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hjlf
2 years ago
12

​Joy's Accessories bought 69 necklaces for $ 11 each on account. The payment terms of 3​/10, ​n/30. In​ addition, 9 necklaces we

re returned prior to payment. The entry to record the initial purchase would​ include:
Business
1 answer:
madreJ [45]2 years ago
7 0

Answer:

To record the initial purchase, the entries required in Joy's Accessories are:

Debit Purchases Account with 69x$11 - $759

Credit Supplier's Account (Accounts Payable) - $759

Explanation:

The initial purchase is recorded as it was made without taking into account activities that happened after.

Once value had been received, it is recognized immediately.  When 9 necklaces are returned before payment, then the entries above would be reduced by 9 x $11 or $99 through Purchases Return Account.

If payment is made within 10 days, Joy's Accessories will be able to take advantage of the 3% cash discount offered by the supplier and then pays the net value.  And subsequently, this will be recognized in the books.

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Assume the current U.S. dollar-yen spot rate is 90 ¥/$. Further, the current nominal 180-day rate of return in Japan is 1% (annu
Citrus2011 [14]

Answer:

Explanation:

Forward excahnge rate/spot exchange rate = (1+rh)/(1+rf)

rh - periodic interest rate in the home currency

rf - periodic interest rate in the foreign currency

Forward/90 = [1+1%*180/360]/[1+2%*180/360]

Forward = 1.005/1.01 * 90 = 89.55

Forward rate is 89.55 yen/$

3 0
2 years ago
St. Augustine Corporation originally budgeted for $360,000 of fixed overhead at 100% of normal production capacity. Production w
Ksju [112]

Answer:

$9,000 unfavorable

Explanation:

The computation of the total fixed overhead variance is shown below:

= Actual fixed overhead costs - Budgeted fixed overhead

where,

Budgeted fixed overhead  is $360,000

And, the Actual fixed overhead cost is computed below:

= Actual fixed overhead × Actual production  ÷ budgeted production

= $360,000 × 11,700 units ÷ 12,000 units

= $351,000

Now put these values to the above formula  

So, the value would equal to

= $351,000 - $360,000

= $9,000 unfavorable

5 0
2 years ago
A private pilot wishes to insure his airplane for$200,000. The insurance company estimates that a total loss will occur with pro
Finger [1]

Answer:

The answer is: $6,900

Explanation:

To determine how much the insurance company should charge, we must first calculate the amount of money they expect to pay:

  • total loss $200,000 x 0.002 = $400
  • 50% loss $100,000 x 0.01     = $1,000
  • 25% loss $50,000 x 0.1         = $5,000

                                                 Total  $6,400

If the insurance company expects to pay $6,400 per year, they will have to charge $6,900 ($6,400 + $500) to cover their expenses and earn a $500 profit.

4 0
2 years ago
Ryker Manufacturing, inc. provided the following information for the year: The inventory account balances as of January 1 are gi
Licemer1 [7]

Answer:

B. $304,060

Explanation:

We know that

Ending balance of finished goods inventory  = Beginning balance of  finished goods inventory + Cost of Goods manufactured - Cost of Goods Sold

=  $304,560 + $290,500 - $291,000

= $304,060

We simply applied the above formula to compute the ending balance of finished goods inventory by considering the beginning balance of finished goods inventory, cost of goods manufacture and cost of goods sold.

8 0
2 years ago
Henry Inc., a manufacturing firm, is able to produce 1,000 pairs of sneakers per hour, at maximum efficiency. There are three ei
Leokris [45]

Answer:

515,000

Explanation:

The Master-budget capacity utilization is the expected level of capacity which a current budget needs. The term utilization means the amount of capacity needed to meet customer demand.

In the future, Henry Inc estmates that customer demand is unlikely affected and will be around 515,000 pairs for their current budget. Therefore the master-budget capacity utilization level for this budget period is 515,000 pairs.

5 0
2 years ago
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