Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.
Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, End of Month; invoice dated April 1. The cost of the merchandise is $1,400.
Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, is returned to inventory.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Answer:

Apr 01

Dr Accounts receivable $2,000

Cr Sales $2,000

Apr 01

Dr Cost of goods sold $1,400

Cr Merchandise inventory $1,400

Apr 04

Dr Sales returns and allowances $500

Cr Accounts receivable $500

Apr 04

Dr Merchandise inventory $350

Cr Cost of goods sold $350

Apr 11

Dr Cash $1,500

Cr Accounts receivable $1,500

Explanation:

Preparation of the journal entries to record each of the following sales transactions of a merchandising company

Apr 01

Dr Accounts receivable $2,000

Cr Sales $2,000

Apr 01

Dr Cost of goods sold $1,400

Cr Merchandise inventory $1,400

Apr 04

Dr Sales returns and allowances $500

Cr Accounts receivable $500

Apr 04

Dr Merchandise inventory $350

Cr Cost of goods sold $350

Apr 11

Dr Cash $1,500

Cr Accounts receivable $1,500

($2,000-$500)

A provision requiring a construction contractor to pay $300 for every day it is late in completing the construction contract is:

Miller and Sons' static budget for 10,500 units of production includes $41,000 for direct materials, $50,300 for direct labor, variable utilities of $7,600, and supervisor salaries of $14,600. A flexible budget for 12,100 units of production would show Round your final answer to the nearest dollar. Do not round interim calculations. a.the same cost structure in total b.direct materials of $47,248, direct labor of $57,965, utilities of $8,758, and supervisor salaries of $14,600 c.direct materials of $47,248, direct labor of $57,965, utilities of $8,758, and supervisor salaries of $17,520 d.total variable costs of $113,500

Reynold's Grocery has fixed costs of $327,000, the unit selling price is $26, and the unit variable costs are $20. What are the break-even sales in units (rounded to a whole number) if the variable costs are decreased by $5? a.16,350 units b.29,727 units c.54,500 units d.21,800 units

Question 8
Critics of advertising argue that in some markets advertising may
A attract products of lower quality into the market.
B attract less informed buyers into the market.
C decrease elasticity of demand allowing firms to charge a larger markup over marginal cost.
D enhance competition in markets to an unnecessary degree.
Question 9

You own 400 shares of Stock A at a price of $50 per share, 290 shares of Stock B at $75 per share, and 700 shares of Stock C at $27 per share. The betas for the stocks are .6, 1.2, and .5, respectively. What is the beta of your portfolio

Croft Corporation has a target capital structure of 70 percent common stock and 30 percent debt. Its cost of equity is 16 percent, and the cost of debt is 8 percent. The relevant tax rate is 24 percent. What is the company's WACC

true or false
1.complex buying behavior is when consumers search for information detals​

Wanda opens a retirement account and starts with a balance of $6,000. One year later she has $6,720 in the account. During the year, the consumer price index increased from 160 to 166.4.

The nominal interest rate is ______________ % and the real interest rate is ____________ %

Consider the following information about production in quarter 1 of 2019.

Firm T produces 600 tires at a cost of $28 each, and sells 580 tires to Firm B at a cost of $37 each.
Firm B produces 290 bicycles at a total of cost of $348 each, and sells 280 bicycles to consumers for $407 each.

In this simple economy, what is the value of inventory investment?

Bob sells his 4 year old carto his cousin Bill. This _____________ count in GDP.
Joy sells her 5 year old car to CarMax. This _____________ count in GDP.
Auto Nation sells used cars for 25% more than they pay for them. This ___________ count in GDP

A horizontal merger between two firms occurs when: __________

a. the products of the merging firms were not related in any manner before the merger.
b. one firm is a producer of products, and the other firm is a producer of services.
c. one firm is a domestic firm, and the other is a foreign company
d. the firms stood in a buyer-seller relationship before the merger.
e. the merger partners were competitors.

Copy equipment was acquired at the beginning of the year at a cost of $50,320 that has an estimated residual value of $4,600 and an estimated useful life of 5 years. It is estimated that the machine will output an estimated 1,143,000 copies. This year, 288,000 copies were made. a. Determine the depreciable cost. $fill in the blank 1 b. Determine the depreciation rate. Round your answer to two decimal places. $fill in the blank 2 per copy c. Determine the units-of-output depreciation for the year

The Perry Company reported Accounts Receivable, Net of $66,000 at the beginning of the year and $72,900 at the end of the year. If the company's net sales revenue during the fourth year was $882,000, what are the days to collect during year? (Round all calculations to 1 decimal place.)
a. 8.3
b. 30.2
c. 12.1
d. 28.7

You are considering investing in the stock of PartyWagon, Inc. You expect a dividend of $1.25 next year, $1.31 in year 2, and $1.38 in year 3. At the end of three years, you expect to be able to sell the stock for $65. If you can purchase the stock for $32, what rate of return do you expect to earn

Triết lý " khách hàng luôn đúng" ?

Draus Products Company uses activity-based costing to compute product costs for external reports. The company has three activity cost pools and applies overhead using predetermined overhead rates for each activity cost pool. Estimated costs and activities for the current year are presented below for the three activity cost pools.
Estimated Overhead Cost Expected Activity
Activity #1 $60,048 4,800
Activity #2 $58,656 2,400
Activity #3 $130,324 4,400
Actual costs and activities for the current year were as follows.
Actual Overhead Cost Actual Activity
Activity #1 $59,798 4,830
Activity #2 $58,476 2,370
Activity #3 $130,234 4,450
The total amount of the debits to the manufacturing overhead during the year was closest to:__________.
a. $248,508.
b. $248,988.
c. $250,334.
d. $251,110.

A firm has net working capital of $560, net fixed assets of $2,306, sales of $6,700, and current liabilities of $870. How many dollars worth of sales are generated from every $1 in total assets?
a. $1.70.
b. $2.52.
c. $1.63.
d. $1.87.
e. $2.09.

Suppose you decide to deposit $18,000 in a savings account that pays a nominal rate of 6%, but interest is compounded daily. Based on a 365-day year, how much would you have in the account after nine months

Multitasking refers to :_____________

a. the skill of coordinating the completion of multiple health projects at the same time.
b. a specific committee structure that allows for various committee members to function in different capacities to conduct committee work.
c. a type of professional preparation that prepares health education students to work in various settings such as schools, public health departments, and corporations.
d. the skill to utilize multiple computer programs at the same time

A firm has inventory of $11,400, accounts payable of $9,800, cash of $750, net fixed assets of $13,125, long-term debt of $9,500, accounts receivable of $6,600, and total equity of $11,700. What is the common-size percentage for the inventory?

Merchant Company issued 10-year bonds on January 1. The 6% bonds have a face value of $727,000 and pay interest every January 1 and July 1. The bonds were sold for $604,217 based on the market interest rate of 7%. Merchant uses the effective interest rate method to amortize bond discounts and premiums. On July 1 of the first year, Merchant should record interest expense (rounded to the nearest dollar) of

Julie Lambert has a large consulting practice. New clients are required to pay one-half of the consulting fees up front. The balance is paid at the conclusion of the consultation. How does Lambert account for the cash received at the end of the engagement?
a.Cash
Unearned Consulting Revenue
b.Cash
Unearned Consulting Revenue
Earned Consulting Revenue
c. Prepaid Consulting Revenue
Earned Consulting Revenue
d. No entry is required when the engagement is concluded.

The vice president of operations of Free Ride Bike Company is evaluating the performance of two divisions organized as investment centers. Invested assets and condensed income statement data for the past year for each division are as follows: Road Bike Division Mountain Bike Division Sales $1,728,000 $1,760,000 Cost of goods sold 1,380,000 1,400,000 Operating expenses 175,200 236,800 Invested assets 1,440,000 800,000 Required: 1. Prepare condensed divisional income statements for the year ended December 31, 20Y7, assuming that there were no support department allocations.

Daley Company uses the allowance method. At December 31, 2015, the company's balance sheet reports Accounts receivable, Net in the amount of $17,000. On January 2, 2016, Daley writes off a $1,500 customer account balance when it becomes clear that the customer will never pay. What is the amount of accounts receivable, net after the write-off?
a. $1,500
b. $15,500
c. $18,500
d. $17,000

In a decreasing-cost industry: Group of answer choices greater demand leads to higher long-run equilibrium prices. there will be no firm entry because the increased supply will reduce the long-run equilibrium price. lower demand leads to higher long-run equilibrium prices. the law of demand does not apply.

Prepare the schedule of cost of goods manufactured for Barton Company using the following information.

Direct materials $232,500
Direct labor 65,500
Factory overhead costs 27,600
Work in process, beginning 158,200
Work in process, ending 163,000

A bank loan has been given to a customer at a bank with a FIXED nominal interest rate of 13%. The real
interest rate for the bank's profit margin is 10%.
The next year, unanticipated INFLATION has increased another 7%.
The new real interest rate is
and the
was hurt.
O 3%; lender
O 15%; lender
O 8%; borrower
O 3%; borrower
O 5%; lender
O 8%; lender

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.

Elevator speech is another term for

Bengal Co. provides the following unit sales forecast for the next three months: July August September Sales units 4,800 5,500 5,360 The company wants to end each month with ending finished goods inventory equal to 25% of the next month's sales. Finished goods inventory on June 30 is 1,200 units. The budgeted production units for July are: Multiple Choice 6,000 units. 3,600 units. 6,175 units. 2,400 units. 4,975 units.

Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither.
Statement Consumer Surplus Producer Surplus Neither
Even though I was willing to pay up to $83 for a watch, I bought a watch for only $75.
I sold a used textbook for $55, even though I was willing to go as low as $47 in order to sell it.
A local store was having a sale on sweaters, so I bought a jersey sweater for my brother.

A company's marketing focus changes in which of the following ways when it uses a consumer-focused marketing mix? A business tries to improve relationships with suppliers. A business tries to anticipate supply changes. A business tries to differentiate its products. A business tries to think like its customers.