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Journalize the following transactions for Powell Company using the gross method of accounting for sales discounts. Assume a perp

Marianna [84]

Answer:

Jan 7

Dr Cost of Good Sold 7,860

Cr Inventory 7,860

(to record the cost of good sold)

Dr Account Receivable 13,100

Cr Revenue 13,100

( to record revenue and receivable owed from Stewart)

Jan 13

Dr Sales Returns 2,620

Cr Account Receivable 2,620

(to record sales return from Stewart)

Dr Inventory 2,620

Cr Cost of good sold 2,620

(to record inventory returns and decrease in cost of good sold due to sales return from Stewart)

Jan 18

Dr Cash 10,480

Cr Account Receivable 10,480

( to record full collection from Stewart after 11 days)

* further working note on Jan 18 transaction: As Stewart had return $2,620 sales; the Receivable from Stewart is just $10,480 ( 13,100 - 2,620). Also, the term of receivable is 5/10, n/30; the repayment after 10 days received from Steward is not eligible for discount.

Explanation:

3 0

3 years ago

Firms making a loss will compare the losses if it shuts down to the losses if it operates in the short run. What quantity will t

Ahat [919]

The quantity that would be produced by a firm that shuts down in the short run is zero units.

<h3>When would a firm shut down in the short run?</h3>

The short run is a period when at least one or more factors of production are fixed and the others are variable. In the short run, if the average variable cost is greater than the price, the firm should cease production. This means that zero units of output would be produced.

To learn more about when a firm should shut down, please check: brainly.com/question/13034691

7 0

2 years ago

Mountaineer Excavation operates in a low-lying area that is subject to heavy rains and flooding. Because of this, Mountaineer pu

vitfil [10]

Answer:

The Journal entries are as follows:

(i) On March 1,

Prepaid insurance A/c Dr. $24,600

To cash A/c $24,600

(To record the purchase of insurance in advance)

(ii) On December 31,

Insurance expense A/c Dr. $20,500

To Prepaid insurance $20,500

(To record the insurance expense)

Workings:

Insurance expense:

= $2,050 × 10 months (From March 1 to December 31)

= $20,500

4 0

3 years ago

XYZ Company plans to sell 11,000 units of its product in January and another 10,000 in February. The beginning balance of finish

Juli2301 [7.4K]

Answer:

10,900 units

Explanation:

The applicable formula is the formula for calculating the cost of goods sold, COGS.

COGS = The applicable formula is the formula for calculating the cost of goods sold, COGS.

COGS = Beginning inventory + purchases - closing inventory

In this case, COGS will be 11,000 units: Beginning balance 1100 and ending balance of 1000.

11,000 = 1100 + P -1000

11,000 = 1100-1000 +P

11,000 = 100 + P

P= 11,000 -100

P= 10,900

Productions should be 10,900

4 0

2 years ago

abc and xyz agree to maximize joint profits. However, while ABC produces the agreed upon amount, XYZ breaks the agreement and ea

Marat540 [252]

Answer:

The answer is "$ 140".

Explanation:

The company produces the quantity MR = MC and if there is no quantity MR = MC, the amount throughout the case MR is just greater and closest to MC to maximize profit.

Here MR = marginal income and marginal cost =MC

MR = $\frac{Overall \ sales \ change}{Quantity\ shift}$

In the above table, we could see that the amount MR = MC = 8 isn't available. Thus it produces the amount where the MR

is only larger but nearest to MC.

25 unit MR = $\frac{TR \ change}{Quality \ change}$

$= [TR (when \ Q = 25) -TR \frac{(when \ Q = 20)]}{(25 - 20)}$

$= \frac{(450 - 400)}{5}= 10$

(Minimum and superior to MC)

MR of 30 units $=\frac{(480 – 450)}{(30–25)}=6$ , similarly MR of 30 units.

Consequently, 25 units were produced and 12.5 units were produced.

Currently, XYZ breaks the agreement and produces three more so thus maximum quantity produced on a market = 25 + 5 = 30 and through the above table they see which if quantity = 30, price = 16.

XYZ produces 12.5 + 5 = 17.5 output from 30 units.

Cost Total = TVC + TFC

Total TVC = Total Cost for Variable TFC = Maximum Cost of TFC = 0.

If MC is stable, TVC = MC $\times$ Q = 8 $\times$ q, where Q = exposed to the real produced and XYZ produces 17.5 in this case.

Total expenditure (TC+) is TVC = TFC = 8 $\times$ 17.5.

Take control = TR - TC = TC = 16 $\times$ 17.5 - 8 $\times$ 17.5 = 150.

So the business XYZ is profiting = 140

7 0

3 years ago