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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.

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Katena32 [7]

Trade balance is calculated by subtracting imports from exports. In this case, exports are higher than imports which means we have a favorable trade balance. If imports were more than exports, you would have a negative trade balance.

6 0
3 years ago
Wheeler’s Bike Company manufactures custom racing bicycles. The company uses a job order cost system to determine the cost of ea
kirill [66]

Answer:

predetermined overhead rate: 14.51 dollars per labor hour

applied overhead at 18,500 hours: 268,435 dollars

Explanation:

\frac{Cost\: Of \:Manufacturing \:Overhead}{Cost \:Driver}= Overhead \:Rate

we distribute the expected overhead over the cost dirver. In this case direct labor hour:

cost driver: labor hours:

labor cost: 231,322 / 12.71 labor rate = 18,200 labor hours

<u>expected overhead:</u>

depreciaiton 53,500

supervisor    135,000

supplies         42,900

property tax   32,750

total overhead 264,150‬

overhead rate: 264,150 / 18,200 = 14,51373626373626 = 14.51/hr.

applied: 18,500 x 14.51 = 268.435‬

3 0
3 years ago
List four decision making techniques
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3 0
3 years ago
What was Rutherford's contribution to our knowledge of atoms
ANTONII [103]
He proposed the theory of the structure of atoms
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7 0
3 years ago
Assume an economy is currently engaged in free trade but considering implementing a tariff on its main import, athletic shoes. W
UNO [17]

Answer:

Price - increase

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Import- reduces

Producer surplus- increase

Explanation:

A tariff is a form of tax on import or export.

When a tariff is imposed on a good , the price of the good increases.

As a result of the tariff , the amount of the goods imported falls as the imported good is now more expensive. The quantity produced by domestic producers increases as consumers would now start demanding for the domestic good. Tariffs are sometimes enacted to discourage importation and encourage domestic production.

As a result of the price increase, producer surplus increases. The increase in price also increases output. The producer surplus is the difference between the price of a product and the least amount the producer is willing to sell his product.

I hope my answer helps you.

7 0
3 years ago
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