Bruh ur no help its not even a answer dumbo

At the beginning of July, CD City has a balance in inventory of $2,850. The following transactions occur during the month of Jul

myrzilka [38]

Answer:

Inventory 1750 debit

Accounts Payable 1,750 credit

--to record purchase--

Inventory 120 debit

Cash 120 credit

--to record payment of freights--

Accounts Payable 400 debit

Inventory 400 credit

--to record returned goods--

Accounts Payable 1350 debit

Inventory 27 credit

Cash 1323 credit

--to record payment within discount--

Accounts Receivables 4700 debit

Sales Revenues 4700 credit

--to record sale--

COGS 2450 debit

Inventory 2450 credit

--to record COGS of the previous sale--

Cash 4700 debit

Accounts Receivables 4700 credit

--to record collection in full amount--

Inventory 2550 debit

Accounts Payable 2550 credit

--to record purchase--

Accounts Receivables 3650 debit

Sales Revenues 3650 credit

--to record sale--

COGS 1950 debit

Inventory 1950 credit

--to record COGS of the previous sale--

Accounts Payable 190 debit

Inventory 190 credit

--to record returned goods--

Accounts Payable 2360 debit

Inventory 47.2 credit

Cash 2312.8 credit

--to record payment within discount--

Explanation:

We reocrd each entry assuming the basic accounting principles

debit = credit

<u>first purchase balance:</u>

1,750 less 400 return = 1,350

discount 1,350 x 2% = 27

cash outlay 1,350 - 27 = 1,323

<u>second purchase balance:</u>

2,550 less 190= 2,360 balance

discount 2,360 x 2% discount = 47.20

cash outlay 2,360 - 47.20 = 2312.8

4 0

4 years ago

Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump su

Sedaia [141]

Answer:

$78,199

Explanation:

If the market price of common stock is $165 per stock, then selling 500 common stocks should = $82,500

If the market price of preferred stock is $230 per preferred stock, then selling 100 preferred stocks should = $23,000

If we add both we would get $105,500. If we want to allocate the proceeds proportionally according to their market prices:

common stocks = ($82,500 / $105,500) x $100,000 = $78,199

preferred stocks = ($23,000 / $105,500) x $100,000 = $21,801

the journal entries should be:

Dr Cash account 78,199
Cr Common Stock account 5,000
Cr Capital Paid-in Excess of Par Value (Common Stock) account 73,199

Dr Cash account 21,801
Cr Common Stock account 10,000
Cr Capital Paid-in Excess of Par Value (Preferred Stock) account 11,801

3 0

4 years ago

Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on

enot [183]

Answer:

NET INCOME

2021 $0.50

2020 $1.10

Explanation:

Preparation for a multiple-step income statement for the Reed Company for 2021 and 2020

2021 2020

Sales revenue

4,000,000 3,000,000

($4,400,000-400,000) ($3,500,000-500,000)

Cost of goods sold

2,570,000. 1,680,000

(2,860,000-290,000) (2,000,000-320,000)

Goss profit loss

1,430,000 1,320,000

Operating expenses

Administrative expense

750,000 635,000

(800,000 -50,000) (675,000-40,000)

Selling expense

340,000 282,000

(360,000-20,000) (302,000-20,000)

Loss on building 50,000 -

Loss on inventory write down 35,000 -

(40,000-5,000)

Total operating expenses

1,175,000 917,000

Operating income 255,000 403,000

Other income (Expense) :

Interest revenue 150,000 140,000

Interest expenses (200,000) (200,000)

Total other expenses (net) (50,000) (60,000)

Income from continuing operations before income taxes

205,000 343,000

Income tax expenses

51,250 85,750

(25*205,000) (25%*343,000)

Income from continuing operations

153,750 257,250

Discontinued operations :

Income(Loss) from operations of discontinued component

(8,000) 120,000

(40,000-48,000)

Income tax benefit (expense)

3,200 (48,000)

(40%*8,000) (40%*120,000)

Income (loss) on discontinued operations

(4,800) 72,000

Net income

148,950 329,250

Earnings per share :

Income from continuing operations

0.51 0.86

(153,750/300,000) (257,250/300,000)

Discontinued operations

(0.01) 0.24

[(4,800)/300,000] (72,000/300,000)

NET INCOME 0.50 1.10

Operating income =

Gross profit loss - Total operating expenses

Income from continuing operations before income taxes=Operating income+Total other expenses (net)

Income from continuing operations=Income from continuing operations before income taxes-Income tax expenses

Income (loss) on discontinued operations =Income(Loss) from operations of discontinued component +Income tax benefit (expense)

Net income =

(Income from continuing operations +Income (loss) on discontinued operations

NET INCOME=Income from continuing operations +Discontinued operations

Therefore the NET Income for 2021 is $0.50

While the NET INCOME for 2020 is $1.10

4 0

4 years ago

Which of the following could cause a decrease to the national debt in the usa?

saveliy_v [14]

Answer:

C

Explanation:

A period expansion is a rise in economic activity rises which substantially, spreads across the economy

4 0

3 years ago

Real estate appraisers are experts at A. determining the value of properties. B. determining the insurance needs of property own

oksano4ka [1.4K]

The answer is A. Because a real estate needs to know how to determine the value of the properties to she buyer can know how much they needed to pay.

6 0

3 years ago