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2 years ago

Calculate the average stock in a department with annual sales of $1,840,000 and an annual stock turnover of 5.4.

Business

1 answer:

Ksivusya [100]2 years ago

7 0

Answer:

$366,667

Explanation:

Average stock can be regarded as stock at the beginning of the period as well as stock towards ending of it

Given:

annual sales =$1,840,000

annual stock turnover =5.4.

average stock can be calculated as

average stock =annual sales/

annual stock turnover

= 1,840,000/ 4.5

= $366,667

Hence the average stock in a department is $366,667

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Answer: Please see explanation for answers

Explanation:

1. Journal entry to record bad debt on January 31st

Date Account Titles and Explanation Debit Credit

Jan. 31st Allowance for doubtful account $1,600

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A) To reinstate Amount previously written off

Date Account Titles and Explanation Debit Credit

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2 years ago

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Answer:

An increase in your income causes you to buy more hamburgers.

Explanation:

An increase in your income causes you to buy more hamburgers.

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3 years ago

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Answer:

See all the entries below.

Explanation:

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The entries will look as follows:

Account Name Debit ($) Credit ($)

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Note Payable 652,800

(To record the secured borrowing.)

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The entries will look as follows:

Account Name Debit ($) Credit ($)

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(To record collection on receivables for first month.)

Interest Expense 4,480

Note Payable 499,840

Cash 504,320

(To record payment to Miami for the first month.)

c. Record the entries for Sterling to record (1) the collections for the second month and (2) the final payment to Miami.

The entries will look as follows:

Account Name Debit ($) Credit ($)

Cash 238,080

Allowance for Doubtful Debt 5,120

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(To record collection on receivables for second month Interest.)

Expense 1,920

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Cash (w.2) 152,960

(To record final payment to Miami.)

Workings:

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3 years ago

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Answer:

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