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Elodia [21]
3 years ago
7

Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales a

re subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions:Date Transactions2019Sept. 1 Sold a high-definition television set on credit to Candy Cho: issued Sales Slip 101 for $2,100 plus sales tax of $147.3 Sold stereo equipment on credit to Jim Peters; issued Sales Slip 102 tor $900 plus sales tax of $63.7 Sold a microwave oven on credit to Bridgette Huffman: issued Sales Slip 103 for $300 plus sales tax or $21.12 Accepted return of defective stereo equipment from Jim Peterson: issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3.15 Recorded cash sales for the period from September 1 to September 15 of $10,500 plus sales tax of $735.16 Sold a gas dryer on credit to Kathy Sundstrand: issued Sales Slip 104 tor $600 plus sales tax of $42.17 Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,100 plus sales tax of $147.18 Received $670 from Candy Cho on account.20 Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12.25 Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales slip 105; issued Credit Memorandum 102 for $200 plus sales tax of $14.27 Received payment in full from Bridgette Huffman tor the sale of September 7.29 Sold a dishwasher on credit to Mark Navalta: issued Sales Slip 106 tor $400 plus sales tax or $28.30 Recorded cash sales for the period From September 16 to September 30 of $10,800 plus sales tax of $756.GENERAL LEDGER ACCOUNTS101 Cash111 Accounts Receivable221 Sales Tax Payable481 Sales421 Sales Returns and AllowancesACCOUNTS RECEIVABLE LEDGER ACCOUNTSCandy Cho Jim PetersonBridgette Huffman Kathy SundstrandMark Navalta Required:2. Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger.3. Prepare a schedule of accounts receivable.
Business
1 answer:
Yuliya22 [10]3 years ago
6 0

Answer:

Since there is not enough room here, I prepared the general ledger, the accounts receivable ledger and the schedule of accounts receivable in an excel spreadsheet (attached).    

Explanation:

Download pdf
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Suppose that a 5-year Treasury bond pays an annual rate of return of 2.9%, and a 5-year bond of the fictional company Risky Inve
solniwko [45]

Answer:

The risk premium is 4.4%

Explanation:

The risk premium on any given investment is the difference between the risky investment and the risk free investment and in this case we know treasury bonds are risk free and offer a certain return of coupons because they come from governments rather than the fictional ones like the one from risky investment inc so to find the risk premium we say :

Risk Premium = Risky investment rate - Risk free investment Rate

                       = 7.3% - 2.9%

                      = 4.4%

3 0
3 years ago
Read 2 more answers
Over a long period of time Sears has slipped from being America's largest retailer to struggling for survival in recent years. W
Kaylis [27]

Answer:

I think Sears need to stop diversifying its product too much and focus on improving internal human resources.

Explanation:

The largest expense that Sears made occurred during their effort to add more female customers to shop at their place.

Sears was known for  its DieHard, Craftsman and Kenmore brands that attract mostly male customers to their stores. They started “The Softer Side of Sears”  which focused on adding more products for female customers.

But, in the process of doing so, Sears neglected their already successful male products department with a lot of employees who sacrifice a lot of their time and effort into making Sears as big as it is.

In order to restore to its former glory, Sears need to stop focusing on new market with a lot of strong competitors and focused on improving skill set of employees in their successful department. They can do this by investing in their education, increasing the budget for their research and development, etc.

4 0
3 years ago
The net income reported on the income statement for the current year was $240,000. Depreciation was $50,000. Accounts receivable
Ilya [14]

Answer:

a. $337,000

Explanation:

Calculation to determine How much cash was provided by operating activities

Using this formula

Cash provided by Operating activities=Net income+Depreciation+Account receivable+Inventories decreased -Prepaid expenses+Accounts payable increased

Let plug in the formula

Cash provided by Operating activities=$240,000 + $50,000 + $10,000 + $30,000 - $1,000 + $8,000

Cash provided by Operating activities=$337,000

Therefore the cash provided by operating activities was $337,000

3 0
3 years ago
Hassock Corp. produces woven wall hangings. It takes 4 hours of direct labor to produce a single wall hanging. Hassock standard
navik [9.2K]

Answer:

Efficiency variance  =$9,860   unfavorable

Explanation:

Labour efficiency variance is the difference between the actual time taken to achieve a given production output less the standard hours allowed for same multiplied by the standard labour rate

                                                                                                  Hours

11,900 units should have take (11,900× 4hrs)                          47,600                      

but did take                                                                              <u>48,180</u>

Difference                                                                                   580  unfavorable

Standard hours                                                                     <u> ×   $17 </u>

Efficiency variance                                                           <u>$9,860   unfavorable</u>

5 0
3 years ago
When managers organize divisions according to the types of customer to whom they market their products, they are focusing on a p
mezya [45]
When managers organize divisions according to the types of customer to whom they market their products, they are focusing<span> on the product structure: market structure.
</span>The market structure is an organizational structure in which each kind of customer is served by a self-contained structure.
6 0
3 years ago
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