Problem 4-26A Comprehensive cycle problem: Perpetual system LO 4-2, 4-3, 4-4 The following information applies to the questions displayed below, At the beginning of 2016, the Redd Company had the following balances in its accounts: $16.800 Cash Inventory 000% Common stock Retained earnings 15.000 11,400 During 2016, the company experienced the following events: 1. Purchased inventory that cost $11,800 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $860 were paid in cash. 2, Returned $750 seller agreed to pay the return freight cost. Paid the amount due on its aceo FOO Company within the e al45 f the inventory that it had purchased because the inventory was damaged in transit. The unt period. 5. Received merchandise returned from a customer. The merchandise originally cost $1,500 and was sold to the customer for $2,700 cash. The customer was paid $2,700 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $750 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 9, Recognized accrued interest income of $550. 10. Took a physical count indicating that $7,100 of inventory was on hand at the end f the accounting period. Problem 4-26A Part b b. Record the events in general journal format. "No journal entry required" in the first account field.) f no entry is required for a transaction/event, select View transaction list Journal entry worksheet 8 3 1 2 4 5 6 7 15 Record entry inventory purchased on account from Ross company terms 2/10, n/30. Note: Enter debits before credits. General Journal Credit Event Debit 1a View general journal Record entry Clear entry
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Business, 22.06.2019 03:00
Which of the following is an effective strategy when interest rates are falling? a. use long-term loans to take advantage of current low rates. b. use short-term loans to take advantage of lower rates when you refinance a loan. c. deposit to a short-term savings instrumentals to take advantage of higher interest rates when they mature. d.select short-term savings instruments to lock in earnings at a current high rates.
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Business, 22.06.2019 07:30
Which of the following best describes why you need to establish goals for your program?
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Business, 22.06.2019 15:00
Magic realm, inc., has developed a new fantasy board game. the company sold 15,000 games last year at a selling price of $20 per game. fixed expenses associated with the game total $182,000 per year, and variable expenses are $6 per game. production of the game is entrusted to a printing contractor. variable expenses consist mostly of payments to this contractor.required: 1-a. prepare a contribution format income statement for the game last year.1-b. compute the degree of operating leverage.2. management is confident that the company can sell 58,880 games next year (an increase of 12,880 games, or 28%, over last year). given this assumption: a. what is the expected percentage increase in net operating income for next year? b. what is the expected amount of net operating income for next year? (do not prepare an income statement; use the degree of operating leverage to compute your answer.)
Answers: 2
Business, 22.06.2019 19:00
The demand curve determines equilibrium price in a market. is a graphical representation of the relationship between price and quantity demanded. depicts the relationship between production costs and output. is a graphical representation of the relationship between price and quantity supplied.
Answers: 1
Problem 4-26A Comprehensive cycle problem: Perpetual system LO 4-2, 4-3, 4-4 The following informati...
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