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Masteriza [31]
3 years ago
7

Quick answer needed!

Business
1 answer:
djyliett [7]3 years ago
5 0
The answer is B............
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Lavender Corporation sells 100 jars of essential oil to Bed, Bath, and Relax on December 1, 20X5, for $10 each. Lavender offers
Slav-nsk [51]

Sales Returned and Allowances $50

Allowance for Sales Return and Allowances $50

Lavender expects 5 jars at $10 each ($50 total) to be returned.

Explanation:

Lavender Corporation sells 100 jars of essential oil to Bed, Bath, and Relax on December 1, 20X5, for $10 each. Lavender offers a right to return the product for any reason. Based on past sales, Lavender expects Bed, Bath, and Relax to return 5 jars

<u>Using the above stated information we get  the given data :-</u>

Sales Returned and Allowances $50

Allowance for Sales Return and Allowances $50

Lavender expects 5 jars at $10 each ($50 total) to be returned.

<u>The adjusting journal entry on December 31 reflects</u>

  • The right of return by debiting Sales Returns and Allowances (a contra-revenue account) and
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3 years ago
The Stockholders' Equity section of the balance sheet of Sea Turtle Company reveals the following information: Common stock, $3
MatroZZZ [7]

Answer:

a. $20.00

Explanation:

Given that

Common Stock = $150,000

Additional Paid-in Capital = $850,000

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Number of shares issued = Common Stock ÷ Par Value per share

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= 50,000

Now

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= $1,000,000

So,

Average Issue Price per share = Total Common Stock Equity ÷ Number of shares issued

= $1,000,000 ÷ 50,000

= $20.00

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