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The May transactions for Charlie Company (seller) assuming that Charlie uses a perpetual inventory system are:
Charlie Company Journal entries
May 13
Debit Account receivable $360
(8×$45)
Credit Sales $360
(To record credit sales)
May 13
Debit Cost of goods sold $208
(8×$26)
Credit Merchandise inventory $208
(To record cost of goods sold)
May 16
Debit Sales return and allowances $45
Credit Account receivable $45
(To record goods returned)
May 16
Debit Merchandise inventory $26
Credit Cost of goods sold $26
(To record cost of goods sold returned)
May 23
Debit Cash $302
($315-$13)
Debit Sales discount $13
(4%×$315)
Credit Account receivable $315
($360-$45)
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Answer:
Merchant wholesaler
Explanation:
A merchant wholesaler is a business owner that specializes in purchasing goods in large quantities and then sell to other retailers and wholesalers.
Since they purchase their products in large quantities, they have different warehouses in their acquisition. These warehouses are used to store the products.
Merchant wholesalers are very vital in the chain of distribution as they facilitate the smooth movement of goods which takes places between the producers and the retailers.
In the scenario described above, W.W. Grainger is an example of a merchant wholesaler.
Answer:
prior to using the <u>Assumed names</u>
Explanation:
An insurance producer must get himself or his organization registered before doing any business of insurance.
For this there are certain rules as related to the names of such business.
There is the requirement to follow the rules and regulations.
If some person does this business not in his name, and uses some other assumed name, that is any kind of "insurance" word is used for example, "Life Insurance Co." then the person is required to take a prior permission from the commissioner.
This is to ensure that the name shall not be registered with some other organization.
Thus, no assumed names to be used, before prior permission is received from the commissioner.
Answer: $126,613
Explanation:
Net Present value of Project A is:
= Present value of $50,000 annuity + Present value of residual value - Initial investment
Present value of $50,000 annuity:
= 50,000 * ( 1 - ( 1 + rate)^-number of periods) / rate
= 50,000 * ( 1 - ( 1 + 12%) ⁻⁸) / 12%
= $248,382
Present value of residual value:
= 8,000 / ( 1 + 12%)⁸
= $3,231
Net present value
= 248,382 + 3,231 - 125,000
= $126,613
