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V125BC [204]
3 years ago
6

On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of

the merchandise sold is $152,700. On March 5, Showcase Co. issues a credit memo for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,500.
Journalize Balboa Co.’s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
Lisa [10]3 years ago
7 0

Explanation:

The journal entries are as follows

a.

Merchandise Inventory A/c $254,500

              To Accounts payable A/c $254,500

(Being merchandise purchased on credit)

b.

Account payable Dr $30,000

         To Merchandise inventory $30,000

(Being the merchandise returned is recorded)

c.

Account payable Dr $224,500       ($254,500 - $30,000)

        To Cash $224,500

(Being the payment of the invoice is recorded)

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andre [41]

These gains and losses may be described or classified as either operating or nonoperating, depending on their relation to an entity's major ongoing or central operations.

<h3>What does Conceptual Framework say about profit and loss?</h3>
  • The Exposure Draft proposed that, because profit or loss is the primary source of information about an entity's financial performance for the period, the framework should include a presumption that all income and all expenses will be included in that statement.
  • The FASB's conceptual framework classifies gains and losses based on whether they are related to an entity's major ongoing or central operations.
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To learn more about Fasb gain and loss, refer

to brainly.com/question/24448358

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7 0
2 years ago
Which do you think is better?/Which do you prefer? FedEx or UPS?
GrogVix [38]

Answer:

I personally like UPS because most of the times I have to send documents or goods domestically and UPS is very well known for its domestics shipments and I also prefer it because of its low rates as compared to FedEx which has higher rates. I am also comfortable with UPS because of its customer services. They respond to your query very quickly and try to resolve it as soon as possible. Their first priority is always their customers.

7 0
3 years ago
It’s important to realize that when it comes to distracted driving it is not about bad teens doing bad things, it’s about good t
ValentinkaMS [17]

Answer:

True

Explanation:

The above statement is true as the distracted driving is act of driving along with engaging into certain other activities which leads to the driver's lesser concentration and attention towards the the road and driving.

Since good teens are not supposed to make the poor choices while driving and engage into activities like using phone, texting or reading maps or messages etc.

3 0
3 years ago
A water utility is planning to construct a grease treatment facility so that local haulers will not have to transport grease to
romanna [79]

Answer:

The B/C ratio at 6% per year is closest to 1.17

Explanation:

In order to calculate the B/C ratio at 6% per year we would have to make first the following calculations:

Present Worth(PW) of annual operating cost (excel formula) =PV(0.06,10,160000,0) = $1,177,613.93

PW of annual benefit (excel formula) =PV(0.06,10,250000,0) = $1,840,021.76

Present cost (at beginning of project) = $400,000

Therefore, to calculate the B/C ratio at 6% we would use the following formula:

B/C ratio at 6%=PW of benefits-PW of disbenefits/Initial cost+PW of operating and maintenance-PW of salvage value

B/C ratio = ($1,840,021.76 - 0)/($400,000 - $1,177,613.93) = 1.17

7 0
3 years ago
Larkspur, Inc. reports net income of $89,770 in 2017. However, ending inventory was understated by $7,100. Collapse question par
swat32

Answer:

$96,870

Explanation:

The understatement of ending inventory causes the cost of goods sold to be overstated and the gross and net income to be understated by the same amount.

If the 2017 ending inventory was understated by $7,100 then the correct net income figure for 2017 will be $7,1000 more that what was reported.

Therefore, 2017 corrected net income

= $89,770 + $7,100

= $96,870

4 0
3 years ago
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