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mars1129 [50]
2 years ago
8

Brief Exercise 4-09 At Raymond Company, the following errors were discovered after the transactions had been journalized and pos

ted. 1. A collection on account from a customer for $870 was recorded as a debit to Cash $870 and a credit to Service Revenue $870. 2. The purchase of store supplies on account for $1,510 was recorded as a debit to Supplies $1,150 and a credit to Accounts Payable $1,150.
Business
1 answer:
labwork [276]2 years ago
6 0

Answer:

Dr Cash 870

                 Cr Account Receiable 870    

Dr Supplies  360

                  Cr Account Payable    360  

Explanation:

1. whenever sales is recorded, Account receivable is debited and sales revenue is credited,cash is recorded when collection is made against that receivable in this case directly cash has been recorded without first generating account receivable entry.

2.in this case (1510-1150=$360) of purchases has not been recorded therefore we have to create an entry of $360.

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Sally's Gift Baskets sells gift baskets, on average, for $125; each gift basket costs, on average, $60. Debby pays salaries each
eimsori [14]

Answer:

a. Traditional Income Statement

Sales ($125 x 140)                            $17,500

Cost of Sales ($60 x 140)               <u>($8,400)</u>

Gross Profit                                      $9,100

Salaries                                           ($1,300)

Rent                                                 ($1,000)

Sales Commission ($17,500 x 5%) <u>($875) </u>

Net income                                      <u>$5,925</u>

b. Contribution Margin Income Statement

Sales ($125 x 140)                            $17,500

Less: variable Costs

Cost of Sales ($60 x 140)               ($8,400)

Sales Commission ($17,500 x 5%) <u>($875) </u>

Contribution Margin                       $8,225

Less: Fixed Costs

Salaries                                           ($1,300)

Rent                                                 <u>($1,000)</u>

Net income                                      <u>$5,925</u>

Explanation:

a.

Traditional Income statement calculates the gross profit after deducting the cost of goods sold from the revenue. After that it deduct all the operating expenses to calculate the Net Income.

b.

Contribution margin income statement consider all the variable expenses as cost of product cost and calculates the contribution margin, after that the fixed costs are deducted calculate the net income.

5 0
3 years ago
Chaikin Money Flow is calculated by summing the ADs over the past _____ days and dividing that sum by the total volume over the
antiseptic1488 [7]

Answer:

d. 21, 21

Explanation:

The Chaikin Money Flow is a model (indicator) that was developed by Marc Chaikin in the 1980s and it is typically used by financial institutions or experts to monitor the volume-weighted average of accumulation and distribution of a stock for a specific period of time. Thus, the default or standard period for the Chaikin Money Flow is 21 days

Hence, Chaikin Money Flow is calculated by summing the average of the daily money flow (ADs) over the past 21 days and dividing that sum by the total volume over the past 21 days.

7 0
2 years ago
The bonds issued by United Corp. bear a coupon of 6 percent, payable semiannually. The bond matures in 20 years and has a $1,000
pishuonlain [190]

Answer: 6.40%

Explanation:

Use Excel to calculate this by the formula;

= RATE(Nper,Pmt,-Pv,Fv)

Nper is number of periods = 20 * 2 = 40 semi annual periods

Pmt is the payment = $6%/2 * 1,000 = $30

Pv is the present value = $955

Fv is future value or face value = $1,000

= RATE (40,60,-955,1000)

= 3.20% * 2 (because this is a semi annual rate)

= 6.40%

8 0
2 years ago
Identify whether each of the following transactions will take place in the factor marketLOADING... or in the product marketLOADI
Debora [2.8K]

Answer:

a. George buys a Tesla Model S.

Product market.  Demanded by household  and supplied by the firm

b. Tesla increases employment at its Fremont plant.

Factor market.  Demanded by firm  and supplied by the household

c. George works 20 hours per week at McDonald’s.

Factor market.  Demanded by firm  and supplied by the household

d. George sells the land he owns to McDonald’s so that it can build a new restaurant.

Factor market.  Demanded by firm  and supplied by the household

Explanation:

a. George buys a Tesla Model S.

The transaction took place in the product market.

The good was demanded by household

The good was supplied by the firm

b. Tesla increases employment at its Fremont plant.

The transaction took place in the factor market.

The labor was demanded by firm

The labor was supplied by the household

c. George works 20 hours per week at McDonald’s.

The transaction took place in the factor market.

The labor was demanded by firm

The labor was supplied by the household

d. George sells the land he owns to McDonald’s so that it can build a new restaurant.

The transaction took place in the factor market.

The factor of production was demanded by firm

The factor of production was supplied by the household

6 0
3 years ago
The positive relationship between price and quantity supplied, other things being equal, is considered to be:________
Bas_tet [7]

Answer:

The answer is D.

Explanation:

The correct answer is D. universally true for all markets

Other things being equal, as the price of goods and services increase, producers/firms tend to produce more(this is the popular law od supply) inorder to take advantage of the high revenue.

Unlike demand, for supply, price and quantity supplied are directly related.

4 0
2 years ago
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