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kumpel [21]
2 years ago
14

In 2020, Neighbor Co-Op Inc. sells 1,000 beverages in glass bottles and receives a $1.00 deposit for each returnable bottle sold

. As of December 31, 2020, a total of 800 glass bottles were returned and deposits on 120 bottles were forfeited because it is the company's policy that a deposit must be claimed within 30 days. The remaining 80 bottles are still with customers within the 30-day claim period.
Required:
a. Record the collection of deposits in 2020.
b. Record the return of glass bottles in 2020.
c. Record the forfeiture of deposits in 2020 assuming that the cost of each bottle is $0.80.
Business
1 answer:
strojnjashka [21]2 years ago
7 0

Answer:

a.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Cash                                              $1,000

                             Customer Deposits                                                  $1,000

b.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Customer deposits                          $800

                             Cash                                                                         $800

c.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Customer deposits                          $120

                             Breakage Revenue                                                   $120

                            Cost of goods sold(0.8 * 120)         $  96

                            Inventory                                                                   $  96

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Answer:

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Explanation:

Buffalo Corporation should have made the above stated entry. As the equipment is supposed to start depreciation from the date of purchase (when the asset is available for use as intended by management). Since the corporation intended to take the discount by paying early within the number of days allowed so upon payment the following entry should be made.

Accounts Payable (Debit)                             96,000

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4 0
3 years ago
. The residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2010, they each buy 100 heads of
EastWind [94]

Answer:

a. For 2010 =$325  For 2011 = $445

b. 136.92%

c.  38.89%

Explanation:

a. The computation of the price of each vegetable is shown below:

For year 2010:

= Cauliflower price + broccoli price + carrots price

= $200 + $75 + $50

= $325

For year 2011:

= Cauliflower price + broccoli price + carrots price

= $225 + $120 + $100

= $445

b. The computation of CPI is shown below:

= (2011 Price ÷ 2010 Price) × 100

= ($445 ÷ $325) × 100

= 136.92%

c. The inflation rate is shown below:

= (2011 per total vegetables price - 2010  per total vegetables price) ÷  2010  per total vegetables price

= ($5.00 - $3.60) ÷ $3.60

= 38.89%

Per vegetable price = (Price of each vegetable ÷ number of each vegetable)

For 2010:

Cauliflower = ($200 ÷ 100) = $2

Broccoli = ($75 ÷ 50) = $1.5

Carrots = ($50 ÷ 500) = $0.10

The total would be $3.60

For 2011:

Cauliflower = ($225 ÷ 75) = $3

Broccoli = ($120 ÷ 80) = $1.5

Carrots = ($100 ÷ 500) = $0.50

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Assume that Jack, Hal, and Sophia enter into a written contract for the sale of the restaurant, including the building and all o
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Answer:

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Explanation:

The Parol Evidence rule is a rule in the Anglo-American common law that governs or determines the types or kinds of evidence that parties to a contract dispute can introduce when trying to determine the specific terms of a contract.

The rule also prevents introduction of further evidences by a party after a final written document or agreement has been reached. Things such as the content of oral discussions from earlier in the negotiation process, as evidence of a different intent as to the terms of the contract. The rule states that "extrinsic evidence is inadmissible to vary a written contract". The term " patrol" refers to "word of mouth" hence it is referred to oral pleadings in a court case.

Therefore from the question, Jack cannot bring in evidence of oral agreement into the court for evaluation because of Patrol Evidence Rule.

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Answer:

you earn  7,510

Explanation:

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Answer:

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