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3 years ago

A customer purchases $340 worth of merchandise from The GAP using a gift card. What is the journal entry The Gap records?

Business

1 answer:

OLga [1]3 years ago

6 0

Answer:

Option (d) is correct.

Explanation:

Given that,

Customer purchases $340 worth of merchandise from The GAP using a gift card.

A gift card is having an amount of money that is used by the gift card holder for the purpose of purchasing goods. So, in the books of GAP, the value of gift card is debited as an unearned revenue and the sales revenue is credited.

The journal is as follows:

Unearned revenue A/c Dr. $340

To sales revenue A/c $340

(To record the merchandise sold for a gift card)

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Answer:

$414,282.91

Explanation:

The issue price of the bonds is also known as the Present Value (PV) or current price of the Bonds and is calculated as :

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PMT = ($440,000 x 9%) ÷ 2 = $19,800

P/yr = 2

N = 9 x 2 = 18

I/yr = 10%

PV = ?

Using a Financial calculator to input the values as above, the PV or issue price will be $414,282.91

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3 years ago

As a manager, you review time and activity schedules, review procedures, and schedule in-services. These are part of: Choose one

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Answer:

Planning and Controlling

Explanation:

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3 years ago

Firm ML, a noncorporate taxpayer, exchanged residential rental property for 20 acres of investment land with a $200,000 FMV. ML

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Answer:

a. $222,000

b. $22,000

c. $158,000

Explanation:

a. FMV of rental property = FMV of land received + Received cash

= $200,000 + $22,000

= $222,000

b. FMV of land received $200,000

Cash boot received $22,000

Less: Basis of rental property $158,000

Realized gain $64,000

Recognized gain (Boot) $22,000

this transaction qualify for a like-kind exchange under section 1031 When no gain or loss is recognized on an exchange but on Boot received. But recognized gain will be lower of boot amount of realized gain.

c. Carryover basis of original assets = FMV of rental property - Realized gain

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= $158,000

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3 years ago

Hiiii how was yall day..................

Katyanochek1 [597]

Good, tbh only answering so I can get more points lol have a good day!

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3 years ago

Read 2 more answers

Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 61 percent complete). Start

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Answer:

Part (a)

Equivalent units for materials using the weighted-average method is 70500 units

Part (b)

Equivalent units for conversion costs using the weighted-average method is 52735 units

Explanation:

Transferred Out(eqiv) Ending Inventory(equiv) Total

Materials 49600 20900 70500

Conversion Cost 49600 3135 52735

Equivalent units for materials

Transfered Out Units are 100% complete in terms of materials. Hence 49600 equivalent units.

Ending Inventory is 100% complete in terms of materials hence 20900 equivalent units.

Equivalent units for Conversion Costs

Transfered Out Units are 100% complete in terms of Conversion Costs. Hence 49600 equivalent units.

Ending Inventory is 15% complete in terms of materials hence 3135 equivalent units.

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3 years ago