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
egoroff_w [7]
3 years ago
5

A company purchased $2,300 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $450 worth of merchandise. On

July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:
Business
1 answer:
Aleksandr [31]3 years ago
7 0

Answer:

Dr Accounts payable 1850

Cr Merchandise inventory $37

Cr Cash $1813

Explanation:

Preparation of the journal entry to record the payment on July 12 Using the gross method,

JOURNAL ENTRY

Jul-12

Dr Accounts payable ($2300-450) 1850

Cr Merchandise inventory ($1850*2%) $37

Cr Cash $1813

($1850-$37)

(Being entry recorded for payment to supplier)

You might be interested in
Ten years ago, Stigler Company issued $100 par value preferred stock yielding 6%. The preferred stock is now selling for $102 pe
Alik [6]

Answer:

Current Yield = 0.05882 or 5.882% rounded off to 5.88%

Explanation:

A current yield refers to the annual return that a security provides based on the interest or dividend payments it makes expressed as a percentage of it current price. Thus, the current yield on preferred stock can be calculated as follow,

Current Yield - Preferred stock = Dividend per year / Current price

Dividend per year =  100 * 0.06 = $6 per year

Current Yield = 6 / 102

Current Yield = 0.05882 or 5.882% rounded off to 5.88%

4 0
3 years ago
"Assume that Bullen issued 12,000 shares of common stock with a $5 par value and a $47 fair value for all of the outstanding sha
Ghella [55]

Answer:

Additional paid in capital in excess of par value is any amount of money received through issuing stocks at a higher value than par:

additional paid in capital = ($47 - $5) x 12,000 stocks = $42 x 1,200 = $504,000

Additional paid in capital does not affect retained earnings, so retained earnings should remain unchanged.

8 0
4 years ago
In a _______________________, most economic decisions about what to produce, how to produce it, and for whom to produce it are m
olga_2 [115]

Answer:

market-oriented economy is the correct answer.

Explanation:

8 0
3 years ago
If an economy operates at a point within its production possibilities curve, Question 20 options: it lacks the resources necessa
ANEK [815]

Answer:

It is not efficiently using all of its resources.

Explanation:

PPC is the graphical representation of product combinations that an economy can produce, given resources & technology.

  • Points on PPC reflect the best potential production of economy, by best efficient utilisation of available resources & technology.
  • Any point under PPC reflects production under best potential of economy, by inefficient utilisation of resources.
  • Points beyond PPC are unattainable, unless growth in either resources/ technology shifts the PPC curve outwards.

7 0
3 years ago
Identifying and assessing a company’s resource strengths and weaknesses and its external opportunities and threats is called: Se
DiKsa [7]

Answer:

The correct answer is letter "C":  SWOT analysis.

Explanation:

The SWOT (<em>Strengths, Weaknesses, Opportunities, and Threats</em>) analysis is a study that aims to identify the internal and external components that can drive a company to success or failure. Internal components are represented by the strengths and weaknesses of the firm while the external factors are represented by opportunities and threats.

Identifying such company factors allows entities of taking action on time and taking advantage of the chances the market can provide. Usually, these factors are recognized during the project planning stage of the enterprise.

6 0
3 years ago
Other questions:
  • Substitution and income effects of a change in price of a good may be used to explain the:
    8·1 answer
  • Which is the primary reason to issue stock?A.To help investors earn higherrate of return B. To rise money to grow the company C.
    13·1 answer
  • Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2017. The sales price includes an insta
    12·1 answer
  • Education is increasingly important for job seekers due primarily to which of the following factors?
    12·1 answer
  • Peter was hired as an external consultant to review the streamlining of production processes at a company. In his final report,
    15·1 answer
  • Which of the following was a way that wartime industry shifted in the years following the war to promote economic prosperity and
    5·1 answer
  • Can you give me the pin of GECU so I could sign up please and thank you? Take your time please and thank you
    13·1 answer
  • You are choosing between two goods, X and Y, and your marginal utility from each is as shown in the table above. If your income
    6·1 answer
  • Which of the following skills do employers in any field expect their employees<br> to have?
    11·2 answers
  • Do you agree that Project Integration knowledge domain is the most important domain for project managers
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!