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
levacccp [35]
3 years ago
11

Journalizing sales transactions-periodic inventory system Journalize the following sales transactions for Straight Shot Archery

using the perodic inventory system. Explanations are not required. The company estimates sales returns and allowances at the end of each month. Sold $6,500 of equipment on account, credit terms are 1/10, n/30. Straight Shot received payment from the customer on the amount due from August 1, less the discount. Sold $3,100 of equipment on account, credit terms are n/45, FOB destination Aug. 1 8 15 15 Straight Shot paid $90 on freight out 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15. Received payment from the customer on the amount due from August 15, less the allowance 24 FESB-31 Jou arnalizing purchase and sales transactions-perindic imento y systenm

Business
1 answer:
yanalaym [24]3 years ago
4 0

Answer:

the following journal entries will be prepared.

Explanation:

You might be interested in
Ware Co. produces and sells motorcycle parts. On the first day of its fiscal year, Ware issued $35,000,000 of five-year, 12% bon
nlexa [21]

Answer:

Cash proceeds is $37,702,607.23  

First premium amortization $214,869.64

Second premium amortization is $225,613.12

First year interest expense is $ 3,759,517.24  

Explanation:

The amount of cash proceeds from the bond issue is the pv of the bond using the pv formula,=-pv(rate,nper,pmt,fv)

rate is 10% yield to maturity divided 2 since interest is semi-annual i.e 5%

nper is 5 years multiplied by 2=10

pmt is the semi-annual interest payable by the bond i.e $35,000,000*12%*6/12=$2,100,000

fv is the face value of the bond at $35,000,000

=-pv(5%,10,2100000,35000000)

pv=$37,702,607.23  

The amount of premium to be amortized in first semi-annual interest payment:

Interest expense=$$37,702,607.23*10%/2=$1,885,130.36  

coupon interest=$35,000,000*12%/2=$2,100,000

Premium amortized=$2,100,000-$1,885,130.36  

premium amortized=$214,869.64  

The amount of premium to be amortized in second semi-annual interest payment:

interest expense=($37,702,607.23+$2,100,000-$1,885,130.36)*10%/2

                           =$1,874,386.88  

Premium amortized=$2,100,000-$1,874,386.88

premium amortized=$225613.12

Bond expense for the first payment= 37,702,607.23*10%/2  

                                                           =$1,885,130.362

Bond expense for the first payment=  37,487,737.59  *10%/2  

                                                           =$ 1,874,386.88  

First year bond interest expense= 1,874,386.88+1,885,130.362  

                                                      =$ 3,759,517.24  

                                                     

Find attached schedule in addition

Download xlsx
4 0
3 years ago
Mitch, a single tax-payer, earns $100,000 in taxable income and $10,000 in interest from an investment in city of Birmingham Bon
goldfiish [28.3K]

Answer:

E) None of the choices are correct.

<em>18.289,26‬</em>

<em>As we given an option with two decimals which are different from the calculated amount we should take it as incorrect. </em>

<em></em>

Explanation:

The municipal bonds are tax free. Therfore, not included.

We will calcuatae based on 2019 income tax brackets for single-taxers

between $82,501 to $157,500 the amount is $14,089.50 + 24% of the amount over 78,950

100,000 - 82,501 = 17,499

17,499 x 24% = 4,199.76

14,089.50 + 4,199.76 =<em> 18.289,26‬</em>

3 0
3 years ago
I need a Christmas present for a 40-year-old man a 32-year-old woman a 9-year-old girl a 12-year-old girl and a 4-year-old boy
e-lub [12.9K]
What is the question??
4 0
2 years ago
A company has a process that results in 34000 pounds of Product A that can be sold for $8 per pound. An alternative would be to
serg [7]

Answer:

After calculating, we get to know that the Product A should be sell now because, it show a difference of $23,800 through which company can earn more in the future. As the company will be better off by $23,800

Explanation:

For calculation, following things need to be considered which is shown below:

1. Product A process costing = Pounds × Per pound price

                                            = 34,000 × $8

                                            = $272,000

2. Product A costing after selling = Pounds × sale price per pound

                                                   = 34,000 × $14

                                                   = $476,000

3. Difference of costing :

=  Product A costing after selling - Product A process costing

= $476,000 - $272,000

= $204,000

4. Invested amount = $227,800

5. Actual Difference = Invested amount - costing difference

                                  = $227,800 - $204,000

                                  = $23,800

After calculating, we get to know that the Product A should be sell now because, it show a difference of $23,800 through which company can earn more in the future. As the company will be better off by $23,800

8 0
3 years ago
Donna is looking into investing a portion of her recent bonus into the stock market. While researching different companies, she
kodGreya [7K]

Answer:

Perfect Plungers Plus is the company that would give Donna a stable long term investment

Explanation:

Because it has a low standard deviation than the other company, meaning it has the expected value as a low standard deviation is, also its data is not far from the mean and is not spread out.

5 0
3 years ago
Read 2 more answers
Other questions:
  • In which investment category are fair values and subsequent growth of an investee not relevant for reporting?
    13·1 answer
  • The laser printer in your accounting department is printing faded prints that are getting lighter over time. What is the most li
    6·1 answer
  • A firm in a purely competitive industry has a typical cost structure. The normal rate of profit in the economy is 5 percent. Thi
    9·1 answer
  • Someone who invests in the Vanguard Index 500 mutual fund could most accurately be described as using which approach?A. Active m
    6·1 answer
  • A contingent liability is an obligation that should be: Question 2 options: A) Recorded in the accounts and classified in a cont
    5·1 answer
  • Allison's is expected to have annual free cash flow of $62,000, $65,400, and $68,900 for the next three years, respectively. Aft
    12·1 answer
  • Brandack is a leading manufacturer of storage devices. During a span of every five years, it produces one high-performance stora
    10·1 answer
  • On July 1, 2019, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the la
    9·1 answer
  • Consider the production department of a manufacturer of laptop computers. Classify the cost of the factory maintenance manager's
    9·1 answer
  • What collective name do we refer to: natural resources, labor, capital, education or know-how?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!