The accounting entries for Rippen Corporation is recorded as follows:
December 3,
DR Accounts Receivable (Burnen Corp.) $480,000
CR Sales $480,000
DR Cost of Goods Sold $320,000
CR Inventory $320,000
December 8,
DR Sales Return $30,000
CR Accounts Receivable $30,000
DR Inventory $20,000
CR Cost of Goods Sold $20,000
December 12,
DR Cash $441,000
DR Credit Discount $9,000
CR Accounts Receivable $450,000
<h3>What is Journal Entry?</h3>
A journal entry is recorded for the transactions of a company in the relevant period, the entry that is recorded is also known as the double entry. These journal entries are then used to prepare T-Accounts, an then trial balance is made and ultimately income statement and balance sheet are made.
The transaction includes a discount of 2% as credit discount for the payment being made within 10 days.
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Answer:
C. Private limited company
Explanation:
Ownership in a private limited company is restricted, unlike in a public limited company. The shareholders of a private limited company are usually family members, close friends, or people with a shared interest.
A private limited company can raise capital by selling additional shares. Because becoming a shareholder in a private limited company is restricted, private companies raise capital by selling shares to existing shareholders or to invited investors.
Answer:
AFC = 
MC = 
TC
AVC = 
AC = 
Explanation:
The cost function is given as 
.
The fixed cost here is 9, it will not be affected by the level of output.
The variable cost is 
.
AFC = 
MC = TC
MC =
MC = 2q
AVC =
AVC = 
AVC = q
AC =
AC = ![\frac{[tex]C=9+q^{2}](https://tex.z-dn.net/?f=%5Cfrac%7B%5Btex%5DC%3D9%2Bq%5E%7B2%7D)
}{q}[/tex]
AC = 
Answer:
$9,000
Explanation:
Given that,
Trapp Company reported,
Net income for 2019 = $110,000
Dividends paid on November 1, 2019 = $60,000
Grape Company owns 15% of the common stock of Trapp.
Using a fair-value method,
Therefore,
Income earned by Grape company is as follows:
= 15% of the total amount of dividend paid
= 0.15 × $60,000
= $9,000
