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sammy [17]
3 years ago
6

Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns

at the end of each month.
Jan. 4 Sold $14,000 of antiques on account, credit terms are n/30. Cost of goods is $7,000.
8 Received a $400 sales return on damaged goods from the customer. Cost of goods damaged is $150.
13 Antique Mall received payment from the customer on the amount due from Jan. 4, less the return.
20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450.
20 Antique Mall paid $70 on freight out.
29 Received payment from the customer on the amount due from Jan. 20, less the discount.
Business
1 answer:
dolphi86 [110]3 years ago
8 0

Answer:

Antique Mall

Journal Entries:

Jan. 4 Debit Accounts Receivable $14,000

Credit Sales Revenue $14,000

credit terms are n/30.

Debit Cost of goods sold $7,000

Credit Inventory $7,000

Jan. 8 Debit Sales Returns $400

Credit Accounts Receivable $400

Debit Damaged Goods $150

Credit Cost of goods sold $150

Jan. 13 Debit Cash $13,600

Credit Accounts Receivable $13,600

Jan. 20 Debit Accounts Receivable $4,900

Credit Sales Revenue $4,900

credit terms are 1/10, n/45, FOB destination.

Debit Cost of goods sold $2,450

Credit Inventory $2,450

Jan. 20 Debit Freight-out Expense $70

Credit Cash $70

Jan. 29 Debit Cash $4,851

Debit Cash Discounts $49

Credit Accounts Receivable $4,900

Explanation:

a) Data and Analysis:

Jan. 4 Accounts Receivable $14,000 Sales Revenue $14,000

credit terms are n/30.

Cost of goods sold $7,000 Inventory $7,000

Jan. 8 Sales Returns $400 Accounts Receivable $400

Damaged Goods $150 Cost of goods sold $150

Jan. 13 Cash $13,600 Accounts Receivable $13,600

Jan. 20 Accounts Receivable $4,900 Sales Revenue $4,900

credit terms are 1/10, n/45, FOB destination.

Cost of goods sold $2,450 Inventory $2,450

Jan. 20 Freight-out Expense $70 Cash $70

Jan. 29 Cash $4,851 Cash Discounts $49 Accounts Receivable $4,900

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The employee credit union at State University is planning the allocation of funds for the coming year. The credit union makes four types of loans to its members. In addition, the credit union invests in risk-free securities to stabilize income. The various revenue producing investments together with annual rates of return are as follows:

Type of Loan/Investment               Annual Rate of Return (%)

Automobile loans                                8

Furniture loans                                   10

Other secured loans                          11

Signature loans                                 12

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Risk-free securities may not exceed 30% of the total funds available for investment.

Signature loans may not exceed 10% of the funds invested in all loans (automobile, furniture, other secured, and signature loans).

Furniture loans plus other secured loans may not exceed the automobile loans.

Other secured loans plus signature loans may not exceed the funds invested in risk-free securities.

How should the $1.6 million be allocated to each of the loan/investment alternatives to maximize total annual return? Round your answers to the nearest dollar.

Automobile Loans $  

Furniture Loans $  

Other Secured Loans $  

Signature Loans $  

Risk Free Loans $  

What is the projected total annual return? Round your answer to the nearest dollar.

$  

Answer:

Explanation:

Let the amount invested in:

Automobile loans be Xa,

Furniture Loans be Xf,

Other Secured Loans be Xo,

Signature loans be Xs,    &;

Risk-free loans be Xr

In reference  on the Annual returns rate given;

Total annual returns = 8%×Xa + 10%×Xf + 11%×Xo + 12%×Xs + 9%×Xr

The various constraints given can be written as follows:

Xa + Xf + Xo + Xs + Xr = 1,600,000-----Constraint for amount available for investment

Xr = 30%*1,600,000 ----- Constraint for maximum risk free investment

Xs = 10%*(Xa + Xf + Xo + Xs) -----  Constraint for maximum amount in signature loans

Xf + Xo = Xa ------- Constraint for Furniture and other secured loans

Xo + Xs = Xr  ------ Constraint for other secured loans and signature loans

Using the Excel Formula for solving this;

we have the following result.

Automobile Loans                     $ 504,000

Furniture Loans                         $ 136,000

Other Secured Loans               $ 368,000

Signature Loans                        $ 112,000

Risk-Free Loans                        $ 480,000

The projected total annual return = $ 151,040

The computation of the excel formula on how we arrived at those valid figures above is shown in the attached files below.

Thanks!

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