1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
olga_2 [115]
3 years ago
6

Pronghorn Corporation shipped $20,800 of merchandise on consignment to Gooch Company. Pronghorn paid freight costs of $2,200. Go

och Company paid $550 for local advertising, which is reimbursable from Pronghorn. By year-end, 57% of the merchandise had been sold for $22,300. Gooch notified Pronghorn, retained a 10% commission, and remitted the cash due to Pronghorn.Prepare Pronghorn's entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Tamiku [17]3 years ago
8 0

Answer:

Date                 Account Title                                       Debit            Credit

Year end          Cash                                                 $19,520

                       Advertising expenses                          $550

                       Commission expenses                    $2,230

                       Revenue from Consignment                               $22,300

                      Cost of Goods sold                          $13,110

                      Inventory on Consignment                                   $13,110

Cash received by Pronghorn:

= Cash - Advertising - Commission

= 22,300 - 550 - (10% * 22,300)

= 22,300 - 550 - 2,230

= $19,520

Cost of Goods sold:

= 57% * (Value of goods + Shipping)

= 57% * (20,800 + 2,200)

= $13,110

You might be interested in
The gross profit method of inventory valuation is not valid when a. there is substantial increase in the quantity of inventory d
lukranit [14]

Answer:

The gross profit method of inventory valuation is not valid when

c. the gross margin percentage changes significantly during the year.

Explanation:

Gross Profit Method:

It is such method that is used to determine the value of ending inventory in a specific period.

  • The option a, b and d are valid as this method is used when there is substantial increase in the quantity of inventory or in the cost of the inventory during the year. Moreover, it is also used to calculate the amount of ending inventory that is effected by a disaster such as fire, theft etc.
  • The option c is not valid because it is not used when the gross margin percentage changes significantly during the year as gross profit method is only used to determine the amount of an ending inventory.

6 0
3 years ago
Kenya performs research and creates reports for her boss, the company's Chief Executive, Kenya's job title is best
CaHeK987 [17]

Answer:

Kenya performs research and creates reports for her boss, the company's Chief Executive, Kenya's job title is best

described as  an Executive Administrative Assistant

Liz responds to people who contact a company. She deals with people who visit the office in person and people who

call or email the company. Her job title is best described as  a Receptionist

Neil handles important paperwork that his office needs to keep track of. He sorts paperwork and keeps it handy so he

can retrieve information whenever it is needed. His job title is best described as  a File Clerk.

Salvador organizes information and appointments for a department manager. He also reviews and sorts e-mail for his

boss. His job title is best described as an Administrative Assistant.

Explanation:

The administrative assistants, receptionists, and file clerks perform important functions.  In their various capacities and roles, they help their bosses to function more efficiently and effectively by relieving them of routine tasks.  As they perform these duties, their bosses are enabled to concentrate their efforts and time in managing their assigned responsibilities.  However, these job titles are not universally uniform, as it depends on the organization.

4 0
4 years ago
You are faced with the following alternative choices on Saturday afternoon. You can only do one of these activities. None of the
garri49 [273]

Answer:

Missing out on the benefits I get from working out using exercise equipment in my garage.

Explanation:

When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen." Since Choice B is the next best choice to hiking, missing out on the benefits of working out will be my opportunity cost.

3 0
3 years ago
Explain the difference between common and preferred stock? List the advantages and disadvantages of each.
Juli2301 [7.4K]
Common stockholders will not receive any money before the preferred stock holders in the case of the company having to liquidate.  So thats a disadvantage.  Preferred stockholders tend to get higher dividends paid out to them, which is an advantage.  
7 0
3 years ago
The typical soft drink can in the U.S. has a volume of 355 cm3. The two circular ends cost $0.0008 per cm2 each (because they ar
stepladder [879]

Answer:3cm radio for each circular end. 12.56cm height.

Explanation:

Those dimensions cost is 0.01261usd per can.

Lower radio or higher radio make can more expensive.

7 0
3 years ago
Other questions:
  • The primary purpose of the life insurance replacement regulation is to protect the
    14·1 answer
  • What is a power grid?
    9·2 answers
  • What are the five marketing management functions used to manage the marketing​ process?
    14·1 answer
  • Ricardo wants to study the academic performance of graduate students in the u.s. first, he decides that he will study schools in
    7·1 answer
  • Currently, Warren Industries can sell 20 dash year​, ​$1 comma 000​-par-value bonds paying annual interest at a 9​% coupon rate.
    11·1 answer
  • You work for an accounting firm, and your supervisor is interested in learning more about the proposed tax reforms in your state
    14·1 answer
  • Prepare a journal entry for the purchase of office equipment on February 19 for $31,700, paying $7,600 cash and the remainder on
    15·1 answer
  • Wriston Company is preparing its cash budget for the upcoming month. The beginning cash balance for the month is expected to be
    11·1 answer
  • Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells it
    10·1 answer
  • A firm based in mexico has found its growth is restricted by the limited liquidity of the mexican capital market. what are the f
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!