1.XYZ company had a total profit of $500,000. XYZ's expenses were $200,000. What is the net profit for XYZ company?

The list price of a glue gun is $34.60. the trade discount rate is 17% what is the next price

kap26 [50]

Answer:

Explanation:

40.48

4 0

2 years ago

Western Wear Clothing issues 1,600 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming t

Kaylis [27]

Answer:

Journal Entry

Explanation:

The Journal Entry is shown below:-

Cash Dr, (1,600 shares × $13 per share) $ 20,800

To Common Stock (1,600 shares × $ 0.01 par) $16

To Additional Paid in Capital in excess of par-Common Stock $20,784

(Being Issuance of common stock is recorded)

Therefore for recording the issuance of common stock we debited cash and credited common stock and additional Paid in Capital in excess of par common stock

7 0

3 years ago

QS 11-9 Recording warranty repairs LO P4 On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty

prisoha [69]

Answer:

On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts

Recording of revenue:

Cash $490 (debit)

Revenue $490 (credit)

Recording of Warranty granted :

Assurance Warranty expense $49.00 (debit)

Warranty Provision $49.00 (credit)

$490 × 10% = $49.00

On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $34 in materials taken from the Repair Parts Inventory

When warranty is subsequently received:

Warranty Provision $ 34 (debit)

Repair Parts Inventory $ 34 (credit)

Explanation:

On September 11, 2016, Home Store sells a mower for $490 cash with a one-year warranty that covers parts

Recording of revenue:

Cash $490 (debit)

Revenue $490 (credit)

We Recognise Revenue to depict transfer of control of mower

Recording of Warranty granted :

Assurance Warranty expense $49.00 (debit)

Warranty Provision $49.00 (credit)

$490 × 10% = $49.00

There is no option for customer to take the warranty or not, so this is a service warranty.The warranty is measured at the best estimate of expenditure required to settle the obligation that is at 10% of sales.

On July 24, 2017, the mower is brought in for repairs covered under the warranty requiring $34 in materials taken from the Repair Parts Inventory

When warranty is subsequently received:

Warranty Provision $ 34 (debit)

Repair Parts Inventory $ 34 (credit)

Utilise the Warranty Provision when the warranty claim is subsequently received

7 0

3 years ago

The Master Manufacturing Company has just announced a tender offer for its own common stock. Master is offering to buy up to 100

siniylev [52]

Answer:

$0

Explanation:

Since the offer to repurchase the stock's is contingent (or depends on) the fact that 64% of all outstanding stocks are tendered, there is absolutely no assurance that the threshold (64%) will be met. So there is no assurance that the stockholder is going to be paid (there is no guaranteed payment at all) if he/she decides to tender the stocks.

4 0

3 years ago

At May 1, 2020, Sheridan Company had beginning inventory consisting of 190 units with a unit cost of $7.30. During May, the comp

s2008m [1.1K]

Answer:

$6.71 per unit

Explanation:

The computation of average cost method is given below:-

Beginning Inventory

= 190 units × $7.30

= $1,387

Purchases

= 720 units × $7.30

= $5,256

Purchases

= 590 units × $5.80

= 3,422

Total units = 1,500

Total cost = $10,065

So, average cost per unit

Total cost ÷ Total number of units

= $10,065 ÷ 1,500

= $6.71 per unit

Therefore, to calculate the average cost per unit for May we simply divide 10,065 from 1,500

7 0

3 years ago