Answer:
1. Blossom Company Journal entry
April 10
Dr cash$35,175
Cr Sales $33,500
Cr Sales tax $1,675
2. Oriole Company Journal entry
April 15
Dr Cash $25,970
Cr sales $24,500
Cr Sales tax $1,470
Explanation:
1. Blossom Company Journal entry
April 10
Dr cash ($33,500+$1,675) $35,175
Cr Sales $33,500
Cr Sales tax $1,675
2. Oriole Company Journal entry
April 15
Dr Cash $25,970
Cr sales ($25,970/1.06) $24,500
Cr Sales tax $1,470
($25,970-$24,500)
Answer:
Debit WIP $57,000
Debit MOH $8,000
Credit raw materials $65,000
Explanation:
With regards to the above,
Indirect material used = $8,000 will be debited to manufacturing overhead [MOH]
Direct materials used =$65,000 - $8,000 = $57,000 hence will be debited to work in process account [WIP]
Raw materials will be credited by $65,000
The correct answer would therefore be;
Dr WIP $57,000
Dr MOH $8,000
Cr raw materials $65,000
Answer:
$56,000
Explanation:
Given the above information, we will calculate first the total cash flow.
Total cash flow = Opening cash receivable + Sales - Ending cash receivables
= $196,000 + $880,000 - $226,000
= $850,000
Ending cash balance = Opening cash balance + Total cash flow - Cash disbursement
= $146,000 + $850,000 - $940,000
= $56,000
Answer:
Stock prices follow a random walk with a trend because:__________
d. stock prices are based on both future profits and expectations about future profits and gradually rise over time.
Explanation:
The random walk theory of the stock price movement states that there is no observable pattern or trend to the movement of a stock price. It is, therefore, impossible to use the past movement or trend of a stock price to predict its future movement. This means that the wise investor should invest in the market portfolio to reflect more closely the movement of stock prices in the market instead of investing in a single stock or market security.