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Sergeeva-Olga [200]
3 years ago
11

Allied made its first and only purchase of inventory for the period on

Business
1 answer:
iragen [17]3 years ago
6 0

Answer:

Perpetual Inventory System

Gross Method

Date                 Particulars                        Debit              Credit

3 May             Merchandise Inventory   10,000

                               Cash                                               10,000

May 3 for 1,000 units at a price of $10 cash per unit (for a total cost of $10,000).

5 May               Accounts Receivable Macy  7000

                                             Sales                                    7000

May 5 :Allied sold 500 of the units in inventory for $14 per unit (invoice total: $7,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,000.

5 May             Cost of Goods Sold               5000

                           Merchandise Inventory                        5000    

 

May 7:               Sales   Returns              700

                            Accounts Receivable Macy  700

May 7: Macy returns 50 units because they did not fit the customer’s needs (invoice amount: $700). Allied restores the units, which cost $500, to its inventory.

May 7               Merchandise Inventory       500    

                                         Cost of Goods Sold               500

May 8           Sales  Returns & Allowance             300

                              Accounts Receivable Macy           300

8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied sends Macy a credit memorandum for $300 toward the original invoice amount to compensate for the

damage.

May 15:              Cash                    6000

                          Sales Discounts     120

                             Accounts Receivable Macy           5880    

Payment : $ 7000- $ 700 - $ 300= $ 6000

Discount : 2% of 6000= $ 120

May 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

                     

           

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Answer:

c. An agency relationship

Explanation:

An agency relationship is a mutual relationship, in which one person (i.e the principle ) gives a permission to an agent so as to act on their behalf.

In this relationship the agent must consent to the instructions of the person i.e the principle.

Here in the question, Stefanie acting as Principal who has directed the agent (which is the bank in the given case ) to execute a task.

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In the past, how have you handled receiving conflicting instructions from different people at the same time?
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A product found in homes built before 1978 is harmful to children. It can lead to birth defects and is generally hazardous. It s
BabaBlast [244]

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Asbestos

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An Amazon seller is deciding which of their products to invest in for the next quarter to maximize their profits. They have each
Aleksandr [31]

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8 0
2 years ago
a person was able to invest 1,000 per month for 30 years with interest rate of 5%. 1. find out how much the person will have in
sveticcg [70]

Answer:

1.  $832,258.64

2. $616,550.50

3. $476,407.77

Explanation:

As the question is concerned, we are to calculate the Future value for the following data

1. PV = 0

PMT = 1,000

N = 30*12 = 360

I = 5%/12

Future Value = PV (PMT, N, I)

Future Value =  PV(0, 1,000, 360,0.05/12)

Future Value =  $832,258.6354

Future Value =  $832,258.64

2.   PV = 0

PMT = 1,500

N = 20*12 = 240

I = 5%/12

Future Value = PV (PMT, N, I)

Future Value = PV  (0, 1,500,240, 0.05/12]

Future Value = 616,550.5028

Future Value = $616,550.50

3.  PV = 0

PMT = 800

N = 25*12 = 300

I = 5%/12

Future Value = PV (PMT, N, I)

Future Value =  PV (0, 800, 300, 0.05/12]

Future Value = 475,407.7668

Future Value = $476,407.77

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