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lesya [120]
3 years ago
13

Information related to Kerber Co. is presented below.1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms

2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes.3. On April 7, purchased equipment on account for $26,000.4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise.5. On April 15, paid the amount due to Wilkes Company in full.Prepare the journal entries to record these transactions on the books of Kerber Co. under a perpetual inventory system.
Business
1 answer:
diamong [38]3 years ago
5 0

Answer: please refer to the explanation section for journals and notes

Explanation:

1 April

DR Inventory 23000

CR       Trade Payable    23000

inventory is purchased on Free on Board Shipping terms, risks and Ownership of inventory  transfers to Kerber Co the moment Wilkes company ships the inventory. inventory must be recognised

6 April

DR Freight costs 900

CR        Bank              900

DR Inventory   900

CR       Freight costs   900

Kerber Co Paid Freight costs of $900. There are two events happening in this transaction  being the payment of freight costs and the capitalisation of freight costs. Freight costs are capitalised  (included in the value of inventory) as they are costs necessary to get the inventory in to the premises of the customer (Kerber Co).

7 April

DR Equipment  26000

CR       Creditor/Liability 26000

Kerber Co purchase inventory on credit. equipment is debited because Equipment is an asset  and liability is credited.

8 April

DR Trade Payable 3000

CR    inventory              3000

Damaged inventory returned will decrease inventory balance and also decrease the amount owed to the creditor (Wilkes Company) . Trade Payable account is Debited and inventory account is credited to record the decrease in inventory and amount payable

15 April

DR Trade Payable 20000  

CR       Bank                    20000

23000 - 3000 = 20 000

recording payment made to the Creditor for inventory purchased or settlement of the trade payable account  

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Our basketball team has finished $80\%$ of its season, during which we won $40\%$ of the games we played. What percent of the re
masya89 [10]

Answer:

90%

Explanation:

Let x be the total number of matches,

Given,

80% of games were finished,

So, the number of finished games = 80% of x = 0.8x

∴ Remained games= x - 0.8x = 0.2x

Now, 40% of 80% of games were won,

So, the winning games in 0.8x matches = 40% of 0.8x

= 0.4 × 0.8x

= 0.32x

In order to finish games with the same number of wins as losses,

Winning percentage in all games must be 50%,

Thus, the total winning games = 50% of x = 0.5x

Let y be the winning percentage in 0.2x games,

So, the total winning games in 0.2x games = \frac{y\times 0.2x}{100}

∵ Number of winning matches in 80% games + number of winning matches in 20% = total winning matches

⇒ 0.32x + \frac{0.2xy}{100}= 0.5x

\frac{0.2xy}{100}=0.18x

0.2y=18

\implies y=90

Hence, the percent of winning the in the remaining games must be 90%.

6 0
3 years ago
Financial markets and _______ channel _______ to_______ . They also channel money from individuals who want to _______ for the f
garik1379 [7]

Answer:

Financial intermediaries; savings; real investments; save; mutual funds; ETFs; commodity markets; shares; liquid; stock market; banks; CFO; bonds

Explanation:

Financial markets and FINANCIAL INTERMEDIARIES channel SAVINGS to REAL INVESTMENTS . They also channel money from individuals who want to SAVE for the future to those who need cash to spend today. A third function of financial markets is to allow individuals and businesses to adjust their risk. For example, MUTUAL FUNDS, such as the Vanguard Index fund, and ETF( educational trust funds) , such as SPDR's or "spiders," allow individuals to spread their risk across a large number of stocks. Financial markets provide other mechanisms for sharing risks. For example, a wheat farmer and a baker may use the COMMODITY MARKETS to reduce their exposure to wheat prices. Financial markets and intermediaries allow investors to turn an investment into cash when needed. For example, the SHARES of public companies are LIQUID because they are traded in huge volumes on the STOCK MARKET .

BANKS are the main providers of payment services by offering checking accounts and electronic transfers. Finally, financial markets provide information. For example, the CFO of a company that is contemplating an issue of debt can look at the yields on existing BONDS to gauge how much interest the company will need to pay.

7 0
3 years ago
If the cost of goods sold is more than the cost of goods manufactured, then
ivann1987 [24]

Answer:

C. Finished Goods Inventory has decreased.

Explanation:

Cost of goods manufactured (COGM) increases when finished goods inventory is <em>produced</em>, while cost of goods sold (COGS) increases when finished goods inventory is <em>sold</em>. If COGS has been increasing faster than COGM has been increasing, the company has been selling more goods than it has been producing. Therefore, it must have sold goods from its surplus of finished goods inventory. Thus, finished goods inventory has decreased.

8 0
3 years ago
Why do markets exist?
FinnZ [79.3K]

Answer:

The correct answer is *to provide a place for people to trade goods and services

Explanation:

trading can be simply described as the act of exchanging values between parties.

a market is a place where the sellers and buyers meet and trade, in which the buyers buy what they need and want from the sellers at a price both of them can agree upon.

8 0
3 years ago
Gary mails an offer to Brian on June 15. Brian receives the offer on June 16. Gary mails a revocation of the offer on June 17. B
hammer [34]

Answer:

Yes. Contract formed on June 18.

Explanation:

A contract is an agreement between two interest parties that has rights and obligations attached to them.

The fact that Brian mails a letter of acceptance on June 18 entails that an agreement has been reached.

Thus the date of the Contract is June 18.

7 0
3 years ago
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