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ra1l [238]
3 years ago
7

Oriole Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $65

9,900 (cost of $460,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $9,900. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Oriole for the full sales price.Instructions(a) Prepare the journal entry(ies) to record the sale and related cost of goods sold forJupiter Company on January 2, 2020, and the payment on January 2, 2020. Assume thatJupiter Company records the January 2, 2017, transaction using the net method.(b) Prepare the journal entry(ies) to record the sale and related cost of goods sold forJupiter Company on January 2, 2020, and the payment on January 2, 2020. Assume thatJupiter Company records the January 2, 2017, transaction using the gross metho
Business
1 answer:
labwork [276]3 years ago
6 0

Answer:

Explanation:

The journal entries are shown below:

Using net method:

1. Notes receivable A/c Dr $650,000        ($659,900 - $9,900)

      To Sales revenue A/c $650,000

(Being the sale is recorded)

2. Cost of goods sold A/c Dr  $460,000

        To Inventory A/c $460,000

(Being cost of goods sold is recorded)

3. Cash A/c Dr $659,900

       To Notes receivable  $650,000

       To Discount forfeited $9,900

(Being received payment is recorded)

Using gross method:

1. Notes receivable A/c Dr $650,000        ($659,900 - $9,900)

      To Sales revenue A/c $650,000

(Being the sale is recorded)

2. Cost of goods sold A/c Dr  $460,000

        To Inventory A/c $460,000

(Being cost of goods sold is recorded)

3. Cash A/c Dr $659,900

       To Notes receivable  $659,900

(Being received payment is recorded)

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Norton, Inc. has the following information available for September 2020.
bulgar [2K]

Answer: See explanation

Explanation:

a. Prepare a CVP income statement that shows both total and per unit amounts.

CVP INCOME STATEMENT

Per unit. Total

Sales (500 units). 400. 200,000

Variable expense 280 140,000

Contribution margin. 120 60,000

Fixed expense. 48,000

Net operating Income. 12,000

b. Compute Norton's breakeven in units.

Breakeven point = 48000 / 120 = 400

c. Prepare a CVP income statement for the break-even point that shows both total and per unit amounts.

CVP income statement for the break-even point

Per unit. Total

Sales (400 units). 400. 160,000

Variable expense 280 112,000

Contribution margin. 120 48000

Fixed expense. 48,000

Net operating Income. 0

3 0
3 years ago
A company purchased a weaving machine for $206,520. The machine has a usedul life of 8 years and a residual value of $11,000. It
Alex777 [14]

Answer:

The amount of depreciation expense that should be recorded for the second year is $28,600

Explanation:

The computation of the depreciation per units or bolts under the units-of-production method is shown below:

= (Original cost - residual value) ÷ (estimated production bolts)

= ($206,520 - $11,000) ÷ (752,000 bolts)

= ($195,520) ÷ (752,000 bolts)

= $0.26 per bolt

Now for the second year, it would be

= Production units in second year × depreciation per bolts

= 110,000 units × 0.26

= $28,600

4 0
3 years ago
Xinghong company is considering replacing one pf its manufacturing machines. The machine has a book value of $44000 and a remain
Artist 52 [7]

Answer:

1. Decrease in Net Income of -$8,500

2. Increase in Net Income of $50,500

3. Replace the old machine with Alternative B

Explanation:

1.

Alternative A  

Cost to Buy New Machine -$117,000

Cash received to trade in old machine $54,000

Reduction in Variable Manufacturing Costs (($33,600*5 years ) - (22,700*5 years )) $54,500

Total change in Net Income -$8,500

2.

Alternative B  

Cost to Buy New Machine -$118,000

Cash received to trade in old machine $54,000

Reduction in Variable Manufacturing Costs (($33,600*5years ) - (10,700*5 years )) $114,500

Total change in Net Income $50,500

<em>3. Replacing the old machine with alternative B will result in an increased income of $50,500 so it is a good option. </em>

5 0
3 years ago
When interacting with a customer who has a rational style and keeps communication brief, your best strategy is to
kakasveta [241]

The best strategy which a person should use when interacting with a customer who has a rational style and keeps communication brief is:

  • Ask open-ended questions to obtain information.

<h3>What is Communication?</h3>

This refers to the exchange of information between two or more people where feedback is given through a medium.

With this in mind, we can note that because the customer has a rational style and communicates in a straightforward manner, then the best strategy would be to ask open-ended questions to obtain information.

Read more about communication here:

brainly.com/question/26152499

3 0
2 years ago
Choose an existing product or service (not the same as your Course Project), and write a one-page summary that answers the follo
vitfil [10]

Answer:

Apple Iphone.

Target customers are the wealthy class of the society, the target customers are mostly in search for a good brand name when they want to buy something, Apple Iphone is mostly competing with Samsung where both make additions to the phones for new features according to the customers needs. I think Apple is not having a customer focusing culture because the most recent launch of the phone only comes with a phone and the charger for the phone is to be purchased separately, they present this change as environmental friendly but the customers need to buy a charger when they buy a phone which can be frustrating. Apple can include the charger with the phone and combine the price for both as the customers are not looking for lower prices in fact they are looking for a good brand.

Explanation:

Apple Iphone.

Target customers are the wealthy class of the society, the target customers are mostly in search for a good brand name when they want to buy something, Apple Iphone is mostly competing with Samsung where both make additions to the phones for new features according to the customers needs. I think Apple is not having a customer focusing culture because the most recent launch of the phone only comes with a phone and the charger for the phone is to be purchased separately, they present this change as environmental friendly but the customers need to buy a charger when they buy a phone which can be frustrating. Apple can include the charger with the phone and combine the price for both as the customers are not looking for lower prices in fact they are looking for a good brand.

8 0
2 years ago
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