is in 6th grade and plans to attend college. He has created a college preparation plan.
    12·2 answers
  • A company is deciding between two options: (1) purchase a piece of equipment for $10,000 or (2) lease the same piece of equipmen
    5·1 answer
  • The wholesale price per ton is $5000 for exterior paint and $4000 for interior paint. how much interior and exterior paints shou
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!