All categories

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.

You might be interested in

What are the impact of SMEDAN on entrepreneurship

daser333 [38]

You can easily apply for loans and support funds both within and outside the country. It also grants you access to funding from the government and private sector.

6 0

2 years ago

. Consider an economy that produces only chocolate bars. In year 1, the quantity produced is 4 bars and the price is $4. In year

NikAS [45]

Answer:

Nominal GDP in year 1 = $16

Nominal GDP in year 2 = $25

Nominal GDP in year 3 = $36

Explanation:

Gross domestic product is the total sum of final goods and services produced in an economy within a given period which is usually a year

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports – imports

Nominal GDP is GDP calculated using current year prices

Nominal GDP in year 1 = 4 x $4 = $16

Nominal GDP in year 2 = 5 x $5 = $25

Nominal GDP in year 3 = 6 x $6 = $36

5 0

3 years ago

on november 1, 2021, aviation training corp. borrows $60,000 cash from community savings and loan. aviation training signs a thr

Juli2301 [7.4K]

Answer:

Explanation:

Nada babosa gracias

6 0

3 years ago

Structural unemployment is caused by: Group of answer choices people losing a job when their skills become obsolete due to techn

Tanzania [10]

Structural unemployment is caused by <u>people losing a job when their skills become obsolete due to technological innovations.</u>

People who wish to work but are unable to obtain job are said to be experiencing structural unemployment. The abilities of the workers and the talents that businesses required do not match in structural unemployment.
Because the abilities of the workforce won't change despite advances in technology, if technological breakthroughs improve, there will be structural unemployment.
As a result of their inability to keep up with modern technology, they are losing their jobs.

<h2>What is Structural unemployment?</h2>

A mismatch between the skills of the jobless and the jobs that are available is referred to as structural unemployment. It differs from cyclical unemployment in that it results from factors other than the business cycle. 1 It happens when an underlying economic shift makes it challenging for some people to find work. It is more difficult to reverse than other forms of unemployment.

Learn more about types of structural unemployment at brainly.com/question/17272067?referrer=searchResults

#SPJ4

3 0

2 years ago

On January 1, 2020, the Oriole Company had $2,990,000 of $10 par value common stock outstanding that was issued at par and Retai

amm1812

Answer:

Oriole Company

Journal Entries:

July 1:

Debit Cash Account $2,336,000

Credit Common Stock $1,460,000

Credit Paid-in In Excess of Common Stock $876,000

To record the issuance of 146,000 shares of common stock, par $10 at $16 per share.

December 15:

Debit Retained Earnings $445,000

Stock Dividends Payable $445,000

To record the declaration of a 10% stock dividend.

Explanation:

a) Stockholders of record on December 31, 2020:

Number of shares in issue at beginning 299,000

Number of shares issued on July 1 146,000

Total 445,000

10% of 445,000 = 44,500 shares

b) Stock Dividends declared on December 15 will result to the issuance of 44,500 shares to stockholders. To finance this stock dividend, the Retained Earnings account is debited while the Stock Dividends Payable is credited. When the shares are issued on January 15, the Stock Dividends Payable (Distributable) will be debited and the Common Stock credited with the par value. The market price of $17 does not affect the company's records.

8 0

3 years ago