1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Korolek [52]
2 years ago
14

Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The company recently purchased 2

80 compact discs at an invoice price of $4,600 and terms of 3/10, n/30. Half of these discs had been mislabeled and were returned immediately to the supplier. The journal entry to record payment of this invoice after the discount period has expired will include a:________.
A. Debit to Inventory for $3,200.
B. Credit to Cash for $3,200.
C. Debit to an expense account for $96.
Business
1 answer:
Aneli [31]2 years ago
3 0

Answer:

Dr accounts payable   $2,300

Cr cash                                      $2300

Explanation:

Initially the cost of the purchases=$4600

Returning half of the disc means the left for the discs actually bought is half of the invoice price of $4600 i.e $2,300

By not paying within the discount period implies that the debt stands at $2,300

Without mincing words,payment of $2,300 to the supplier automatically translates to debiting account payable with $2,300 and crediting cash account with the same amount.

The correct answer would :

Dr accounts payable   $2,300

Cr cash                                      $2300

This is missing from the options provided.

You might be interested in
How does increasing the size of your down payment impact your auto loan?
Gnom [1K]

Answer:

The correct answer is letter "C": It decreases the size of your principal and decreases the total cost of the loan .

Explanation:

Down payments are the initial sums debtors pay when requesting a credit. Down payments are usually mandatory but the debtor can offer the sum voluntarily.

<em />

<em>If the sum provided in the down payment is higher than what is requested, the amount of the principal will be lower. If the amount of the principal is lower, the total of the interest paid in the course to the loan will be lower as well, thus, the cost of the loan will be reduced.</em>

5 0
3 years ago
Torino Company has 2,800 shares of $50 par value, 6.5% cumulative and nonparticipating preferred stock and 28,000 shares of $10
Feliz [49]

Answer:

The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is  $10,200.

Explanation:

In order to calculate the cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is , we have to make the following calculations.

First, we have to calculate the Annual preferred dividend = (2800*50*6.5%) = $9,100

Hence, First year preferred dividend = $9,100-$8,000 = $1,100

Finally, if we make $1,100+$9,100 = $10,200 and so this will be the cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders.

8 0
3 years ago
The partnership contract for Hanes and Jones LLP provides that Hanes is to receive a bonus of 20% of net income (after the bonus
bogdanovich [222]

Answer:

pre-bonus income is $33600

Explanation:

given data

bonus = 20% of net income

income before the bonus = $57600

to find out

pre-bonus income

solution

we know pre income bonus is express as

pre-bonus income = bonous + share of income    ............1

so bonus = 20/120 × 57600 = $9600

and share of net income = 1/2 × ( 57600 - 9600)

share of net income = $24000

so from equation 1

pre-bonus income = bonous + share of income

pre-bonus income =9600+ 24000

pre-bonus income is $33600

3 0
2 years ago
Which of the following is consistent with effective internal control over sales transactions?A. The accounting department prepar
JulijaS [17]

Answer:

A. The accounting department prepares a shipping report authorizing the shipment of goods

Explanation:

Internal control over sales is part of the audit procedures for the sales and collection cycle.  Its purpose is to control the entire sales process so that there is no alteration in the related activities or in the documents associated with them. This type of control establishes parameters to disaggregate the tasks in several people, creates verification mechanisms so that the products delivered will be those already registered and controls that the goods or services are only delivered to customers with a good credit score.

According to the above, the response that shows an effective internal control over sales transactions is the A, since it establish a list of products authorized to ship, creating a control over the procedure avoiding errors that may appear.

4 0
3 years ago
The development of team roles arises from the ______ of the team, the organization, and the team members themselves. Multiple ch
Naddik [55]

The development of team roles arises from the expectations of the team, the organization, and the team members themselves. .

<h3>What is a team?</h3>

A team serves as group of people that have a particular goal and they work together to achieve the aim of the organization.

However, team roles are the responsibility of each members which is expected from individuals in the team.

Learn more about team at:

brainly.com/question/11352260

5 0
2 years ago
Other questions:
  • Nicklaus company has decided to sell one of its old machines on june 30, 2013. the machine was purchased for $160,000 on january
    14·1 answer
  • Miel Company produces ready-to-cook oatmeal. Each carton of oatmeal requires 16 ounces of rolled oats per carton (the unit quant
    13·1 answer
  • Olessa, single and age 60, sells her home for $540,000 after living there for 20 years. Her adjusted basis in that home was $220
    12·1 answer
  • BMW Group, one of Europe's largest manufacturers, reports the following income statement accounts for the year ended December 31
    5·1 answer
  • Consider Frank’s decision to go to college. If he goes to college, he will spend $21,000 on tuition, $1,800 on books, and $11,
    14·1 answer
  • 1. Consider an economy in which autonomous consumption is 800, the marginal propensity to consume is 0.8, investment is 400, gov
    14·1 answer
  • What is the difference between a price floor and a price ceiling?
    5·2 answers
  • Maria is going to a hiking trip this weekend. She has been busy shopping for the trip. Which of these items that she bought are
    11·1 answer
  • What is a risker loan for the lender?
    9·1 answer
  • Assume that product Adam, a product designed for the High-End segment, can reach its full potential market share next year. A go
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!