Answer:
Dr Allowances for sales returns $600
Cr Sales refund payable $600
Being increase sales refund estimate
Explanation:
The sales refund account is liability account that should naturally have a credit balance.
In the current period the balance in the sales refund payable account should be $900 in total,but there is a balancing credit amount already in the account,intuitively, the amount needed to raise the balance in the account to $900 is $600.
The necessary entries required for the sales refund payable is shown below:
Dr Allowances for sales returns $600
Cr Sales refund payable $600
Being increase sales refund estimate
There is no adjusting entry to accounts receivable as that deals with receipt of cash from sales transactions and not the actual sales transactions.
When the refund is eventually settled with cash, a debit is posted to sales refund payable and a credit to cash account
Answer:
D.
Explanation:
Variety of sales jobs: There are hundreds, maybe thousands, of different types of sales positions. Almost every good or service you know of has a salesperson who sells it to one or more people.
Types of sales jobs:
-Retail sales person. Sells goods or services to consumers for their personal use.
-Wholesale sales person. Buys products from manufactures and sell to other organizations.
-Manufacturer’s sales representative, typically sell directly to wholesalers or retailers.
-Order taker: usually will ask the customer what he/she wants or wait for the customer to order. They do NOT have a sales strategy and often use no sales presentation. Example: think of a waiter.
-Order getter: get new and repeat business using creative sales strategies and a well-executed sales presentation.
Answer:
Explanation:
Production budget is a schedule of the number of units of goods that are to be produced using a forecast sales amount and the level of the opening and closing inventory
Bath Scale Gym Scale
Northern region 25,500 33,300
Southern region 27,500 28,900
Total 53,000 62,200
Opening inventory (1,200) ( 2,500 )
Closing inventory 900 2,700
Total units to be produced 52,700 62,400
Bath scale = 53000+900 -1200 = 52700
Gym scale = 62200+ 2700-2500 =62,400
Answer:
option (A) $29,920
Explanation:
Data provided in the question;
Purchasing cost = $40,000
Estimated life = 6 years
Salvage value = $4,000
Estimated driving life = 100,000
Vehicle driven in total till 2020 = 10,000 + 18,000 = 28,000
Now,
Using the units-of-production depreciation method
Total depreciation till 2020 = 
or
Total depreciation till 2020 = 
or
Total depreciation till 2020 = $10,080
Thus,
Book value on December 31, 2020 = Purchasing cost - Depreciation
= $40,000 - $10,080
= $29,920
Hence,
The correct answer is option (A) $29,920
Answer:
CPI in 2020 =142.7
CPI in 2019 = 100
Inflation rate = 42.7%
Explanation:
Inflation is the increase in the general price level. Inflation erodes the value of money.
Consumer Price Index(CPI ): This is the weighted average price of a basket of goods and services consumed by a typical consumer. It is used to measure the rate of inflation.
The increase in the CPI is taken to be the rate of inflation. For example, the CPI rose to 1.09 from 1.00, this implies an inflation rate of 9% within the time period in focus.
The CPI =
The price of a basket of goods in a current year ÷ Divided by the price of a basket of goods in a base year
The consumer price
Value of basket of goods in 2019 = (1000× $2) + (100× $50) + ( 500× $0.10)= 7050
Value of basket of goods in 2020= (1000× $2.50) + (100× $75) + ( 500× $$0.12)=10,060
CPI in 2020 = 10,060/7050× 100 =142.7
CPI in 2019 = 100
CPI in 2020 =142.7
CPI in 2019 = 100
The inflation rate =(142.7/100-1 ) × 100 = 42.7%
Note , we assume the CPI for 2019 is 100, since we were not provided with data to compute the price of a basket of good in 2018
CPI in 2020 =142.7
CPI in 2019 = 100
Inflation rate = 42.7%
