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bezimeni [28]
3 years ago
10

Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method.

Business
1 answer:
Nadya [2.5K]3 years ago
3 0

Answer:

Purchase  12000 debit

Accounts Payable  12000 credit

--to record purchase--    

Accounts Payable   1200 debit

Returns&Allowance       1200 credit

--to record returned goods--

Purchase  16000 debit

Accounts Payable  16000 credit

--to record purchase--    

Purchase          20000 debit

Accounts Payable  20000 credit

--to record purchase--  

Account Payable    16,000 debit

     Purchase Discount      160 credit

     Cash                        15,840 credit

-to record payment within--

SECOND METHOD:

Purchase  11,760 debit

Accounts Payable  11,760 credit

--to record purchase--    

Accounts Payable   1,176 debit

Returns&Allowance       1,176 credit

--to record returned goods--

Purchase  15,840 debit

Accounts Payable  15,840 credit

--to record purchase--    

Purchase          19,600 debit

Accounts Payable  19,600 credit

--to record purchase--  

Account Payable    16,000 debit

     Cash                        15,840 credit

-to record payment within--

interst expense      216 debit

  account payable         216 credit

--to record interest incurred--

Explanation:

As we use periodic system we calculate the inventory and COGS at the end of the period so we use purchase and returns accounts rather than adjusting inventories in every transactions.

In the second method we use itnerest expense when the discount is loss.

<u><em>interest incurred for the period:</em></u>

(12,000 - 1,200) x 2% = 216

The secodn purchase at the end of the monthcan be paid within discount period therefore, we do not recognize interest expense yet.

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John is an art dealer with special expertise in modern art. Rachel comes to John's gallery to purchase a modern art painting as
lubasha [3.4K]

Answer:

Puffery

Explanation:

Puffery refers to making hefty claims regarding product attributes and traits which represent a subjective and not objective view. Such claims are not backed by valid reasoning or valid evidences and facts.

In the given case, the art dealer claims his products being of high quality and appreciating over the period of next ten years. Such claims cannot be substantiated by any concrete evidence. As value cannot be ascertained in advance.

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3 years ago
If Apr of a savings account is 2.7% and interest is compounded quarterly, what is the approximate APY of the account
solniwko [45]

Answer:

0.0273 = 2.7%

Explanation:

APY = (1 + r/m)^m - 1

       = (1 + 0.027/4)^4   -  1

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8 0
2 years ago
At the beginning of the year, Kimball Company had total assets of $700,000 and total liabilities of $400,000. If the total asset
svlad2 [7]

Answer:

$ 480 000

Explanation:

Assets : $700 000(@ beginning of year )

$100 000 increase (during year )

700 000+100 000=$800 000(@end of year)

Liabilities : $400 000(@ begininng of year )

$80 000 decrease (@ during of year)

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4 0
3 years ago
___________ attempts to increase task efficiency by breaking down jobs into simple steps and assigning people to each of those s
SpyIntel [72]

Answer:

A) Job simplification.

Explanation:

Job simplification makes it easy to complete the whole task by dividing it into small steps. Basically this can improve productivity and efficiency.

For instance: A whole task was done by a single employee and it took him a day to complete it, through Job simplification task would be divided into steps and those sub tasks would be assigned to different employee's with a deadline to complete it in 6 hours, much less than the formal employee took.

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3 years ago
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A cost that remains fixed over limited ranges of volumes but changes by a lump sum when volume changes occur outside these limit
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Answer:

Variable cost

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because sometimes companies set fixed price to other product

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