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2 years ago

Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred.

Business

1 answer:

satela [25.4K]2 years ago

3 0

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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Olegator [25]

Hey there!

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Hope this helps!

7 0

3 years ago

The two main purposes of a business plan are: a. to provide a document to keep employees focused and to seek outside funding. b.

Free_Kalibri [48]

Answer: Option A

Explanation: In simple words, business plan refers to an outline of framework that guides an organisation regarding its operations in future.

Business plan helps the organisation and its employees to set the chain of activities they need to perform for achieving their goals. Business plans also helps to determine the amount of capital needed to finance the projects that further helps the organisation to seek outside funding.

Hence from the above we can conclude that the correct option is A.

8 0

3 years ago

Torrey Co. manufactures equipment that is sold or leased. On December 31, 2021, Torrey leased equipment to Dalton for a five-yea

topjm [15]

Answer:

$850,000

Explanation:

The computation of Amount of income should Torrey realize from the lease transaction is shown below:-

Amount of income should Torrey realize from the lease transaction = Sale price - Cost

= $3,850,000 - $3,000,000

= $850,000

Therefore for computing the amount of income should Torrey realize from the lease transaction we simply deduct the cost from sales price.

5 0

3 years ago

Northwest Fur Co. started the year with $92,000 of merchandise inventory on hand. During the year, $425,000 in merchandise was p

Artyom0805 [142]

Answer:

$ 142,800.00

Explanation:

The ending inventory can be computed by rearranging the cost of goods sold formula:

cost of goods sold=Beginning inventory+net purchases-ending inventory

ending inventory=beginning inventory+net purchases-cost of goods sold

beginning inventory is $92,000

Net purchases=purchases-discount+freight-in charges-purchase return

net purchases=$425,000-($425,000*1%)+$7000-($5000*99%)=$422,800.00

cost of goods sold is $372,000

ending inventory=$92,000+$422,800-$372,000=$ 142,800.00

8 0

3 years ago

Suppose that consumer income increases and that ground meat is an inferior good. Which of the following will occur in the market

antoniya [11.8K]

Answer:

d. Market clearing price will fall, and equilibrium quantity will fall.

Explanation:

Inferior goods are those goods which do not behave normally to market.

As with increase in consumer spending capacity, their demand decreases.

Accordingly with decrease in demand , the prices will fall.

Thus, either Statement b is correct or statement d.

Since demand and price both tend to fall, the equilibrium quantity will fall for the same, as the demand will be low, the equilibrium quantity will fall to meet the demand level.

Thus, Statement D is correct.

4 0

3 years ago