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Shtirlitz [24]
3 years ago
10

When a buyer returns merchandise purchased for cash, the buyer will record the transaction as a:____

Business
1 answer:
Gwar [14]3 years ago
7 0

Answer:

c. Debit to Cash and a credit to Merchandise Inventory

Explanation:

When a buyer returns goods these are return outwards,

The correct entries to record them would be to debit cash as goods have been returned and credit the merchandise purchased so,

Debit cash account with the amount of goods returned

Credit Merchandise inventory with the amount of goods returned.

Hope that helps.

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The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processin
jekas [21]

Answer:

$142,524

Explanation:

The computation of the total cost assigned to the ending work in process

inventory is shown below:

As we know that

Total cost =  Material + Labor

where,  

Material = 21,400 units × 100% × $3.60 = $77,040

And,

Labor = 21,400 units ×  60% × $5.10 = 65,484

So, the total cost is $142,524

We simply added material and the labor cost according to their completion percentage and its cost per equivalent units

7 0
3 years ago
At Cost At Retail Inventory, February 1, 2020 $89,550 $99,500 Markdowns 35,000 Markups 63,500 Markdown cancellations 20,500 Mark
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Answer:

$73570

Explanation:

See attached file

8 0
3 years ago
What employee census data should sally gather to prepare for a benefits bid?
PilotLPTM [1.2K]

The employee census data that should be gathered by Sally to prepare for a benefits bid are;

  • Name
  • Age or date of birth
  • Number of dependents.

<h3>What are employee census data?</h3>

Employee census data can be regarded as the information needed from the employee to file a benefits bid.

Therefore, Name and Age are required for employee census data that should be gathered by Sally to prepare for a benefits bid.

Learn more about employee census data at:

brainly.com/question/25741658

3 0
2 years ago
Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs
Sindrei [870]

Answer:

d) $38,000 Debit balance.

Explanation:

Predetermined overhead rate = Estimated Total Overhead Costs / Estimated Direct Labor Costs

= $472000 / $2,360,000

= 0.2

= 20% of direct labor costs.

Applied overheads = (20%*Actual direct labor costs)

Applied overheads = 20% * $1,980,000

Applied overheads = $396,000

So, Overhead under-applied = $434,000 - $396,000 = $38,000 (Debit)

8 0
3 years ago
FICA includes taxes to pay for
kakasveta [241]
<span> Social Security and Medicare</span>
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3 years ago
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