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lutik1710 [3]
3 years ago
13

The adjusted trial balance of Concord Company shows the following data pertaining to sales at the end of its fiscal year, Octobe

r 31, 2020: Sales Revenue $728,400, Delivery Expense $12,780, Sales Returns and Allowances $25,320, and Sales Discounts $12,380.
a. Prepare the revenues section of the income statement.
b. Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.
Business
1 answer:
Sonbull [250]3 years ago
4 0

Answer:

Sales revenue    728,400

Sales R&A            (25,320)

Delivery Expense (12,780) * considered freight-out

sales discount   <u>   (12,380)    </u>

net sales:              677,920‬

sales revenue   728,400 debit

      income summary             728,400 credit

--to close revenues accounts--

income summary      50,480

  Delivery Expense                          12,780

   Sales Returns and Allowances  25,320

   Sales Discounts                           12,380.

--to close the contra account to sales---

Income summary  677,920

        Retained Earnings       677,920

Explanation:

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Restricting imports of Brazilian shoes will__________.
KatRina [158]

Answer:

a. raise the price of both Brazilian and domestically produced shoes

Explanation:

Restricting imports of Brazilian shoes will raise the price of both Brazilian and domestically produced shoes

5 0
3 years ago
An ideal prospect for a universal life insurance policy is someone who foresees a possible future need to adjust the amount of t
pshichka [43]

Answer:

The correct answer is 4

Explanation:

Universal life insurance is the insurance which is an element of the investment savings and the low premiums such as the term life insurance. These policies have a option of the flexible premium and however, some of the policies require fixed premiums or the single premium.

So, the ideal prospect of the policy states that the premium payments are deposited into the General account of the life insurance company not in the separate account. These policy control the investment not the policyholders.  

4 0
3 years ago
The legal form of business ownership in which owners have limited personal accountability for the debts
velikii [3]
The answer is C I’m am %100 sure
5 0
3 years ago
Ides receives 16 cents for every unit produced. Ides produces 2,976 pieces in a 43-hour workweek. For overtime, Ides is paid a s
mash [69]

Answer:

$492.78

Explanation:

Calculation for What The Ides' total piecework and overtime earnings are

Ides' total piecework and overtime earnings=[(2,976 × $0.16 ÷43*(0.5)]*3+[(2,976 × $0.16 )]

Ides' total piecework and overtime earnings= [($476.16 ÷ 43)*0.5]*3+[(2,976 × $0.16 )]

Ides' total piecework and overtime earning = ($11.07 × 0.5 )*3+[(2,976 × $0.16 )]

Ides' total piecework and overtime earnings= ($5.54 × 3)+$476.16

Ides' total piecework and overtime earnings = $16.62 + $476.16

Ides' total piecework and overtime earnings=$492.78

Therefore the Ides' total piecework and overtime earnings are $492.78

4 0
3 years ago
Ben Rogers works as a cashier for Tillis Sporting Goods. One afternoon, he asked his sister Dawn to come into the store. When sh
Anna007 [38]

Answer:

D. Inventory larceny scheme

Explanation:

Inventory larceny scheme: It is a scheme of misappropriation or stealing of inventory or any other assets by the employee from the premises of the company without recording the theft in the books of accounts. These assets are stolen to be sold to the third party or for personal use.

There are several non-cash thefts by employees, including inventory or other expensive assets of the company. Misuse of inventory or other asset is also included in a larceny scheme.

In the given case, Ben Rogers asked his sister Dawn to come into the store. When she arrived, Ben put three watches, two fishing reels, and four pairs of sunglasses in a sack and gave it to her, which is a clear case of asset misappropriation and it is called Inventory larceny scheme.

6 0
3 years ago
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