Does anyone know anything on accounting????

On March 3, Cobra Inc. purchased a desk for $280 on account. On March 22, Cobra purchased another desk for $410 also on account,

damaskus [11]

Answer:

The amount of $690 should recorded for desks

Explanation:

The amount which should be reported for desks at the end of march is computed:

Amount that should be reported for desks = Purchased on March 3 + Purchased on March 22

where

Purchased on March 3 amounts to $280

Purchased on March 22 amounts to $410

Putting the values above:

Amount = $280 + $410

= $690

Therefore, the amount of $690, which is to be recorded for the desks purchased by the Cobra company.

4 0

3 years ago

Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. 8 Purchased merc

Iteru [2.4K]

Answer:

See the explanation.

Explanation:

Account receivable Rondo Distributors debit $1,200

Sales revenue credit $1,200

Note: To record the merchandise sales on account. As the company used the periodic inventory system, we do not need to give the cost of goods sold journals.

Purchase debit 10,000

Accounts payable credit 10,000

Note: To record the purchase on account.

Delivery expense debit $525

Cash credit $525

Note: To record the payment of the delivery expense.

8 0

3 years ago

On January 15, 2019, Dillon purchased the rights to a mineral interest for $3,500,000. At that time, it was estimated that the r

lutik1710 [3]

Answer:

$175,000

Explanation:

Depletion per Unit =$3500000 / 500000 = $7 per unit

25,000 units were sold during the year.

There are two ways of figuring depletion on mineral property.

1. Cost Depletion

2. Percentage Depletion

Generally, we must use the method that gives you the larger deduction.

Calculation of Cost Depletion:

Cost Depletion = Units Sold * Depletion Rate = 25,000 units * $7 per unit = 175,000

Calculation of Percentage Depletion:

Percentage Depletion = Gross Income from Property During the Year * Depletion Rate = 800,000 * 22% = 176,000

Percentage Depletion cannot be more than 50% of net taxable income from the property.

Percentage Limit = (Sales - Expenses ) * 50% = (800,000 - 500,000) * 50% = 300000*50% = 150,000

Thus Percentage Depletion is limited to $150,000

Thus, the deduction is $175,000 (Higher to Cost or Percentage Depletion)

7 0

3 years ago

Cash receipts A firm has actual sales of $ 60 comma 000 in April and $ 64 comma 000 in May. It expects sales of $ 75 comma 000 i

nirvana33 [79]

Answer:

Month incurred Amount June July August

June 75,000 37500 18,750 18,750

July 95,000 47,500 23,750

August 95,000 47,500

37,500 66,250 90,000

The expected cash receipts are:

June = $37,500

July = $66,250

August = $90,000

Explanation:

The pattern of collection of sales is that 50% are collected in the months of sales while 25% each will be collected in the following month and following 2 months. For instance, 50% of June sales are collected in June, 25% are realized in July and 25% are collected in August. 50% of July sales are realized in July and 25% are collected in August.

7 0

3 years ago

Meacham Enterprises' bonds currently sell for $1,280 and have a par value of $1,000. They pay a $135 annual coupon and have a 15

Flauer [41]

Answer:

Yield to call (YTC) = 7.64%

Explanation:

Yield to call (YTC) = {coupon + [(call price - market price)/n]} / [(call price + market price)/2]

YTC = {135 + [(1,050 - 1,280)/5]} / [(1,050 + 1,280)/2]

YTC = 89 / 1,165 = 0.07639 = 7.64%

Yield to call is how much a bondholder will earn if the bond is actually called, and it may differ from yield to maturity since the call price is generally higher than the face value, but the yield to maturity generally is longer than the call period.

7 0

3 years ago