The entries are as follows
<u>To record estimated returns on Sales</u>
Debit: Sales Refund Payable Account $142,800
Credit: Accounts Receivables $142,800
<u>To record estimated Cost of Sales returns</u>
Debit: Inventory Returns Estimated Account $85,400
Credit: Inventory on Sales on Returns $85,400
<u>Explanation:</u>
<u>To derive the figure for Sales Refund payable for the year</u>
7% of $2,040,000
=7/100*2040000= $142,800
<u>To derive the figure for Inventory cost on Sales Refund payable for the year
</u>
7% of $1,220,000
=7/100*1220000
= $85400
Answer:
B. find it hard to get a loan.
Explanation:
The score range between 500 to 600 is a weak qualification for financial institutions then, the person will obtain a credit in difficult conditions if he is able to find any.
In a periodic inventory system, the cost of goods sold is not recorded as each sale that occurs is a true statement.
<h3>Periodic Inventory System</h3>
- A physical count of the inventory is conducted at predetermined intervals as part of the periodic inventory system, a technique of inventory valuation for financial reporting reasons.
- In order to calculate the cost of goods sold, this accounting method starts with an inventory at the beginning of the period, adds fresh inventory purchases throughout the period, and subtracts ending inventory.
- A corporation using the periodic inventory system won't be aware of its unit inventory levels or COGS until the physical count process is finished.
- For a company with a small number of SKUs operating in a sluggish market, this method might be suitable, but for all other companies, the perpetual inventory system is preferred.
Hence, the given statement is true.
To learn more about Periodic Inventory System refer to:
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Answer:
The correct option is D
Cash collected in March = $51,000
Explanation
<em>The total cash coming for March would be determined as follows:</em>
Month of sales = 45% of march sales =(35%× 40,000) = 14,000
Month following month of sales = 45%× February sales = 45%×60,000=27,000
Second month after sales = 20% × January sales = 20%× 50,000= 10,000
Total cash for march = 14,000
+ 27,000 +10,000
= 51,000
Answer:
Stock value
Explanation:
Beta is an statistical coefficient that measures the volatility of an individual stock in reference to the overall market. By default, the market has a Beta of 1.0. If the price of a stocks moves less than the market, it means its not as volatile and will have a Beta below 1.0. The opposite is the case when the stock moves more than the market, having a Beta above 1.0 and representing a bigger risk for investors.
