When might be the best time to start saving for retirement?

Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective contai

Dennis_Churaev [7]

Answer:

1.

a. Dr Cash $948,000

Cr Liability for refundable deposits $948,000

b. Dr Liability for refundable deposits $873,000

Cr Cash $873,000

c. Dr Liability for refundable deposits $42,750

Cr Sale of containers $42,750

d. Dr Cost of goods sold $42,750

Cr Inventory of containers $42,750

2. $655,250

Explanation:

1. Preparation of Journal entries

Based on the information given we were told that the deposits collected on containers that were shipped was the amount of $948,000 which means that the Journal entry will be:

a. Dr Cash $948,000

Cr Liability for refundable deposits $948,000

b. Based on the information given we were told that the amount of $873,000 was refunded which means that the Journal entry will be :

Dr Liability for refundable deposits $873,000

Cr Cash $873,000

c. Based on the information given we were told that the deposits forfeited were the amount of $42,750 which means that the Journal entry will be :

Dr Liability for refundable deposits $42,750

Cr Sale of containers $42,750

Dr Cost of goods sold $42,750

Cr Inventory of containers $42,750

2. Calculation to Determine the liability for refundable deposits to be reported on the December 31, 2021, balance sheet.

Liability for refundable deposits, January 1, 2021 $623,000

Add: Deposits received during 2021 $948,000

Less: Deposits returned during 2021 ($873,000)

Less:Deposits forfeited during 2021 ($42,750)

Balance, December 31, 2021 $655,250

Therefore the liability for refundable deposits to be reported on the December 31, 2021, balance sheet will be $655,250

4 0

3 years ago

If a competitive firm can increase its profits by increasing its output, then the firm's:

Basile [38]

If the firm can increase its profit by increasing its output then the firm is not producing at where the marginal cost is equal to the marginal revenue. A profit-maximizing firm in a competitive market will produce its output at the point in which MC=MR.

3 0

4 years ago

For tonight’s concert Harold decided to charge general admission, where all of the were the same price. He set the price at $10

garik1379 [7]

Answer: $130,000

Explanation:

5 0

3 years ago

What type of life insurance are credit policies issued as?

trasher [3.6K]

<span>They are considered decreasing term policies. In these policies, the benefits usually decrease over the life of the policy: that is, the closer one gets to the end of the policy term, the less the benefit will typically be. At the end of the term, there is no option to renew for the same premiums, and the policy simply expires.</span>

6 0

3 years ago

Wilma, who lives in New York, enters into a contract to buy a painting from Fred, who lives in France. The contract includes all

Shtirlitz [24]

Answer:

A court will most likely;

1. Allows the parties to rescind the contract.

Explanation:

The contract includes all the costs of insuring and shipping the painting from France to New York.

Since, the agent that made the shipping estimate makes a mistake when adding up the costs and, as a result, the shipping cost listed in the contract is $1,000 less than the actual shipping costs. A court will most likely allow the parties to rescind the contract because a part of the contract agreement has been breached in error.

7 0

3 years ago

Read 2 more answers