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muminat
2 years ago
6

June 4 Deere Company purchased $3,500 worth of merchandise, terms n/30 from Gilbert Company. The cost of the merchandise was $2,

500.
13 Deere returned $600 worth of goods to Gilbert for full credit. The goods had a cost of $400 to Johnson.
13 Deere paid the account in full. Assume use of the periodic inventory system for both companies.
Prepare the journal entries to record these transactions in Deere's books.
Business
1 answer:
Andreyy892 years ago
6 0

Answer:

Dr merchandise inventory  $3,500

Cr accounts payable                     $3,500

Dr accounts payable         $600

Cr purchases returns and allowances    $600

Dr accounts payable($3,500-$600)  $2,900

Cr cash                                                              $2,900

Explanation:

The purchase of goods worth $3,500 means that merchandise inventory is debited with $3,500 while accounts payable is credited with the same amount.

Upon returning goods worth $600,purchases returns and allowances is credited while accounts payable is debited.

When payment is made, cash is credited while accounts payable is debited to show that the outstanding debt has been paid

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The total factory overhead for Magnum Corporation is budgeted for the year at $500,000. This is divided into three activity pool
tatuchka [14]

Answer:

The ABC overhead for a Deluxe kayak will be $170.93

Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

We are going to divide the overhead cost over the cost driver of each activity.

\left[\begin{array}{cccc}-&Overhead&Total&Rate\\fabric&246,000&10,000&24.6\\assembly&144,000&32,000&4.5\\setup&110,000&15&7,333.33\\\end{array}\right]

Now we apply the rate to Deluxe Kayak:

\left[\begin{array}{cccc}-&Rate&Deluxe&Overhead\\fabric&24.6&10,000&246,000\\assembly&4.5&24,000&108,000\\setup&7,333.33&10&73,333.33\\Total&-&-&427,333.33\\\end{array}\right]

Finally we divide the overhead for Deluxe between the units produced

427,333.33/ 2,500 = 170.933 = 170.93

3 0
3 years ago
I WILL MARK THE BRAINLIEST
Nikitich [7]

Answer: B

Explanation: Cockroaches have a strong oily odor from them.

6 0
3 years ago
Big Donuts has already reviewed its objectives and capabilities, established the screening criteria for reviewing potential fore
enyata [817]

Answer:

Evaluate the marketing mix to target markets

Explanation:

There are four phases in the process of an international marketing planning process and these phases are: First, Preliminary Analysis and Screening Phase. In this phase, the nature of the market entry cost, the constraints in the countries are checked such as political, economic, environmental, and legal forces. After this stage, the Second stage is called the "Adapting the Marketing Mix to Target Market Stage". This is the stage where  a match of the marketing mix requirement is done. Big Donuts just completed the first phase and is now in the second phase which is to "Evaluate the marketing mix to target markets".

6 0
3 years ago
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $18,600 of its sal
Kitty [74]

Answer:

$118,860

Explanation:

Gross Margin:

= Revenue - Cost of Goods Sold

= $290,000 - $100,000

= $190,000

Profit before tax:

= Gross Margin - Salaries - Insurance payment - Interest

= $190,000 - $12,000 - $3,600 - $4,600

= $169,800

Insurance payment: Only half of 2-year payment of 7,200 is relevant for this year.

Net Income:

= Profit before tax - Tax at 30%

= $169,800 - (30% × $169,800)

= $169,800 - $50,940

= $118,860

8 0
2 years ago
A company normally sells its product for $20 per unit. However, the selling price has fallen to $15 per unit. This company's cur
musickatia [10]

Answer:

correct option is d. $600

Explanation:

given data

sells product = $20 per unit

selling price fallen = $15 per unit

FIFO inventory = 200 units

purchased = $16 per units

Net realizable value fallen = $13 per unit

to find out

amount of the lower cost of market

solution

we know that here Company record inventory at lower

so market value or cost of the inventory at  declined time

and here Market Adjustment is the Difference of the cost and the Market Value

so cost will be here

Cost =  200 × $16

cost = $3200

and

Net realizable value will be

Net realizable value =  200 × $13

Net realizable value = $2600

so that Market adjustment is the difference of

Market adjustment  difference = $3200 - $2600

Market adjustment  difference = $600

so correct option is d. $600

8 0
3 years ago
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