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marta [7]
3 years ago
6

Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The amount owed is now past-due

. On June 15, Coolidge meets with Ross and convinces Ross to accept $400 cash and a 30-day, 10 percent, $600 note payable to replace the account payable.
Note: Enter debits before credits. Date Jun 15 General Journal Debit / Credit
Business
1 answer:
Keith_Richards [23]3 years ago
4 0

Answer:

Dr Accounts payable   $1000

Cr Cash                                      $400

Cr Notes payable                      $600

Explanation:

The $1000 owed was previously a credit in the accounts payable,since it has now been settled partly in cash and the remainder with notes payable,the accounts payable is debited with $1000.

Besides,the cash account should have witnessed an outflow of $400 and should be credited with $400.

Finally,$600 of the $1000 has been converted into notes payable instead of accounts payable and the notes payable should receive a credit of $600

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4 0
3 years ago
In an advertising plan, the ____ is the section in which the client and the agency lay out the key factors that define the curre
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<span>In an advertising plan, the "situation analysis" is the section in which.........
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5 0
3 years ago
Moonbeam Company manufactures toasters. For the first 8 months of 2020, the company reported the following operating results whi
Lelu [443]

Answer:

Moonbeam Company

a) Incremental analysis for the special order:

Sales revenue ($7.87 * 20,800) =   $163,696

Variable costs ($6.62 * 20,800) =    (137,696)

Contribution margin =                        26,000

Shipping costs                                     (2,900)

Net income from special order =     $23,100

b) Moonbeam should accept the special order.  It generates some net income for covering the company's fixed cost and does not exceed the company's plant capacity.  It only adds about 4% to the operating plant capacity.

Explanation:

a) Data and Calculations:

                                        Total               Variable        Fixed

Sales (375,200 units)  $4,378,000  

Cost of goods sold        2,588,880      1,812,216       776,664

Gross profit                     1,789,120

Operating expenses        839,510        671,608        167,902

Net income                    $949,610

Total costs                                       $2,483,824    $944,566

Selling price = $11.67 ($4,378,000/375,200)

Variable costs per unit = $6.62 ($2,483,824/375,200)

Total plant capacity = 500,267 units (375,200/75%)

Increase in plant capacity = 396,000 (375,200 + 20,800)

6 0
3 years ago
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shutvik [7]

Answer:

e. None of the above

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6 0
2 years ago
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Virty [35]

Answer:

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Definition: A source document that shows how a worker spent time each week.

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Definition: A form that lists the quantity of direct materials to be used in a job.

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Definition: The amount of actual overhead is greater than the applied overhead.

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3 0
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