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The sales discounts account is a contra account to the ________ account

Gennadij [26K]

The purchases discount account or discounts received account.

6 0

3 years ago

One disadvantage of a sole proprietorship as a form of business organization is that: a. owners of sole proprietorships generall

VladimirAG [237]

Answer:

e. owners of sole proprietorships can lose all their personal assets if the business is sued or fails.

Explanation:

Remember, in a sole proprietorship form of business ownership, the owner's personal assets are not usually separated from the business since the business isn't viewed as a separate legal entity.

Hence, in a case where the business incurs liability or sued/fails, the owner's personal assets can be targeted in the lawsuit and may lead to loss of all their personal assets.

3 0

2 years ago

Pet Stop Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operation

notka56 [123]

Answer:

Results are below.

Explanation:

Giving the following information:

May $380,000 June 420,000 July 580,000

All sales are on account. Of sales on account, 51% are expected to be collected in the month of the sale, 44% in the first month following the sale, and the remainder in the second month following the sale.

We need to calculate the cash collection for May, June, and July.

Cash collection May:

Sales on account from May= 380,000*0.51= 193,800

Cash collection June:

Sales on account from May= 380,000*0.44= 167,200

Sales on account from June= 420,000*0.51= 214,200

Total cash collection= $381,400

Cash collection July:

Sales on account from May= 380,000*0.09= 34,200

Sales on account from June= 420,000*0.44= 184,800

Sales on account from July= 580,000*0.51= 295,800

Total cash collection= $514,800

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3 years ago

Owens Corporation uses a process costing system. For March, the beginning work in process inventory consisted of 60,000 units th

Black_prince [1.1K]

Answer:

C) $4.02

Explanation:

The computation of cost per equivalent unit for processing cost for March is shown below:-

As we know that

Beginning work in process inventory units + Units started into production = Ending work in process inventory units + Units completed and transferred out

60,000 + 190,000 = Units in ending work in process inventory + 200,000

Units in ending work in process inventory is

= 60,000 + 190,000 - 200,000

= 50,000

To complete the beginning work in process inventory:-

Processing: 24,000

60,000 units ×(100% - 60%) a

Units started and completed 140,000

(200,000 − 60,000) b

Ending work in process inventory Processing:

50,000 units × 20% c 10,000

Equivalent units of production 174,000

Cost added throughout the period e 7,00,000

Equivalent units of production f 174,000

Cost per equivalent unit e ÷ f $4.02

5 0

3 years ago

Albuquerque, Inc., acquired 36,000 shares of Marmon Company several years ago for $900,000. At the acquisition date, Marmon repo

mafiozo [28]

Answer:

No Journal entries will be required in either instance. But a note to the financial statement would be appropriate in explaining the declining stake in Marmon Inc.

Explanation:

A. Total share valuation was $1,000,000. ($900,000 + $110,000) which is made up of Albuquerque's holdings and the non controlling interests. This is equivalent holding of 89% by Albuquerque.

*the investment would have been recognized at cost to Albuquerque at $900,000.

But when Marmon sold additional 10,000 shares the interest reduces to 63%

*This wouldn't necessitate any journal entry by Albuquerque as a result of the additional issues of shares but the % stake in Marmon would show to have reduced as a note in its financial records.

And when a further 2,000 was issued Albuquerque stake drops to 61%

* Again this wouldn't necessitate any journal entry by Albuquerque as a result of the additional issues of shares but the % stake in Marmon would show to have reduced as a note in its financial records.

4 0

3 years ago

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