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Dima020 [189]
3 years ago
13

Sunbed Company sells tanning beds that are shipped in large reusable containers. Customers are charged a deposit for each contai

ner delivered and receive a refund when the container is returned. The deposit is three times the actual cost of each container. Deposits are forfeited if containers are not returned within one year. The inventory of containers remains on the companyâs books until deposits are forfeited. Deposits collected on containers delivered during the year were $100,000. Ninety-five percent of the containers were returned within the allotted time.Prepare the appropriate journal entry for the deposits returned to customers. (If no entry is required for a transaction/event, selec No journal entry required" in the first account field.)
Business
1 answer:
kolbaska11 [484]3 years ago
8 0

Answer:

Liability needs to be reduced by cash refunds that are made to customers as and when the containers are returned.

Cash refunds = Deposits collected * Percentage returned

Cash refunds = $100,000 * 95%

Cash refunds = $95,000

Date  General Journal                             Debit         Credit

          Liability - Refundable Deposits  $95,000

                 Cash                                                        $95,000

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John discovered his company's accountant was "skimming" money from the business. The accountant agreed to pay John a one-time pa
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Answer:

There are no options listed, but what I can tell you for sure is that John's actions were both unethical and illegal.

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3 years ago
What steps can Janet take to avoid falling prey to
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The steps that Janet can take to avoid falling prey to deceptive advertising are the following:

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  • It is generally unethical for a company to mouth a deceptive advertising.

Thus, Janet may not only trust online resources or purchase products from one retailer, she should carry out proper research based on what she wants before trusting her judgement.

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2 years ago
Mikail's perfectly competitive camera memory card–producing factory is making positive economic profits. If the price of memory
irina1246 [14]

Answer:

B. $6000

Explanation:

Given that

Price = $9

Average total cost (ATC) = $7

Output (Q) = 3000

Two methods can be used in calculating profit in this case.

The first method is

Profit = (price - ATC) × Q

= (9 - 7) × 3000

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The second method is

Profit = Total revenue (TR) - Total Cost (TC)

Where TR = Price × Q = 9 × 3000 = $27000

TC = ATC × Q = 7 × 3000 = $ 21000

Therefore,

Profit = 27000 - 21000

= $6000

Any method used will result to the same answer.

NOTE THAT,

ATC = Total cost / Q.

So change of formula was used to obtain Total cost from this formula.

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For real estate income property, mortgage loans are often made on a non-recourse basis. This means that the risk of default must be included in the mortgage interest rate.

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A mortgage is a form of loan used to purchase or maintain a home, land, or another type of real estate. The borrower agrees to repay the lender over time, often through a series of monthly payments divided into principal and interest. The property is subsequently put up as collateral for the loan.

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