2. The Oil Producing and Exporting Countries (OPEC) is an example of A

Sheridan Company sells merchandise on account for $6400 to Carla Vista Company with credit terms of 2/10, n/30. Block Company re

Aliun [14]

Answer: $4,508

Explanation:

Companies usually give discounts with credit terms to encourage Receivables to pay faster.

In this scenario, credit terms of 2/10, n/30 were offered which means that if Carla Vista Company pays within 10 days they get a discount of 2% but if they don't they should pay the full amount in 30 days.

They paid within the discount period meaning that they qualify for the discount of 2% but they however returned goods worth $1800.

So calculating for that would be,

= (6,400 - 1800) (1 - 0.02)

= $4,508

The amount of the check is $4,508

8 0

3 years ago

Read 2 more answers

Juniper Company uses a perpetual inventory system and the gross method of accounting for purchases. The company purchased $9,750

Aloiza [94]

Answer:

The answer is: D) Debit Accounts Payable $1500; Credit Merchandise Inventory $1500

Explanation:

The correct records should be:

Dr Accounts Payable account 1,500

Cr Merchandise Inventory account 1,500

Accounts Payable is a liability, and when liabilities decrease (the returned merchandise reduces the debt), they should be debited.

Merchandise Inventory is an asset, and when assets decrease (some merchandise was returned), they should be credited.

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Explanation:

8 0

3 years ago

Michael Barry, Attorney, P.C. began the year with total assets of $126,000, liabilities of $74,000, and stockholders’ equity of

goldenfox [79]

Answer:

The expenses can be recorded as follows;

Debit to the expenses of $33,000 and a credit to the cash account of $33,000.

Explanation:

The accounting equation is an equation that tends to balance a company's assets on one side and the sum of its liabilities and shareholders equity on the opposite side of the equation. It form the basis for the double-entry system in accounting that includes an accounts debit and credit. The debit is a sum to an amount that is owed, it is usually listed on the left hand-side of an account while the credit is a listing of a sum that is received usually on the right hand side of an account.

In the case of Michael Barry, the accounting equation;

Assets=liabilities+stockholders equity

Assets=$126,000

Liabilities=$74,000

Stockholders equity=$52,000

liabilities+stockholders equity=74,000+52,000=$126,000

The assets equals the sum of the liabilities and stockholders equity.

To record expenses paid of $33,000;

Debit Credit

Expenses $33,000

Cash $33,000

3 0

4 years ago

Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales $ 315,000 Beginning m

prohojiy [21]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Q=1000

Sales= $ 315,000

Beginning merchandise inventory= $21,000

Purchases= $210,000

Ending merchandise inventory= $10,500

Fixed selling expense= $ ?

Fixed administrative expense= $12,600

Variable selling expense= $15,750

Variable administrative expense= $ ?

Contribution margin= $63,000

Net operating income= $18,900

First, we have to calculate the variable administrative expense:

Contribution margin= sales - cost of goods sold - variable selling expense - variable administrative expense

63000= 315000 - (beginning inventory + purchase - ending inventory) - 15750 - variable administrative expense

variable administrative expense= 315000 - (21000+210000-10500)-15750-63000

variable administrative expense= $15750

Now, we can calculate the fixed selling expense:

Net operating income= contribution margin - fixed selling expense - fixed administrative expense

18900= 63000 - fixed selling expense - 12600

fixed selling expense= 63000-12600-18900

fixed selling expense= 31500

A)Sales= 315,000

Variable costs:

Cost of good sold= 220,500

Variable selling expense= 15,750

Variable administrative expense= 15,750

Total variable cost= 252,000

Contribution margin=$63000

Fixed costs:

Fixed selling expense= 31,500

Fixed administrative expense= 12,600

Total fixed cost= $44,100

Net profit= $18,900

B) Revenue= 315,000

COGS= 220,500 (-)

Gross porfit= 94500

Selling expense= (15750+31500)= 47,250

Administrative expense= (15750+12600)= 28,350

EBITDA= 18,900

C) Selling price per unit= 315,000/1000= $315

D) Variable cost per unit= total variable cost/q= 252000/1000= $252

E) Contribution margin per unit= 63000/1000= $63

F) The contribution format income statement, because you can easily analyze the effect of each unit in the cost structure and net income.

7 0

4 years ago

ariel corporation reports the following year-end balance sheet data. the company's working capital equals: Cash $50,000 Current

kow [346]

Balance sheet data: Current assets=($50,000+$65,000+$70,000)= $185,000, Current Liabilities = $85,000, Working Capital= $100,000

A balance sheet is a financial statement that lists the assets and liabilities of a corporation at a certain point in time.

An organization's assets, liabilities, and shareholder equity are listed on a balance sheet, which is a financial statement. One of the three primary financial statements used to assess a company is the balance sheet. It offers a snapshot of the assets and liabilities of a corporation as of the publication date. A balance sheet provides you with a quick overview of your company's financial situation at any given time. A balance sheet, along with an income statement and a cash flow statement, can aid business leaders in assessing the financial health of their organization. The balance sheet of a corporation offers a wealth of information about its operations and solvency. Assets, liabilities, and equity are the three main elements of a balance sheet. Executives, investors, analysts, and regulators utilize the balance sheet as a crucial tool to comprehend the current financial condition of a corporation. It frequently coexists with the income statement and the cash flow statement, the other two categories of financial statements.

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6 0

1 year ago