BUSINESS COLLEGE

Jayhawk had previously purchased merchandise for $40,000 The company returned $4,000 of the merchandise previously purchased because it was damaged. . The journal entry that Jayhawk would make for the return of the merchandise will include a:

Answers

Answer 1
Answer:

Answer:

the options are missing, but I wrote down the two possible answers

the journal entry to record the purchase assuming perpetual inventory method:

Dr Merchandise inventory 40,000

    Cr Accounts payable 40,000

the journal entry to record the damaged merchandise assuming perpetual inventory method:

Dr Accounts payable 4,000

    Cr Merchandise inventory 4,000

OR

the journal entry to record the purchase assuming periodic inventory method:

Dr Purchases 40,000

    Cr Accounts payable 40,000

the journal entry to record the damaged merchandise assuming periodic inventory method:

Dr Accounts payable 4,000

    Cr Purchases returns 4,000

Related Questions

Faeber Textile Company frequently factors its accounts receivable. During 2019, Faeber made credit sales of $100,000 to customers, under terms of 2/10, n/30. Faeber records its credit sales using gross price. In 2019, Faeber sold $70,000 of these receivables to a factor. The factor remitted 90% of the accounts receivable factored and charged a 12% commission on the gross amount of the factored receivables. The factoring agreement also requires Faeber to be responsible for any cash discounts taken by customers upon payment of the factored receivables. Faeber is charged for these cash discounts upon reimbursement by the factor. During 2019, the factor collected the remaining amount of the factored receivables, minus the 2% discount on 94% of the collected receivables, and returned the balance owed to Faeber. Faeber collected the remaining amount of the unfactored accounts receivable, minus the 2% discount on 96% of the collected receivables. Required: Prepare all the journal entries necessary for Faeber to record the preceding information.
I sell bottled water that costs me $1 to produce. I mark each bottle up by $2. What is my margin on price
Williams Company pays each of its two office employees each Friday at the rate of $240 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:
At Bargain Electronics, it costs $30 per unit ($16 variable and $14 fixed) to make an MP3 player at full capacity that normally sells for $51. A foreign wholesaler offers to buy 3,580 units at $28 each. Bargain Electronics will incur special shipping costs of $3 per unit. Assuming that Bargain Electronics has excess operating capacity, indicate the net income (loss) Bargain Electronics would realize by accepting the special order. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Should the order be accepted or rejected?
Altogether the national, state, and local governments of the United States spend about a __________ of our gross domestic product.

What would you include in a recommendation to the CEO for a better method for evaluating the performance of the divisions?a.The method used to evaluate the performance of the divisions should be reevaluated.

b.A better divisional performance measure would be the rate of return on investment

c.A better divisional performance measure would be the residual income.

d.None of these choices would be included.

e.All of these choices (a, b & c) would be included.

Answers

Answer:

Option D                      

Explanation:

In simple words, method of performance division is considered to be effective when it depicts a true picture, not because it gives a sound position of the organisation as waned by the managers.

Thus, reticulation should not be done. Also, Divisional performance should be judged by some other aspects like time taken to perform the job or wastage done by them etc.

Rice Dazzle Inc. has been making the same breakfast cereal for 50 years. Recently, sales have plummeted. To counteract this, the company created a new package that included an endorsement by a celebrity. As a result, sales increased close to previous highs. However, the cereal itself remained the same. According to the VRIO framework, is the new packaging a valuable resource for Rice Dazzle?

Answers

Answer:

No

Explanation:

The new packaging did not improve the product itself.

According to the VRIO framework, in order for the packaging to be a valuable resource it has to enable the company to exploit opportunities or defend against threats, it also needs to help organizations to increase the perceived customer value by increasing differentiation or/and decreasing the cost of the product. If the resources do not meet this condition, it can lead to competitive disadvantage.

The consumer packaged goods industry is one with several large competitors, soaring raw materials prices, and strong demands from powerful retailers for lower prices. As a result, Colgate-Palmolive Co. and Unilever Group, the makers of products such as Colgate toothpaste and Ben & Jerry's ice cream respectively, both reduced their earnings forecasts. However, Procter & Gamble, another consumer packaged goods company, did not. At P&G, innovation is a key attribute, which allowed the firm to update all 200 of its brands and to develop products like Crest Whitestrips that consumers crave. P&G also used its marketing know how to develop unique product placements on television shows that highlight its brands. A SWOT analysis for P&G would indicate that soaring raw materials prices are a __________ while the product placement that features its brands on TV shows is a _________.A. strength; weakness
B. weakness; threat
C. threat; opportunity
D. opportunity; threat
E. opportunity; strength

Answers

Answer:

C. threat; opportunity

Explanation:

A SWOT analysis is a tool that companies use to identify their strengths, weaknesses, opportunities and threats:

-Strengths refer to the things that the company can do well.

-Weaknesses refer to  the things in which the company doesn't perform well.

-Opportunities refer to external situations that provide the company an advantage it can take to improve its performance.

-Threats refer to external situations that provide a difficult environment for the company to perfom well.

According to this, the answer is that a SWOT analysis for P&G would indicate that soaring raw materials prices are a threat because this an external situation that affects the company and the product placement that features its brands on TV shows is an opportunity because product placements are a form of advertising that the company can take advantage of to target its customers.

Ivanhoe Electronics reported the following information at its annual meetings: The company had cash and marketable securities worth $1,235,455, accounts payables worth $4,159,357, inventory of $7,145,200, accounts receivables of $3,489,700, short-term notes payable worth $1,138,700, and other current assets of $121,455. What is the company's net working capital

Answers

Answer:

The answer is $6,693,753

Explanation:

Net Working Capital = current assets - current liabilities

Current assets:

Cash and marketable securities

Inventory

Accounts receivable

Other current assets

$1,235,455 + $7,145,200 + $3,489,700 + $121,455

Total current assets = $11,991,810

Current liabilities:

Accounts payable = $4,159,357

Notes payable = $1,138,700

Total current liabilities = $5,298,057

Net working capital

= $11,991,810 - $5,298,057

= $6,693,753

Sandpiper Inc. has a division that manufactures a component that sells for $ 160 and has a variable cost of $ 35. Another division of the company wants to purchase the component. Fixed cost per unit of the component is $ 25. What is the minimum transfer price if the division is operating at​ capacity?

Answers

Answer:

market price $160

Explanation:

The division is operating at capacity.

This means is selling all the output to the market.

So if the division purchase at a lower price than market, it will reduce the profit of the division.

It this case the division minumin transfer price is the market price which is $160 Doing otherwise decrease the income of the company.

49. Lodge Inc. reported pretax book income of $5,000,000. During the year, the company increased its reserve for warranties by $200,000. The company deducted $50,000 on its tax return related to warranty payments made during the year. What is the impact on taxable income compared to pretax book income of the book-tax difference that results from these two events

Answers

Answer:

Unfavorable (increases taxable income).

Explanation:

$200,000-$50,000=$150,000Unfavorable (increases taxable income)

Book income would be $150,000 less than taxable income because the company increased its reserve for warranties by $200,000 and then went ahead to deduct $50,000 on its tax return related to warranty payments made during the year which is why the impact on taxable income compared to pretax book income of the book-tax difference that results from these two events will be $150,000 Unfavorable (increases taxable income).
Other Questions
Of the following, what actions would be most helpful as Andrew develops his own brand? Check all that apply. Emphasis his degree and G.P.A. Talk about his three summer internshipsEmphasize his leadership position in an on-campus organization Include information on classes he took List referrals
On January 2, 20Y4, Whitworth Company acquired 40% of theoutstanding stock of Aloof Company for $340,000. For the yearended December 31, 2024, Aloof Company earned income of$180,000 and paid dividends of $10,000. On January 31 2045,Whitworth Company sold all of its investment in Aloof Companystock for $405,000.
"Audits may be characterized as (a) financial statement audits, (b) compliance audits, or (c) operational audits"
A company plans to enclose three parallel rectangular areas for sorting returned goods. The three areas are within one large rectangular area and yd of fencing is available. What is the largest total area that can be​ enclosed