1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger. General Ledger Accounts Receivable Sales End.Bal End.Bal Accounts Receivable Subsidiary Ledger Ski Shop Sales Returns and Allowances End.Bal Welcome Enterprises Zia Natara End.Bal End.Bal Vail Company recorded the following selected transactions during November Current Year Debit Credit 5,238 Date General Journal Nov. 5 Accounts Receivable-Ski Shop Sales 5,238 10 Accounts Receivable-Welcome Enterprises 2,780 Sales 2,780 13 Accounts Receivable-Zia Natara 1,630 Sales 1,630 21 Sales Returns and Allowances 421 Accounts Receivable-Zia Natara 421 30 Accounts Receivable-Ski Shop 5,796 Sales 5,796
2 . Prepare a schedule of accounts receivable VAIL COMPANY Schedule of Accounts Receivable November 30, Current Year Total

Answers

Answer 1

Answer:

Vail Company

1. T-accounts:

a. General Ledger

Accounts Receivable

Date       Account Titles   Debit           Credit

Nov. 5    Sales                  5,238

Nov. 10  Sales                   2,780

Nov. 13  Sales                   1,630

Nov. 21  Sales Returns and Allowances 421

Nov. 30 Sales                  5,796

Nov. 30 Balance                               15,0232

Sales

Date       Account Titles                  Debit           Credit

Nov. 5    Accounts Receivable-Ski Shop            5,238

Nov. 10   Accounts Receivable-

              Welcome Enterprises                          2,780

Nov. 13   Accounts Receivable-Zia Natara         1,630

Nov. 30 Accounts Receivable-Ski Shop           5,796

Nov. 30 Balances                          15,444

Sales Returns and Allowances

Date       Account Titles                           Debit           Credit

Nov. 21 Accounts Receivable-Zia Natara 421

b. Accounts Receivable Ledger:

Ski Shop

Date       Account Titles   Debit           Credit

Nov. 5    Sales                  5,238

Welcome Enterprises

Date       Account Titles   Debit           Credit

Nov. 10   Sales                 2,780

Zia Natara

Date       Account Titles   Debit           Credit

Nov. 13   Sales                  1,630

Nov. 21   Sales Returns and Allowances 421

Ski Shop

Date       Account Titles   Debit           Credit

Nov. 30  Sales                  5,796

Explanation:

a) Data and Analysis:

Nov. 5 Accounts Receivable-Ski Shop 5,238

Sales 5,238

Nov. 10 Accounts Receivable-Welcome Enterprises 2,780

Sales 2,780

Nov. 13 Accounts Receivable-Zia Natara 1,630

Sales 1,630

Nov. 21 Sales Returns and Allowances 421

Accounts Receivable-Zia Natara 421

Nov. 30 Accounts Receivable-Ski Shop 5,796

Sales 5,796


Related Questions

You have been asked by the president of your company to evaluate the proposed acquisition of a new special-purpose truck for $250,000. The truck falls into the MACRS three-year class, and it will be sold after three years for $50,000. Use of the truck will require an increase in NWC (spare parts inventory) of $5,000. The truck will have no effect on revenues, but it is expected to save the firm $80,000 per year in before-tax operating costs, mainly labor. The firm's marginal tax rate is 21 percent. What will the operating cash flow for this project be during year 3

Answers

Answer:

Please find the complete solution in the attachment file.

Explanation:

Please find the attachment table for the 3 years of cash flow:

Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 20Y3. Zell Company provides customers refunds and allowances for any damaged merchandise. At the end of the year, Zell Company estimates that customers will request refunds and allowances for 1.5% of sales. Assume that on February 3, 20Y4, Zell Company paid a customer a $5,000 cash refund for damaged merchandise. Required: (a) Journalize the adjusting entry on December 31, 20Y3, to record the expected customer refunds and allowances\.\* (b) Journalize the entry to record the cash refund\.\* *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Answers

Solution :

a).      Date                 Description                       Debit($)                   Credit($)

  31st Dec 20Y3           Sales                              27,000

                              (1,800,000 x 1.5%)        

                             Customer refunds payable                                    27,000    

                             

                             Estimated sales return           16,000

                              inventory

                           Cost of merchandise sold                                        16,000

b).     Date                 Description                       Debit($)                   Credit($)

  3 Feb, 20Y4   Customer refund payable        5000

                          Cash                                                                           5000

                         Merchandise inventory              3100

                        Estimated return inventory                                        3100

Dennis Rodman has a $5,000 debt balance on his Visa card that charges 10. 7 percent compounded monthly. Dennis's current minimum monthly payment is 5 perent of his debt balance, which is $250.
How many months (round up) will it take Dennis to pay off his credit card if he pays the current minimum payment of $250 at the end of each month?
How many months will it take Dennis to pay off his credit card?

Answers

Answer: 22.13 months

Explanation:

The number of months that it will take Dennis to pay off his credit card will be calculated thus:

Balance amount = $5000

Monthly payment = $250

Interest rate = 10.7%/12 = 0.89%

The number of months will be:

= NPER(0.89, -250, 5000, 0).

= 22.13 months

Which of the following combinations is ensured to increase?

Answers

please you can give any option or full question

Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margin are as follows.

Sales Mix Unit Contribution Margin
Lawnmowers 20% $33
Weed-trimmers 50% $21
Chainsaws 30% $37

Yard Tools has fixed costs of $4,200,000.

Required:
Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix.

Answers

Answer:

Lawnmowers’ break-even point in units = 29,787 units

Weed-trimmers’ break-even point in units = 74,468 units

Chainsaws' break-even point in units = 44,681 unit

Explanation:

Given:

                                    Sales Mix              Unit Contribution Margin

Lawnmowers                 20%                                     $33

Weed-trimmers              50%                                     $21

Chainsaws                     30%                                     $37

The number of units of each product that Yard Tools must sell in order to break even under this product mix can be computed using Weighted-Average Contribution Margin Ratio as follows:

Weighted contribution margin = (Sales Mix of Lawnmowers * Unit Contribution Margin of Lawnmowers) + (Sales Mix of Weed-trimmers * Unit Contribution Margin of Weed-trimmers) + (Sales Mix of Chainsaws * Unit Contribution Margin of Chainsaws) = (20% * $33) + (50% * $21) + (30% * $37) = $28.20

Total break-even point in units for the company = Fixed cost / Weighted contribution margin = $4,200,000 / $28.20 = 148,936 units

Therefore, we have:

Lawnmowers’ break-even point in units = Sales Mix of Lawnmowers * Total break-even point in units for the company = 20% * 148,936 = 29,787 units

Weed-trimmers’ break-even point in units = Sales Mix of Weed-trimmers * Total break-even point in units for the company = 50% * 148,936 = 74,468 units

Chainsaw’s break-even point in units = Sales Mix of Chainsaws * Total break-even point in units for the company = 30% * 148,936 = 44,681 units

At the beginning of the period, the Cutting Department budgeted direct labor of $125,000, direct materials of $151,000 and fixed factory overhead of $11,800 for 8,000 hours of production. The department actually completed 10,600 hours of production. What is the appropriate total budget for the department, assuming it uses flexible budgeting? Round hourly rates to two decimal places. Round interim calculations to two decimal places. Round your final answer to the nearest dollar. a.$381,335 b.$377,606 c.$291,635 d.$287,800

Answers

Answer:

the  appropriate total budget should be $377,500

Explanation:

The computation of the appropriate total budget should be given below:

Direct material ($151,000 ÷ 8,000 × 10,600) $200,075

direct labor ($125,000 ÷ 8,000 × 10,600) $165,625

fixed factory overhead $11,800

Total budget cost 377,500

Hence, the  appropriate total budget should be $377,500

This is the answer but the same is not provided in the given options

Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 2,300 Materials costs $ 14,400 Conversion costs $ 6,500 Percent complete with respect to materials 75% Percent complete with respect to conversion 20% Units started into production during the month 11,000 Units transferred to the next department during the month 9,900 Materials costs added during the month $ 173,500 Conversion costs added during the month $ 243,500 Ending work in process inventory: Units in ending work in process inventory 3,400 Percent complete with respect to materials 90% Percent complete with respect to conversion 30% The cost per equivalent unit for materials for the month in the first processing department is closest to: Multiple Choice $12.21 $13.15 $11.90 $14.50

Answers

Answer:

Inacio Corporation

The cost per equivalent unit for materials for the month in the first processing department is closest to:

= $14.50

Explanation:

a) Data and Calculations:

                                                        Units    Materials    Conversion

Beginning work in process           2,300     $14,400      $6,500

Percentage of completion                              75%           20%

Units started during the month   11,000

Total units available                     13,300

Units transferred to the next       9,900      100%         100%

Ending work in process               3,400        90%          30%

Costs added during the month               $173,500    $243,500

Equivalent units of production:

                                                          Units    Materials        Conversion

Units transferred to the next       9,900      9,900 (100%)   9,900 (100%)

Ending work in process               3,400       3,060 (90%)     1,020 (30%)

Equivalent units of production                   12,960             10,920

Costs of production:                   Materials  Conversion

Beginning work in process           $14,400      $6,500

Costs added during the month    173,500    243,500

Total costs of production           $187,900  $250,000

Cost per equivalent unit:             Materials  Conversion

Total costs of production            $187,900  $250,000

Equivalent units of production       12,960        10,920

Cost per equivalent unit               $14.50       $22.89

A new machine requires an investment of $630,000 and will generate $100,000 in cash inflows for 7 years, at which time the salvage value of the machine will be $130,000. Using a discount rate of 10%, the net present value of the machine is $_________

Answers

Answer:

$-76,447.56

Explanation:

Net present value is the present value of after-tax cash flows from an investment less the amount invested.  

NPV can be calculated using a financial calculator  

Cash flow in Y0 = -630,000

Cash flow in Y1 - Y6 = 100,000

Cash flow in Y7 = 100,000 + 130,000

I = 10%

npv = $-76,447.56

To find the NPV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

Answer:

-76,510, (76,510)

Explanation:

pllzzzzzzzzzzzzzzzzz ​

Answers

Answer:

liability risk

Explanation:

Answer:

liability risk is right opstion

Which of the following is not a standard organizational structure

Answers

Question Completion with Options:

i. Line Organisation

ii. Staff Organisation

iii. Functional Organisation

iv. Committee Organisation Code  

Answer:

The option that is not a standard organizational structure is:

iv. Committee Organisation Code

Explanation:

The organizational structure adopted by an entity reflects how some of its rules, roles, and responsibilities are directed between organizational levels in order to achieve its goals. The organizational structure also shows the information flows between different levels within the entity.  Traditionally, organizations maintained hierarchical, functional, divisional, matrix, and flat organizational structures.  Given current digitalization with its internet of things (IoT), more decentralized, network, and team-based organizational structures have emerged.

Financial information for Forever 18 includes the following selected data: ($ in millions except share data) 2021 2020 Net income $ 160 $ 171 Dividends on preferred stock $ 22 $ 17 Average shares outstanding (in millions) 250 300 Stock price $ 11.92 $ 10.87 Required: 1-a. Calculate earnings per share in 2020 and 2021.

Answers

Answer:

Earnings per share = (Net income - Preferred dividends) / Number of shares outstanding

2020:

= (171 - 17) / 300

= $0.51 per share

2021:

= (160 - 22) / 250

= $0.55 per share

Required information
A bank reconciliation proves the accuracy of the depositor's and the bank's records. The bank statement balance is adjusted for items such as outstanding checks and unrecorded deposits made on or before the bank statement date but not reflected on the statement. The book balance is adjusted for items such as service charges, bank collections for the depositor, and interest earned on the account. The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry .

Answers

Answer:

Date                      Account Title                                      Debit            Credit

June 30                Cash                                                    $150

                             Interest revenue                                                      $150

Explanation:

Interest earned is considered to be revenue so it will be credited to the interest revenue account.

Cash will be debited because the interest revenue increased it and assets are debited when they increase.

Labor productivity is?

Answers

Answer:

Workforce productivity is the amount of goods and services that a group of workers produce in a given amount of time. It is one of several types of productivity that economists measure.

Your company buys a computer system from IBM for $3 million and pays IBM $200,000 to install the computer system. The $3 million is on credit and your company pays $100,000 of interest on the loan in the current year. The acquisition cost of the computer system at the end of the current year will be

Answers

Answer:

$3.2 million

Explanation:

Calculation to determine what The acquisition cost of the computer system at the end of the current year will be

Using this formula

Acquisition cost=Purchase price+ Installation cost

Let plug in the morning

Acquisition cost= $3 million +$200,000

Acquisition cost=$3.2 million

Therefore The acquisition cost of the computer system at the end of the current year will be $3.2 million

Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 26 percent for the next 3 years, with the growth rate falling off to a constant 7 percent thereafter. If the required return is 14 percent and the company just paid a $1.90 dividend. what is the current share price

Answers

Answer:

$46.20

Explanation:

Dividend in year 1 = 1.90 x 1.26 = 2.39

Dividend in year 2 = 1.90 x 1.26² = 3.02

Dividend in year 3 = 1.90 x 1.26³ = 3.80

Dividend in year 3 = (3.80 x 1.07) / (0.14 - 0.07) = 58.10

Calculate the present value of these dividends

Present value is the sum of discounted cash flows

Present value can be calculated using a financial calculator

Cash flow in year 1 = 2.39

Cash flow in year 1 = 3.02

Cash flow in year 1 = 3.80 + 58.10

I = 14

PV = $46.20

To determine PV using a financial calculator take the following steps:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

Which measure of central tendency and dispersion can syafig calculate

Answers

Answer:

nominal variables

Explanation:

Midsouth Stitchery wants to improve their productivity. Their process yield is currently 91.56% based on 9816 yards of material. If they are going to improve their productivity to 92.10, how many yards of finished material will they have to produce from the same amount of material input

Answers

Answer:

9,040.54 yards

Explanation:

Input material amount I = 9,816 yards

Productivity P = 92.10%

Let Output Material amount be O

O = I * P

O = 9,816 yards * 0.9210

O = 9040.536

O = 9040.54 yards

So, the unit of yards they will have to produce from the same amount of material input is 9,040.54 yards

According to the interest parity condition, if the domestic interest rate is 12 percent and the foreign interest rate is 10 percent, then the expected _________ of the foreign currency must be _________ percent. Group of answer choices

Answers

Answer: Appreciation; 2%

Explanation:

From the information given in the question,

Domestic Interest rate = 12%

Foreign interest rate = 10%

Let's assume,

S = spot exchange rate

F = forward exchange rate,

Based on the per interest rate parity, the forward exchange rate will be:

F = S × (1 + 10%) / (1 + 12%) = 0.98x

F = S × (1+0.1)/(1+0.12) = 0.98x

Therefore, the forward exchange rate will be expected to fall by:

= 1 - 0.98

= 0.2

= 2%

During a risk brainstorming session a team member identifies a risk. This particular risk does not seem to belong to any of the categories in you Risk Breakdown Structure (RBS). How should you respond

Answers

Answer:

Record it in the risk register, discuss potential responses and make a note to update the RBS.

Explanation:

Risk management is the process by which the management of an organisation identifies, assessed, and controls threats that may affect the company's capital or earnings.

The risks can be as a result of natural disasters, management error, financial uncertainty, or accidents.

In the given instance if a risk is not on any of the categories in you Risk Breakdown Structure (RBS), there is need to record it in the risk register, discuss potential responses and make a note to update the RBS.

vai trò của đạo đức trong doanh nghiệp là gì

Answers

Explanation:

Đạo đức kinh doanh giúp doanh nghiệp duy trì mối quan hệ tốt hơn và hài hòa với xã hội, khách hàng, nhân viên và các ngành hữu quan. ... Đạo đức kinh doanh có một vai trò quan trọng trong việc nâng cao lợi nhuận và năng suất của doanh nghiệp và cải thiện thiện chí của doanh nghiệp trên thị trường.  

đánh dấu tôi là não nhất làm ơn giúp tôi và cảm ơn

In ________ organizational cultures, more individuality is shown through the organization’s rules being less strictly applied.

Answers

Answer:

weak

Explanation:

An organizational culture can be defined as the shared norms, beliefs, assumptions and values that exist in an organization.

An ethical climate can be defined as a collection of behaviors that are considered to be acceptable and correct within an organization or business firm. Also, an ethical climate provides the human resources management of an organization with a framework or benchmark on how employee behavioral issues or ethical problems are to be managed or handled within the organization.

In weak organizational cultures, more individuality of an employee working within an organization is shown as a result of the organization’s rules being less strictly applied.

On a related note, the rules guiding an organization are generally strictly being applied in strong organizational culture.

Advantages of the corporate form include all of the following except: A. shares can be purchased in small amounts. B. ownership interests are transferrable. C. easy to raise capital. D. legal liability of its owners is unlimited.

Answers

D. Legal liability of its owners is u limited

Statement that does not describes Advantages of the corporate form is D: legal liability of its owners is unlimited.

A corporation serves as a business set up whereby the legal entity is been separated from  from its owners.

Advantages of this setting is that shares can be purchased in small amounts and it allows transfer of ownership interests and it is very easy to raise capital in this setting.

Therefore, option D is correct.

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https://brainly.com/question/11810741?referrer=searchResults

Which of the following types of mortgages would be most advantageous to have on your house if you expected the annual rate of inflation would be higher than most people thought?
a. reverse annuity mortgage
b. interest-only mortgage
c. adjustable-rate mortgage
d. fixed-rate mortgage

Answers

Answer:

d. fixed-rate mortgage

Explanation:

Inflation can be defined as the persistent general rise in the price of goods and services in an economy at a specific period of time.

Generally, inflation usually causes the value of money to fall and as a result, it imposes more cost on an economy.

On a related note, when the level of inflation is low in a particular country; their current account balance would be high. However, when the level of inflation is high; it results in low growth and as such increases the home country's current account balance, other things being equal (ceteris paribus).

Hence, if you anticipate a higher annual rate of inflation than most people thought, the fixed-rate mortgage would be most advantageous to have on your house because the interest is fixed or constant over the life of the mortgage loan.

A fixed-rate mortgage can be defined as an installment or fully amortizing mortgage loan that has a fixed (constant) interest rate that doesn't change throughout the entire duration of the loan.

This ultimately implies that, an equal amount of money is paid as principal and interest throughout the life of the mortgage loan.

Purple Cab Company had 57,000 shares of common stock outstanding on January 1, 2021. On April 1, 2021, the company issued 27,000 shares of common stock. The company had outstanding fully vested incentive stock options for 5,700 shares exercisable at $11 that had not been exercised by its executives. The average market price of common stock was $13. The company reported net income in the amount of $276,915 for 2021. What is the basic earnings per share (rounded)

Answers

Answer:

$3.58

Explanation:

Calculation to determine the basic earnings per share (rounded)

Using this formula

Basic earnings per share=Net income/(shares of common stock outstanding+(shares of common stock*9/12)

Let plug in the formula

Basic earnings per share=$276,915/(57,000 + (27,000 × 9/12))

Basic earnings per share=$276,915/(57,000+20,250)

Basic earnings per share=$276,915/77,250

Basic earnings per share= $3.58

(April 1 to December 31 =9 months)

Therefore Basic earnings per share is $3.58

A company is designing a product layout for a new product. It plans to use this production line eight hours a day in order to meet projected demand of 480 units per day. The tasks necessary to produce this product are:

Answers

Answer:

1. The correct option is C. 54.

2. The correct option is E. 60.

3. The correct option is A. 3.

4. The correct option is E. 90%.

5. The correct option is E. y.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

A company is designing a product layout for a new product. It plans to use this production line eight hours a day in order to meet projected demand of 480 units per day. The tasks necessary to produce this product:

Task           Time (sec)            Immediate Predecessor

u                      30                                   none

v                      30                                    u

w                      6                                      u

x                       12                                    w

y                      54                                     x

z                      30                                    v, y

1. Without regard to demand, what is the minimum possible cycle time (in seconds) for this situation?

A. 162

B. 72

C. 54

D. 12

E. 60

2. If the company desires that output rate equal demand, what is the desired cycle time (in seconds)?

A. 162

B. 72

C. 54

D. 12

E. 60

3. If the company desires that output rate equal demand, what is the minimum number of workstations needed?

A. 3

B. 4

C. 5

D. 6

E. 7

4. If the company desires that output rate equal demand, what would be the efficiency of this line with the minimum number of workstations?

A. 100%

B. 92.5%

C. 75%

D. 87.5%

E. 90%

5. If the company desires that output rate equal demand, what is the last task performed at the second workstation in the balance which uses the minimum number of workstations?

A. u

B. v

C. w

D. x

E. y

The explanation of the answers is now provided as follows:

1. Without regard to demand, what is the minimum possible cycle time (in seconds) for this situation?

The minimum cycle time is equal to the maximum task time. From the data in the question, it can be seen that the maximum task time is 54. Therefore, the correct option is C. 54. That is, the minimum possible cycle time (in seconds) for this situation is 54.

2. If the company desires that output rate equal demand, what is the desired cycle time (in seconds)?

Desired cycle time (in seconds) = Demand rate / Number of hours per days = 480 / 8 = 60

Therefore, the correct option is E. 60.

3. If the company desires that output rate equal demand, what is the minimum number of workstations needed?

Total task time = 30 + 30 + 6 + 12 + 54 + 30 = 162

Minimum possible cycle time = 54

Therefore, we have:

Minimum number of workstations needed = Total task time / Minimum possible cycle time = 162 / 54 = 3

Therefore, the correct option is A. 3.

4. If the company desires that output rate equal demand, what would be the efficiency of this line with the minimum number of workstations?

Line efficiency = Total task time / (Minimum number of workstations needed * Desired cycle time) = 162 / (3 * 60) = 162 / 180 = 0.90, or 90%

Therefore, the correct option is E. 90%.

5. If the company desires that output rate equal demand, what is the last task performed at the second workstation in the balance which uses the minimum number of workstations?

The last task should be the one has the longest task time. From the data table in the question, it can be observed that y is the task that has the longest task time. This implies y is the task to perform last.

Therefore, the correct option is E. y.

Cost of Goods Sold, Cost of Goods Manufactured
Glenville Company has the following information for April:
Cost of direct materials used in production $41,000
Direct labor 47,000
Factory overhead 20,000
Work in process inventory, April 1 34,000
Work in process inventory, April 30 27,000
Finished goods inventory, April 1 24,000
Finished goods inventory, April 30 18,000
a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured.
b. For April, determine the cost of goods sold. Using the data given, prepare a statement of Cost of Goods Sold.

Answers

Answer and Explanation:

a. The preparation of the statement of Cost of Goods Manufactured is presented below:

Work in process inventory, April 1 34,000

Add:

Cost of direct materials used in production $41,000

Direct labor 47,000

Factory overhead 20,000

Less:

Work in process inventory, April 30 27,000

Cost of goods manufactured $115,000

b. The preparation of the statement of Cost of Goods Sold is presented below:

Finished goods inventory, April 1 24,000

Add: cost of goods manufactured $115,000

Less: Finished goods inventory, April 30 18,000

Cost of goods sold $121,000

During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows:
Jan. 6 Purchased goods for $1,200 from Green with terms 2/10, n/30.
6 Purchased goods from Munoz for $900 with terms 2/10, n/30.
14 Paid Green in full.
Feb. 2 Paid Munoz in full.
28 Purchased goods for $350 from Reynolds with terms 2/10, n/45.
Required:
Prepare journal entries to record the transactions, assuming Axe uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Answers

Answer:

Axe Corporation

Journal Entries:

Jan. 6 Debit Inventory $1,200

Credit Accounts Payable (Green) $1,200

To record the purchase of goods on credit terms 2/10, n/30.

Jan. 6 Debit Inventory $900

Credit Accounts Payable (Munoz) $900

To record the purchase of goods on credit terms 2/10, n/30.

Jan. 14 Debit Accounts Payable (Green) $1,200

Credit Cash $1,176

Credit Cash Discounts $24

To record the payment on account, including discounts.  

Feb. 2 Debit Accounts Payable (Munoz) $900

Credit Cash $900

To record the payment on account, including discounts.

Feb. 28 Debit Inventory $350

Credit Accounts Payable (Reynolds)

To record the purchase of goods on credit terms 2/10, n/45.

Explanation:

a) Data and Calculations:

Jan. 6 Inventory $1,200 Accounts Payable (Green) $1,200 terms 2/10, n/30.

Jan. 6 Inventory $900 Accounts Payable (Munoz) $900 terms 2/10, n/30.

Jan. 14 Accounts Payable (Green) $1,200 Cash $1,176 Cash Discounts $24

Feb. 2 Accounts Payable (Munoz) $900 Cash $900

Feb. 28 Inventory $350 Accounts Payable (Reynolds) terms 2/10, n/45.

From the list below, select the items that are classified as a materials activity. (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)
Raw materials used
Raw materials beginning inventory
Raw materials purchases
Work in process beginning inventory
Goods manufactured
Direct labor used
Factor overhead used

Answers

Answer and Explanation:

The classification is as follows:

Under Materials activity  

Opening balance of Raw materials inventory

Purchase of the Raw materials purchases

Under Production activity:

OPening balance of Work-in process inventory

Raw material used

Direct labor used

Factory overhead used

Under Sales activity:

Goods manufactured

In this way it should be categorized

Hence, the same should be relevant

What are the process of microeconomics?

Answers

Answer:

Microeconomics is the study of what is likely to happen (tendencies) when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Individual actors are often grouped into microeconomic subgroups, such as buyers, sellers, and business owners.

Explanation:

Assume a firm generates $2,500 in sales, has a $800 increase in accounts receivable and has a $500 increase in accounts payable during an accounting period. Based solely on this information, cash flow from operations will increase by:

Answers

Answer:

Cash flow from operations will increase by $2,200.

Explanation:

The amount of increase in cash flow from operations can be calculated as follows:

Increase in cash flow from operations = Sales - Increase in accounts receivable + Increase in accounts payable …………… (1)

Sales = $2,500

Increase in accounts receivable = $800

Increase in accounts payable = $500

Substituting the values into equation (1), we have:

Increase in cash flow from operations = $2,500 - $800 + $500 = $2,200

Therefore, cash flow from operations will increase by $2,200.

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