1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ipatiy [6.2K]
3 years ago
14

Based on the information below, illustrate the effects on the accounts and financial statements of the Seller and the Buyer. Bot

h use a perpetual inventory system. a. Seller sells Buyer on account merchandise costing $300 for $500, terms 2/10, net 30, FOB destination. The transportation charge is $50.b. Buyer returns as defective $100 worth of the $500 merchandise received. The seller's cost is $60. If a financial statements doesn't require an entry, select "No Effect" and enter "0" in amount field.c. Buyer pays within the discount period. If a financial statements doesn't require an entry, select "No Effect" and enter "0" in amount field.
Business
1 answer:
gtnhenbr [62]3 years ago
7 0

Answer:

Accounts Receivables  500

Sales Revenues  500

--to record sale--  

COGS  300

Inventory  300

--to record COGS of the previous sale--    

freight-out 50 debit

     cash               50 credit

--to record for freights on sale--

Sales Returns  100

Accounts Receivables  100

--to record returned goods--  

Inventory    60 debit

  COGS            60 credit

--to reord for recepcion of received good from customer--

Cash  392

Inventory  8

Accounts Receivables  400

--to record collection within discount--  

Explanation:

As the good are in good state as they are valued at $60 we re-enter them in the accounting.

Then, we solve for the outstanding balance of the sale:

500 - 100 return = 400

Then, we solve for the discount 400  x  2% = 8

Next, we get the amounr received: 400 - 8 = 492

You might be interested in
Shaun is a student who has received an athletic scholarship to State University. The scholarship paid $14,000 for tuition, $2,50
Svet_ta [14]

Answer:

The amount Shaun will include is $8,500; option D

Explanation:

In this question, we are asked to state what Shaun will include in his gross income

The part of the scholarship which pays for tuition, fees, books, supplies and other equipment required for student's course are exempt from tax. Other scholarship amount is fully taxable. Thus, the correct option is Option D, $8,500

5 0
3 years ago
A firm expects to earn $10,000,000 in cash in 2018. The firm also expects to increase its cash earnings by 2% each year in perpe
deff fn [24]

Answer:

$181,818,181.82

Explanation:

The computation of the current value of this firm is shown below:

= (Firm expectation to earns in cash) ÷ (discount rate - increased cash earning percentage)

= ($10,000,000) ÷ (7.5% - 2%)

= ($10,000,000) ÷ (5.5%)

= $181,818,181.82

In order to find out the current value, we considered all the given information that are mentioned in the question

3 0
3 years ago
The Reingold Hat Company uses the allowance method to account for bad debts. During 2018, the company recorded $800,000 in credi
olasank [31]

Answer:

$24,000

Explanation:

Since in the question it is given that the  3% of credit sales is considered to be a bad debt expense

where,

Credit sales is $800,000

And, the estimated percentage is 3%

So by considering this above information, the amount debited to bad debt expense is

= $800,000 × 3%

= $24,000

All the other information i.e to be given is not relevant. Hence, ignored it

4 0
3 years ago
The new product development process has seven stages going from new product strategy development to commercialization. At which
sleet_krkn [62]

Answer:

Screening and evaluation

Explanation:

The seven steps in the new product development process are:

  1. New-product strategy development
  2. Idea Generation
  3. Screening and evaluation : at this stage, ideas are filtered and funneled and you must separate only those truly worth pursuing.
  4. Business analysis
  5. Technical Development
  6. Market Testing
  7. Commercialization

8 0
3 years ago
For a person who travels often, the main consideration in purchasing a computer would be?
Naily [24]

For a person who travels often, the main consideration in purchasing a computer would be portability.

What does portability mean in it?

If a computer program can be used in an operating system other than the one it was designed for without requiring extensive rewriting, it is said to be portable. The process of porting entails carrying out any work required to enable the computer software to function in the new setting.

What are the most important considerations when comparing computer systems?

The speed and storage capacity of the computer are among the more crucial factors. These factors are categorized under the term "computer specifications," which is used to describe how well a computer will function.

Learn more about portable devices: brainly.com/question/28075818

#SPJ4

8 0
2 years ago
Other questions:
  • The number of employees in a company is reduced in the ratio 3 : 2 and the salary of each employee is increased in the ratio 4 :
    8·1 answer
  • Gundy Company expects to produce 1,207,200 units of Product XX in 2017. Monthly production is expected to range from 75,600 to 1
    14·1 answer
  • Jackson Company engaged in the following investment transactions during the current year.
    11·1 answer
  • List two characteristics of an oligopolistic industry.
    14·2 answers
  • Harvey puts up a guitar for bids on eWay, a Web auction site. Faith makes the highest bid and sends the payment, which Harvey re
    15·1 answer
  • Suppose you have $10000 in your checking account. you withdraw $500 cash from your account and hide it under your pillow for fut
    12·1 answer
  • Why was buying things on credit not common in 1917
    9·1 answer
  • Direct Materials Variances The following data relate to the direct materials cost for the production of 20,000 automobile tires:
    10·1 answer
  • A $10,000 bond with 18%/year, compounded semi-annually (interest is paid every six month) is available in the market. The bond m
    5·1 answer
  • a trader sold a cash-secured put hoping to build a stock position. when the stock was trading at $34.30, she sold the 33 strike
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!