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3 years ago

Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system.

Business

1 answer:

lara [203]3 years ago

5 0

Answer:

Part a

Cash $645 (debit)

Cost of Sales $375 (debt)

Sales Revenue $645 (credit)

Merchandise $375 (credit)

Part b

Cash $432 (debit)

Cost of Sales $195 (debt)

Sales Revenue $432 (credit)

Merchandise $195 (credit)

Part c

Trade Receivables $670 (debit)

Cost of Sales $438 (debt)

Sales Revenue $670 (credit)

Merchandise $438 (credit)

Explanation:

The Perpetual Inventory system keeps record of the value of stock and records the cost of goods sold after every transaction. This is contrary to the the periodic inventory system which measures stock and cost of sales after a period.

For the Journal entries, note that we are recording from the perspective of Evans Company.

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viva [34]

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2 years ago

If the monthly sales volume required to break even is $190,000 and monthly fixed costs are $55,900, the contribution margin rati

Vladimir79 [104]

Answer:

a. 29%

Explanation:

Given that

Contribution margin = $55,900

Sales = $190,000

The computation of contribution margin ratio is shown below:-

Contribution margin ratio = Contribution margin ÷ Sales

= $55,900 ÷ $190,000

= 29%

Therefore for computing the contribution margin ratio we simply divide sales by contribution margin ratio.

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3 years ago

XYZ Company produces a significant daily amount of electronic waste. The company disposes the waste into the ocean despite stric

natima [27]

Answer:

Legal responsibility

Explanation:

Since there have been regulations put in place by the government, it is thereforre a legally binding agreement between XYZ company and any other companies that does same as XYZ company.

The failure of XYZ company to honour the set regulations is a breach in its legal responsibilty alongside its corporate social responsibilty as well and it can be taken up by the government by either charging the XYZ company to court or revoking their operating license.

Cheers.

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4 years ago

Choice is the largest employer in the Pacific Northwest. It is covered by numerous federal employment laws. As such, it is requi

hichkok12 [17]

Answer:

C) twelve weeks of unpaid family or medical leave during any twelve-month period.

Explanation:

The Family and Medical Leave Act of 1993 provides employees with temporary medical leave when:

their child is born (or they adopt a child) and they must take care of him/her
if their spouse (husband or wife), child under 18, or parent has a serious health condition
when the employee himself/herself has a serious medical condition and cannot work

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4 years ago

Sydney has worked for WillCo for the last 20 years. She just had her 60th birthday and is thinking about retirement. WillCo spon

Wittaler [7]

Answer: c. Sydney can diversify 50% of her WillCo stock.

Explanation:

Employee stock ownership plan (ESOP) is simply referred to as an employee benefit where the employees of a particular company are given ownership interest as long as some certain criteria are met.

Once the workers become qualified participants, they can diversify certain percentage of their stocks. From the 1st-5th year, a qualified participant is allowed to diversify about 25% of his or her stock account and about 50% in the 6th year.

Based on the explanation, since Sydney has worked for WillCo for the last 20 years, Sydney can diversify 50% of her WillCo stock.

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3 years ago