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mr Goodwill [35]
2 years ago
5

During 2021, its first year of operations, Ashbaugh Industries recorded sales of $21,000,000 and experienced returns of $1,400,0

00. Returns are accounted for as they occur, with additional estimated returns accrued at the end of the period. Cost of goods sold totaled $12,600,000 (60% of sales). The company estimates that 8% of all sales will be returned. The year-end adjusting journal entry to account for anticipated sales returns would include a:
Business
1 answer:
Yuliya22 [10]2 years ago
5 0

Answer:

Credit to refund liability of $280,000.

Explanation:

The year end adjusting entry would be

Sales Return $280,000 ($21 million × 8% - $1,400,000)    

    Refund Liability  $280,000    

(Being the anticipated sales return is recorded)

Here the sales return is debited as it increased the sales return and the refund liability is credited as it increased the liabilities

The same is to be considered

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Explanation:

246

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3 years ago
Identify each good as either intermediate or final. intermediate final tires bought by a driver for her personal vehicle a memor
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Tires bought by a driver for her personal use- final good

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Tires bought by a car manufacturer-intermediate good

Explanation:

Since tires are for personal use and not used to produce any other good it will be classified as a final good.  

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Similarly, lenses bought by a camera manufacturer will be used for making cameras and tires bought by a car manufacturer will be used for making cars. So both will be classified as a final good.

8 0
3 years ago
Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $242.00. 15 Replenished the pe
kkurt [141]

Answer:

petty cash fund 242 debit

                cash             242 credit

--to establish a petty fund--

freigth-out                       53.40 debit

entertainment expense  15.00 debit

postage expense            12.70 debit

miscellaneous expense 112.50 debit

cash shortage loss            2.40 debit

             cash                                      196 credit

--to replenish the fund on August 15th--

petty cash fund 200 debit

                cash             200 credit

--to increase petty fund by 200 dollars--

freigth-out                        25.40 debit

entertainment expense  153.60 debit

postage expense            124.00 debit

cash shortage loss              1.00 debit

             cash                                      304 credit

--to replenish the fund on August 31th--

Explanation:

when replenish we don't use the petty fund account we adjust directly against cash leaveing the petty fund balance untouched. We only adjusted for increases or decreases in the total amount available at the petty cash fund.

3 0
3 years ago
"Gathering information from potential customers in an effort to determine their preferences is an example of using statistics in
nadya68 [22]

Answer:

Marketing Research

Explanation:

Marketing Research

This is the process of investigating collecting , analyzing and interpreting informatiom about a market of a particular product or service to be rendered for sale in the market , and about the past, present and potential customers for the product or service; research into the characteristics, their spending habits, location and needs of your business's target market, the industry as a whole, and the competitors you face

Accurate information about your customers needs will ensure the sales of your product and service.

4 0
3 years ago
Target costing: Determines cost based on an expected market demand for the product. Determines cost based on standard cost. Dete
lozanna [386]

Answer:

Determines cost based upon market price and desired profit.

Explanation:

Target costing can be regarded as an approach that allows to know

cost of a product through its life-cycle. It enables to know the cost needed to ensure functionality as well as quality of the product with a desired profit at the end of production. It should be noted that Target costing Determines cost based upon market price and desired profit.

3 0
3 years ago
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