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
gtnhenbr [62]
3 years ago
12

Transactions for Buyer and Seller Sievert Co. sold merchandise to Vargas Co. on account, $148,600, terms FOB shipping point, 2/1

0, n/30. The cost of the merchandise sold is $89,160. Sievert Co. paid freight of $2,100. Assume that all discounts are taken. Journalize Sievert Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank.
Business
1 answer:
g100num [7]3 years ago
8 0

Answer:

Part a

Debit : Accounts Receivable - Vargas Co. $148,600

Debit : Cost of Sales $89,160

Credit : Sales Revenue $148,600

Credit : Merchandise $89,160

Part b

Debit : Freight Expenses $2,100

Credit : Cash $2,100

Part c

Debit : Cash $133,740

Debit : Discount allowed $14,860

Credit : Accounts Receivable - Vargas Co. $148,600

Explanation:

A corresponding cost of sales must be recorded each time a sale is made. The freight costs are company costs for Sievert Co. and will be expensed in the income statement.

The payment due is at 90 % after the discount of 10% given that the payment is made within the credit term of 30 days.

You might be interested in
If you see potential conflict you should
Ugo [173]

Try your best to break it up.. and call the police if it gets to out of hand.


Ps: I don't mess with the police just giving you the right answer #FTP

6 0
3 years ago
__ offers users an "Ask a Librarian" feature to inquire about the library's collections.
charle [14.2K]

Answer:

Library of Congress (LOC)

Explanation:

A library also known as a bookhouse can be defined as an institution having various collection of books and other informative materials that people can read to gain more knowledge, insight and motivation about a particular topic. An example of a library is the Library of Congress (LOC) located in Washington DC, United States of America.

Library of Congress (LOC) refers to the research library used by the Congress of the United States of America to provide or gain access to a diverse and rich source of knowledge (informations) about things, places, animals, plants, people, etc.

Basically, it comprises of millions of literary works such as manuscripts, books, photographs, maps, recordings, newspapers in its collection and as a result of this, it is known to be the largest library in the world.

The Library of Congress (LOC) offers users an "Ask a Librarian" feature to inquire about the library's collections. Therefore, users can easily make enquiries from a librarian on any thing they aren't clear about using the Library of Congress (LOC).

6 0
3 years ago
Kermit is considering purchasing a new computer system. The purchase price is $133,063. Kermit will borrow one-fourth of the pur
lesya [120]

Answer:

NPV =  $20,040.35  

Explanation

The net present value NPV) of a project is the present value of cash inflow less the present value of cash outflow of the project.

NPV = PV of cash inflow - PV of cash outflow

We can set out the cash flows of the project using the table below:

Annual net cash inflow = Savings - Technician cost = 61,427- 20,000

                                       = $41,427

PV of Cash flow= $41,427  × (1-(1.12^(-5))/0.12=  149,335.06  

PV of salvage value = 1.12^(-5)×$6,641 =  3768.281749

NPV = 149,335.06  + 3,768.281  -133,063= 20,040.35  

             

7 0
3 years ago
Alles Company uses a job costing system that applies factory overhead on the basis of direct labor dollars. No job was in proces
Kazeer [188]

Answer:

(a)

For Job G15:

Direct labor = $20,000

Overhead applied = 16,000

Overhead rate = \frac{16,000}{20,000}\times 100

                         = 0.8 × 100

                         = 80%

Overhead applied = Direct labor × 80%

                         = $20,000 × 80%

                         = $16,000

Overhead is applied on direct labor. Hence, rate is 80%.

Overhead for Job B10 = Direct labor × 80%

                                     = $54,000  × 80%

                                     = $43,200

Therefore,

Total overhead applied = $43,200 + 45,750 + 16,000

                                        = $104,950

(b) Hence,

Overapplied overhead for February:

= Total overhead applied - Actual Overhead

= $104,950 - $68,500

= $36,450

4 0
3 years ago
The amount of a good that must be given up to produce another good is the concept of:
Vesna [10]
E.) Opportunity cost is the cost associated with giving up one opportunity for the benefit earned by another.
3 0
3 years ago
Other questions:
  • Gerstein Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-h
    14·1 answer
  • Describe the process of coding a questionnaire. Is precoding a questionnaire a good idea? Why or why not?
    5·1 answer
  • Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2018. On that date, the cost of the inventory on ha
    5·1 answer
  • Facing stiff competition in the e-reader market, Sumac Industries wants to protect its competitive advantage by increasing the p
    13·1 answer
  • What is the purpose of the New Window command?
    14·1 answer
  • Which term refers to the first level of a product, which depends on the customer value it generates?
    7·2 answers
  • Which of the following correctly defines the consumer​ market? A. ​Manufacturers, resellers, and consumers B. Consumers and the
    7·1 answer
  • Trimble Graphic Design receives $1,800 from a client billed in a previous month for services provided. Which of the following ge
    9·1 answer
  • Some people are in favor of reducing Federal taxes to increase consumer spending others are against it. Two person are selected
    7·1 answer
  • Sunland Inc. took a physical inventory at the end of the year and determined that $789000 of goods were on hand. In addition, Su
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!