Retailing attracts entrepreneurs because gaining experience and exposure in retailing is relatively easy.

A merchandiser is a business that sells merchandise, or goods, to customers. There are two main types of inventory accounting sy

bagirrra123 [75]

Answer:

a. Feb. 2

Dr Merchandise Inventory $23,800

Cr Accounts Payable $23,800

4 Dr Merchandise Inventory $50

Cr Cash $50

9 Dr Accounts Payable $5,200

Cr Merchandise Inventory $5,200

14 Dr Accounts Payable $18,600

Cr Cash $18,228

Cr Merchandise Inventory $372

2. Inventory cost $18,278

Explanation:

a. Preparation of the journal entries

Feb. 2

Dr Merchandise Inventory $23,800

Cr Accounts Payable $23,800

4 Dr Merchandise Inventory $50

Cr Cash $50

9 Dr Accounts Payable $5,200

Cr Merchandise Inventory $5,200

14 Dr Accounts Payable $18,600

($23,800 − $5,200)

Cr Cash $18,228

($18,600 – $372)

Cr Merchandise Inventory $372

($18,600 × 0.02)

2. Calculation to determine how much did the inventory cost Burlington Drug Store

Inventory cost =($23,800 + $50 – $5,200 – $372)

Inventory cost =$18,278

Therefore how much did the inventory cost Burlington Drug Store is $18,278

8 0

3 years ago

The short-run aggregate supply curve will decrease if:

finlep [7]

Answer: A. the aggregate price level falls. commodity prices rise.

Explanation: In short-run, the aggregate supply is usually a graph pointing upward and with a sloping curve. The short-run aggregate supply curve usually points upward sloping because it indicates quantity supplied which increases when the price rises. In the short-run, organisations usually have only one fixed factor of production which is capital.

8 0

3 years ago

Felix Incorporated has just exchanged 1,250 shares of $65 par-value preferred stock for a parcel of land advertised for a price

Anna11 [10]

Answer:

Dr Land account 90,000

Cr Preferred Stock account 81,250

Cr Paid-in Capital in Excess of Par Value - Preferred Stock account 8,750

Explanation:

When preferred stock is sold, the transaction must be recorded at par value in the preferred stock account. Any amount of money received over par value, must be recorded in the paid-in capital in excess of par value - preferred stock account.

7 0

4 years ago

All of the following should generally be included as taxable income on Schedule 1 (Form 1040), line 21, EXCEPT: Reimbursement re

Lapatulllka [165]

Answer:

Answer is Option 2: Life insurance proceeds received after the death of a spouse.

Explanation:

Life insurance proceeds are generally not taxable. They are paid after insurer's death. It would only be taxable if the policy was given to the spouse for a price. Even if proceeds are paid under accidental policy or health insurance policy, they are not taxable. Proceeds are always paid as a lump sum amount and not in installments.

Other given options, 1, 3 and 4 like reimbursement for medical expenses, taxable portion of a disaster relief payment and dividends exceeding net premiums paid are taxable.

7 0

3 years ago

The following information pertains to Crane Company. 1. Cash balance per bank, July 31, $11,136. 2. July bank service charge not

Alexus [3.1K]

Answer:

1. Adjusted cash balance per bank $13,760

Adjusted cash balance per books $13,760

2. Jul-31

Dr Cash $2,560

Cr Notes Receivable $2,560

Jul-31

Dr Miscellaneous Expense $64

Cr Cash $64

Explanation:

1. Preparation of a Bank reconciliation statement

at July 31, 2022

CRANE COMPANY

Bank Reconciliation

July 31,2022

Cash balance per bank statement $11,136

Add: Deposits in transit $4,544

Less: Outstanding checks ($1,920)

Adjusted cash balance per bank $13,760

Cash balance per books $11,264

Add: Electronic Funds transfer Received $2,560

Less: Bank service charge ($64)

Adjusted cash balance per books $13,760

2. Preparation of the adjusting journal entries at July 31 on the books of Crane Company.

Jul-31

Dr Cash $2,560

Cr Notes Receivable $2,560

Jul-31

Dr Miscellaneous Expense $64

Cr Cash $64

7 0

3 years ago