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zzz [600]
2 years ago
15

On October 5, Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $6,650, and th

e cost to Marin Company is $3,010. On October 8, Cullumber returns defective goods with a selling price of $840 and a scrap value of $430. Record the transactions on the books of Marin Company, assuming a perpetual approach.
Business
1 answer:
andreev551 [17]2 years ago
8 0

Answer:

October 5 entries

Debit Accounts receivable  $6,650

Credit Sales Revenue                     $6,650

To record sales

Debit Cost of goods sold       $3,010

Credit Inventory            $3,010

To record the cost of sales

October 8 entries

Debit Sales return   $840

Credit Accounts receivable  $840

To record sales reversal due to sales return

Debit Inventory   $430

Credit Cost of goods sold   $430

Explanation:

The perpetual inventory system is the one that ensures that the book balance for inventory is adjusted for every purchase, sale or return of inventory.

When inventory is sold on account, the entries required are debit accounts receivable and credit revenue then Debit cost of goods sold and credit inventory.

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Phoenix Agency leases office space for $7,700 per month. On January 3, Phoenix incurs $105,600 to improve the leased office spac
nadezda [96]

Answer:

$13,200 per year

Explanation:

Amount incurred to improve the office space = $

Improvement expected to yield benefit = 10 years

Remaining life on it's lease = 8 years

Since the office space is not going to remain with Phoenix after the lease period, it means that the improvement expenses will be expensed over the remaining lease period I.e 8 years.

Therefore, the amount of expense that should be recorded the first year related to improvements can be calculated as;

= Amount incurred to improve the office space ÷ remaining life on its lease

= $105,600 ÷ 8

= $13,200 per year

7 0
3 years ago
Suppose France can produce four phones or three computers with one unit of labor, and Sweden can produce one phone or two comput
lesya [120]

Answer:

Option (a) is correct.

Explanation:

France can produce four phones or three computers:

Opportunity cost of producing one phone = (3 ÷ 4)

                                                                      = 0.75 computers

Opportunity cost of producing one computer = (4 ÷ 3)

                                                                      = 1.33 phones

Sweden can produce one phone or two computers:

Opportunity cost of producing one phone = (2 ÷ 1)

                                                                      = 2 computers

Opportunity cost of producing one computer = (1 ÷ 2)

                                                                      = 0.5 phones

Therefore,

France has a comparative advantage in producing phones because of the lower opportunity cost of producing it than Sweden. France should specialize in producing phones and import computers from Sweden.

Sweden has a comparative advantage in producing computers because of the lower opportunity cost of producing it than France. Sweden should specialize in producing computers and import phones from France.

5 0
3 years ago
For index numbers like stock market indexes A. the numbers are not measured in dollars or any other units and their values are m
vladimir2022 [97]

Answer:

Correct option D

Explanation:

An index number is the measure of change in a variable (or group of variables) over time. It is typically used in economics to measure trends in a wide variety of areas including: stock market prices, cost of living, industrial or agricultural production, and imports. Index numbers are one of the most used statistical tools in economics.

Index numbers are not directly measurable, but represent general, relative changes. They are typically expressed as percents.

Index numbers are not measured in dollars or any other units and changes in their values are more important than the values themselves.

8 0
3 years ago
Read 2 more answers
he Bread Company promotes its brand in new international markets by providing rights to local bakeries and bistros to use its re
ale4655 [162]

Answer:

licensing

Explanation:

Licensing -

It refers to the agreement or the permission given by one company to another company , in order to manufacture a specific goods or services , is referred to as licensing .

The permission can be of various forms like copyrights , trademarks , patents , design , formulas etc.

Hence , from the given scenario of the question ,

The correct answer is licensing .

5 0
3 years ago
Read 2 more answers
How does international trade affect consumers
Semenov [28]
B:consumers have access to a greater variety of goods and services from other countries.
4 0
3 years ago
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