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bulgar [2K]
3 years ago
13

Global Company sold merchandise to Montana Industries for cash, $3,450. The cost of merchandise sold was $1,850. Global Company

refunded Montana Industries $900 for returned merchandise. The cost of merchandise sold was $600. Which of the following will be recorded by Global Company in the journal entry for the refund from the cost of the sale?
Business
1 answer:
postnew [5]3 years ago
7 0

Explanation:

The journal entry is as follows:

Sales A/c Dr $900

    To Customer refund payable A/c $900

(Being the refund is recorded)

For recording this given entry, we debited the sales account and credited the customer refund payable account so that the proper positing could be done. Both the accounts are recorded at $900

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Selected information from Large Corporation's accounting records and financial statements for 2018 is as follows ($ in millions)
Elena-2011 [213]

Answer:

Large most likely reports net cash outflows from investing activities of $9 million.

Explanation:

Large Corporation

Statement of cash flows (extract)

                                                                      $ in millions

Purchase of patent                                            ($14)

Proceeds from sale of land and buildings          24

Cash paid to acquire office equipment              (19)

Net cash flows from investing activities         ($9)

Note that the purchase of treasury stock belongs to financing activities section of the cash flows, while gain from sale of land and buildings  and investment revenue belong to operating activities section of the cash flows

7 0
3 years ago
What do you expect the level of implied demand uncertainty to be for jasmine rice produced by Thailand at a supermarket? Explain
Tju [1.3M]

Answer:

Implied demand uncertainly resulting uncertainty for the supply chain given the portion of the demand, the supply chain must handle & attributes the customer desires.

Explanation:

Implied demand uncertainly resulting uncertainty for the supply chain given the portion of the demand, the supply chain must handle & attributes the customer desires.

  1. It is related to customer needs & product attributes.
  2. The level of implied demand uncertainly of jasmine rice is low, because the demand& supply of jasmine rice is predictable
  3. The jasmine rice has low contribute margin, accurate demand forecasts, low stock out rates and virtually no markdown.
  4. These characteristics match well with Fisher’s chart of characteristics for product with highly certain demand.
4 0
4 years ago
An operations manager is most likely to be responsible for ________.
zysi [14]

<span>An operations manager is most likely responsible for logistics in which this is involved with the incoming flows of materials and how it goes out with the use of coordination and these materials that are evaluated are from finished products.</span>

4 0
3 years ago
Allen transfers marketable securities with an adjusted basis of $120,000, fair market value of $300,000, for 85% of the stock of
julia-pushkina [17]

Answer:

True

Explanation:

The reason is that it is transfering marketable securities for another marketables securities which are subject to a change of values as the previous one. Only the amount received in cash was realized thus, that is the amount of gain Allen will recognize as capital gain

The other part is unrealized gain until this shares are sold point atwhich, Allen which check for how much is the realized gain/loss in the transaction

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3 years ago
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5 0
3 years ago
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