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Oxana [17]
3 years ago
9

For the year ended December​ 31, 2019, Davidson Mart had sales of​ $800,000 and cost of goods sold of​ $600,000. Davidson estima

tes that approximately​ 2% of the merchandise sold will be returned. The adjusting journal entry on December​ 31, 2019, would include a​ _____.
Business
1 answer:
Anit [1.1K]3 years ago
3 0

Answer:

800,000/600,000=1.33

Profit percentage = 1.33-1=0.33=33%

0.02*800,000=16,000 worth of goods returned

Profit= 0.33*16,000=5280

COGS= 16,000-5280=10,720

Adjusting Entry

                                 Debit                  Credit

Goods returned         10,720

Profit                           5,280

Cash                                                    16,000

Explanation:

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The Mall of America, while located in chilly Minneapolis, MN, is located at the intersection of major freeways, with easy access
Simora [160]

Answer:  The correct answer is "A) place".

Explanation: The Mall of America, while located in chilly Minneapolis, MN, is located at the intersection of major freeways, with easy access to a major airport in a thriving metropolitan area. Store location is to the retailing mix as <u>place</u> is to the marketing mix.

7 0
3 years ago
Dylan, a vice president of human resources, recommends adding self-appraisals to the company's performance management system. Th
masha68 [24]
<h2>Evaluating one's contribution gets employee thinking about their performance.</h2>

Explanation:

Self-appraisal is one of the best method to assess themselves of what kind of contribution that he has made to the company to grow.

He can also look back about the opportunities that the company has given to him to perform.

This actually,

  • speaks for results
  • gets the chance to do peer review
  • an exercise to grow in terms of career
  • list out the achievements of self
  • contribution done by the self

So the chosen statement supports Dylan's idea.

3 0
3 years ago
EA14.
cricket20 [7]

Answer:

$1.86; $3.5

Explanation:

Total cost incurred:

= Cost received from departments + Addition of cost within its departments

= $10,000 + $27,200

= $37,200

Unit cost for materials:

= Total cost incurred ÷ equivalent units

= $37,200 ÷ 20,000

= $1.86

Total cost incurred:

= Cost received from departments + Addition of cost within its departments

= $10,000 + $53,000

= $63,000

Unit cost for Conversion:

= Total cost incurred ÷ equivalent units

= $63,000 ÷ 18,000

= $3.5

3 0
3 years ago
January​ 1, Biden,​ Inc.'s WorkminusinminusProcess Inventory account had a balance of $ 30 comma 800. During the​ year, $ 58 com
Natasha_Volkova [10]

Answer:

Option (A) is correct.

Explanation:

Given that,

Direct materials = $58,500

Direct labor = $66,000

Manufacturing overhead = 120% of direct labor cost

Opening WIP = $30,800

Cost of goods manufactured:

= Direct materials + Direct labor + Manufacturing overhead

= $58,500 + $66,000 + 120% of direct labor cost

= $58,500 + $66,000 + (120% × $66,000)

= $58,500 + $66,000 + $79,200

= $203,700

December 31 balance of Work-in-Process ​Inventory:

= Opening WIP + cost of goods manufactured - cost of goods completed

= $30,800 + $203,700 - $220,700

= $13,800

6 0
3 years ago
On September 30, 2018, Corso Steel acquired a patent from Thermo Steel. The agreement specified that Corso will pay Thermo $1,00
Reika [66]

Answer: $69,959

Explanation:

The amount of interest expense, that Corso will record on December 31, 2019, the company’s fiscal year end will be calculated thus:

First, we calculate the present value of payment which will be made on September 30,2020 and this will be:

= $1000000 × 0.857339

= $857339

Then, the interest expense on December 31,2018 will be:

= $857339 × 8%/12 × 3

= $17147

Therefore, the Interest expense on December 31,2019 will be:

= ($857339 + $17147) × 8%

= $874486 × 0.08

= $69959

3 0
3 years ago
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