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expeople1 [14]
3 years ago
12

P. Jameson Co. sold $500 of merchandise on Master Card credit sales. The net cash receipts from the sale are immediately deposit

ed in the seller's bank account. Master Card charges a 4% fee. The journal entry to record this sales transaction would include a:
Business
1 answer:
Alchen [17]3 years ago
4 0

Answer:

The journal entry would be as follows:

Account                                  Debit           Credit

Cash                                       $480

Sales Revenue                                           $500

Credit Card Expense                                 $20

The Credit Card Expense corresponds to the 4% fee that Master Card charged P. Jameson Co. ($500 x 20% = $20)

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Valuation Using an Income Statement Multiple JAKKS Pacific Inc., a toy manufacturer, reports net income for the recent twelve mo
mash [69]

Answer:

$16.27

Explanation:

For computing the intrinsic value, first we have to compute the earning per share which is shown below:

Earning per share = (Net income) ÷ (Number of shares outstanding)

                              = ($14.73 million) ÷ (20.05 million shares)

                              = 0.734

Now the intrinsic value would be

= Earning per share × P/E ratio

= 0.734 × 22.17

= $16.27

5 0
2 years ago
Suppose a basket of goods and services has been selected to calculate the CPI and 2012 has been selected as the base year. In 20
Evgesh-ka [11]

Answer: 2016 CPI is 110

Explanation:

Given the following :

Base year = 2012

Cost of basket in 2012 = $50

Cost of basket in 2014 = $52

Coat of basket in 2016 = $55

The Consumer Price Index (CPI) is calculated using the formula :

CPI = (weighted cost item in current period / weighted cost of item in base period) × 100

Base period / year = 2012

Current period = 2016

Therefore, 2016 CPI equals;

($55 / $50) × 100

= 110

8 0
3 years ago
Get master dude . Its worth it just answer the question by saying <br><br> MASTER
Brums [2.3K]

Answer:

MASTER

Explanation:

Apparently it says to write it so that's is what I did is there anything wrong about that bye

8 0
3 years ago
Read 2 more answers
Lloyd Inc. had sales of $200,000, a net income of //415,000, and the following balance sheet: Cash $10,000 Accounts Payable $30,
Anastasy [175]

Answer:

The firm's new quick ratio is  2.9

Explanation:

The current ratio is calculated as  

Current ratio = Current assets / Current liabilities

2.5 times = (Cash + receivables + Inventories ) / (Accounts payable + Other current liabilities)

2.5 = ($10,000 + $50,000 + Inventories) / $50,000

$60,000 + inventories = $125,000

Inventories = $65,000

Therefore, $85,000 worth of inventories were sold off.

If the funds generated are used to reduce the common equity that is by repurchasing the equity at book value.

Hence, the common equity amounts to $115,000

Calculating the ROE before the inventory is sold off:

ROE = Net income / Stockholder's equity

= $15,000 / $200,000

= 0.075 or 7.5%

Calculating the ROE after selling off the inventory

ROE = $15,000 / $115,000

= 0.13 or 13%

The firm's new quick ratio is

Quick ratio = (Current assets - Inventories) / Current liabilities

= ($210,000 - $65,000) / $50,000

= 2.9

3 0
3 years ago
A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or
Vlada [557]

A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the <u>Time period principle.</u>

The time period principle- Financial results and other material business activities should be reported over a consistent time period, such as a month, week, day, etc., in accordance with the time period concept. Depending on the frequency of the chosen time period, the firm must then adhere to a distinct set of regulations for each financial statement in accordance with US Generally Accepted Accounting Principles.

Any company's financial statements can be thought of as a snapshot in time that reveals both the company's history and its current status. That's why it's crucial to disclose to readers the time frame in which the financial statements were generated in accordance with the time period concept.

In its broadest sense, the time period principle holds that any enterprise may conveniently categorize its financial operations into discrete time intervals. That is to say, all cash inflows and outflows may be neatly categorised into separate and sequential accounting periods.

<u></u>

To know more about Time period principle refer here:

brainly.com/question/13035515

#SPJ4

3 0
1 year ago
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