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Tema [17]
2 years ago
15

Journalize the following sales transactions for Straight Shot Archery using the periodic inventory system. E (Record debits firs

t, then credits. Exclude explanations from journal entries.
Aug. 1 Sold $6,500 of equipment on account, credit terms are 1/10, n/30.
Aug. 8 Straight Shot received payment from the customer on the amount due from August 1, less the discount.
Aug. 15 Sold $3,100 of equipment on account, credit terms are n/45, FOB destination.
Aug. 15 Straight Shot paid $90 on freight out.
Aug. 20 Straight Shot negotiated a $500 allowance on the goods sold on August 15.
Aug. 24 Received payment from the customer on the amount due from August 15, less the allowance.
Business
1 answer:
Cloud [144]2 years ago
4 0

Answer:

Aug. 1

Debit :

Credit :

Aug. 8

Debit :

Credit :

Aug. 15

Debit :

Credit :

Aug. 15

Debit :

Credit :

Aug. 20

Debit :

Credit :

Aug. 24

Debit :

Credit :

Explanation:

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Axe company sponsors a 401(k) profit sharing plan with no employer match, but the company did make noncontributory employer cont
il63 [147K]

Answer:

$30,000

Explanation:

Given the following information:

Employer Contributions = $9,000

Employee Contributions = $12,000

Earnings = $4,000 + $5,000

Jack should be given 100% of his contributions and the earnings of those contributions due to the vesting schedule, which he is entitled to because he has only worked for 6 years.

8 0
3 years ago
Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $19,000​ $11,000​ April $40,000​ $11,0
marusya05 [52]

Answer:

total cash collections in June = $101050

so correct option is A. $101,050

Explanation:

given data

month              cash sales                    credit sale

march                $19,000                        $11,000

April                   $40,000                       $11,000

May                    $43,000                       $35,000

June                   $59,000                       $50,000

to find out

total cash collections in June at Feeney Furniture

solution

we find here total cash collections in June that is express as

total cash collections in June = cash sale in June  + ( credit sale in June × 62% ) + ( credit sale in May × 30%) +  ( credit sale in April × 5%)   .............1

put here value we get

total cash collections in June = $59000  + ( $50000 × 62% ) + ( $35000 × 30%) +  ( $11000 × 5%)

total cash collections in June = $101050

so correct option is A. $101,050

8 0
3 years ago
Read 2 more answers
Hochberg Corporation uses an activity-based costing system with the following three activity cost pools: Activity Cost Pool Tota
Minchanka [31]

Answer:

$2.58 per machine hour

Explanation:

The computation of the fabrication activity cost pool activity rate is

= ($461,000 × 15%) + ($123,000 × 15%) + ($207,000 × 20%) ÷ 50,000 machine hours

= ($69,150 + $18,450 + $41,400) ÷ 50,000 machine hours

= $2.58 per machine hour

5 0
2 years ago
Macroeconomic forces contribute to an industry's ability to be profitable. Which of the following examples shows how a company m
Elis [28]

Answer:

A home mortgage company creates a sales promotion with incentives for potential home buyers to take advantage of a particularly favourable interest rate.

Explanation:

Companies usually give numerous promotions to their valuable customers to increase the overall sales revenue. In the above scenario, if a home mortgage company creates a sales promotion which attracts customers to buy their product and take advantage of the favourable interest rate is an example of companies focusing on macroeconomic factors. Macroeconomic forces are important for any company to improve profits.

6 0
3 years ago
Free cash flow describes the net cash provided by operating activities after adjusting for A : current liabilities. B : both cap
Nikolay [14]

Answer:

The answer is B, both capital expenditure and dividends paid.

Explanation:

In the Statement os Cash Flow, cash provided by operating activities fails to take into account that a company must invest in a new property, plant, and equipment and must maintain dividends at current levels to satisfy investors.

Free cash flow describer the net cash provided by operating activities after adjusting for capital expenditures and dividens paid.

7 0
2 years ago
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