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
Damm [24]
4 years ago
9

Presented below is information for Metlock Company.

Business
1 answer:
Maru [420]4 years ago
6 0

Answer:

The Journal entries are as follows:

(1) For Opening Balance Journal entry Not Required

(2) Net sales (all on account) for the year were $101,600. Metlock does not offer cash discounts,

Accounts Receivable A/c  Dr. $101,600

To Sales A/c                                            $101,600

(To record sales on account)

(3) Collections on accounts receivable during the year were $82,300,

Cash A/c                      Dr. $82,300

To Accounts Receivable                 $82,300

(To record the receipt of accounts receivable)

You might be interested in
What is the bullwhip effect and how does it relate to lack of coordination in a supply chain?
rewona [7]

Answer:

The bullwhip effect happens when retailers or other members of the supply chain overestimate a sudden increase in demand, and this causes a chain reaction in all the other participants of the supply chain that start requesting higher quantities of goods or materials for production. E.g. the fidget spinner was a very popular fad and its producers probably didn't anticipate how large the demand would be. Once the product became extremely popular, everyone wanted to sell fidget spinners. This caused an increase in the order quantities of all the supply chain. Once the fad faded out, all this momentum stopped and many stores, distributors, wholesalers, and even factories were left with huge unsold stocks of fidget spinners.

When the supply chain is well coordinated, there is little chance for some retailers or distributors to over react and want more product just in case. If your supply is guaranteed, then it would take some extraordinary increase in demand to make you want to increase your purchase orders. But if your supply chain is not well coordinated, you might fear that you will lose a lot of sales and other competitors will make them. Then you get anxious and start ordering large quantities.

6 0
3 years ago
On July 27, 2018, shareholders of the Walt Disney Company and 21st Century Fox agreed to a $71.3 billion purchase plan that gave
LenaWriter [7]

Answer: expanding into additional businesses that unlock possibilities for a comprehensive cost enhancement strategy.

Explanation:

The options include:

purchasing a powerful and well-known brand name that could be transferred to the products of other businesses and thereby used as a lever for driving up the sales and profits of such businesses.

opening up new avenues for reducing costs by diversifying into closely related businesses such as direct-to-consumer streaming of media content.

leveraging existing resources and capabilities by expanding into related industries where these same resource strengths were key success factors and valuable competitive assets.

expanding into additional businesses that unlock possibilities for a comprehensive cost enhancement strategy.

expanding into industries whose technologies and products complemented its present media and entertainment businesses.

The least likely among Disney's considerations in completing its acquisition of Fox will be the expansion into additional businesses that unlock possibilities for a comprehensive cost enhancement strategy.

4 0
3 years ago
Read 2 more answers
Brower is a holder of a promissory note obtained from AMCO Credit Union, Inc.
Murrr4er [49]

Answer:

The same defenses

Explanation:

All actions on promissory notes, other contracts or bonds, whether express or implied, that the payment of money are subject to the kind of defense the payor, obligor, or debtor had against the payee, creditor or obligee. Based on the notice of transfer or assignment.

6 0
3 years ago
A company issued 260 shares of $100 par value common stock for $31,000 cash. The total amount of paid-in capital in excess of pa
Lelu [443]

Answer:

The total amount of paid-in capital in excess of par is: $5,000.

Explanation:

When Common Stocks are classified as par value Stocks, any price paid in excess of the par value of the Stock is accounted for in the Share Premium account.

<u>Here is the Summary of the Transaction provided.</u>

Common Stocks : 260 shares × $100 = $26,000

Paid-in capital in excess of par : $31,000 - $26,000 = $5,000

5 0
3 years ago
Assume that Jackson is a​ price-taker and the current wholesale market price is $7.30 per can of paint. What is the target total
Mumz [18]

Answer:

Jackson's target total cost of producing and selling 6 million cans of paint of $31,800,000 will enable it to reach stockholders' profit goals of $6 million.

The implication is that it should not allow its total costs (Production and other business expenses) to exceed $37,800,000.

This is because its sales revenue will be equal to $43,800,000 (6,000,000 * $7.30).

As such, Jackson can produce a can of paint for $5.30.  It can also incur an average business expense of $1.00 per can to maintain and reach its $6 million profit target.

Explanation:

Profit is the difference obtained after deducting all costs from the revenue.  There are some profit stages.  The first is the gross profit, which considers the sales revenue and the cost of goods sold.  The next profit stage is the operating profit, which subtracts the business running expenses from the gross profit.  There are also profits before and after interest and taxes.  The after tax profit is also called the net income or net profit.  If it is negative, then it is called the net loss.  It is from the net income that distributions are made to stockholders in the form of dividends while a part is retained in the business to increase its capital stock or stockholders' equity.

8 0
3 years ago
Other questions:
  • The distinction between a company mission statement and a strategic vision is that a mission statement addresses "how we are try
    15·1 answer
  • ___________________- is another word for trail.
    7·2 answers
  • You take out a bank loan today for $6,000 . You will repay the loan with two equal payments in years 4 and 5 . If the loan inter
    12·1 answer
  • A used-car dealer has a vehicle on the lot with a sticker price of $5999. if the dealer markup on used vehicles is 20%, how much
    7·2 answers
  • An account is opened for three individuals as "Tenants in Common". If one of the individuals dies, the:
    6·1 answer
  • Economists make assumptions to represent their political bias. focus their thinking. make models easier for students to understa
    15·1 answer
  • Gdp may be found by _________________. (lo2, 3)
    7·1 answer
  • Your friend Scotty informs you that in 2019 he received a tax-free reimbursement of some medical expenses he paid in 2018. Which
    10·1 answer
  • The following information is available for Lock-Tite Company, which produces special-order security products and uses a job orde
    6·1 answer
  • Intelligence is analyzed information which in turn becomes decision-making intelligence when it has ramifications for the firm.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!