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OLga [1]
2 years ago
5

On march 12, klein company sold merchandise in the amount of $7,800 to babson company, with credit terms of 2/10, n/30. the cost

of the items sold is $4,500. klein uses the perpetual inventory system and the gross method of accounting for sales. the journal entry or entries that klein will make on march 12 is:
Business
1 answer:
Ivenika [448]2 years ago
6 0

The gross method of recording the sale is recording an account at its original price no deductions of the cash discounts offered.

Perpetual Inventory system bring up-to-date the inventory accounts when there is an acquisition or sale.

The journal entry would be:

Debit:


Accounts receivable 7,800 
Cost of goods sold 4,500

 

Credit:

Sales 7,800
Merchandise inventory 4,500

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Last year, your company had sales of $2.4 million. The firm's costs of goods sold amounted to 34% of sales. The firm also paid c
tangare [24]

Answer:

tax expense: 34%        103,020 dollars

Explanation:

Sales                         2,400,000

COGS 34% of sales<u>    (816,000)  </u>

Gross profit                1,584,000‬

other operating        (1,200,000)

depreciation                  (80,500)

interest expense

450,000 x 9%                (40,500)

gain on investment   <u>      40,000  </u>

Income before taxes    303,000

tax expense: 34%        103,020

The dividends paid are not an expense or revenue for the period. is the distribution of prior period gains.

5 0
2 years ago
Many manufacturers have quality control programs that include inspection of incoming materials for defects. Suppose a computer m
zimovet [89]

Answer:

Explanation:

There are total 5 batches and two boards are selected from each batch for inspection.

Let the boards are numbered from 1 to 5.

If the selected boards are 1 and 2, then it is represented in pair as (1, 2).

If the selected boards are 1 and 3, then it is represented in pair as (1, 3).

Similarly, other pairs can be obtained.

a) Let X be the number of defective boards observed among the two inspected.

If the boards 1 and 2 are the only defective boards in a lot of five, then

(1,2),x=2; (1,3),x=1; (1,4),x=1; (1,5),x=1;

(2,3),x=1; (2,4),x=1; (2,5),x=1;

(3,4),x=0;\ (3,5),x=0;\ (4,5),x=0.(3,4),x=0; (3,5),x=0; (4,5),x=0.

P(X=0)=  3/10 =0.3

P(X=1)={6 \over 10}=0.6P(X=1)=  6/10 =0.6

P(X=2)={1 \over 10}=0.1P(X=2)=  1/10 =0.1

b)

x                  0               1                    2

p(x)            0.3           0.6                0.1

​

​μ  X  =0⋅0.3+1⋅0.6+2⋅0.1=0.8

σ  X ² =(0−0.8)²  ⋅0.3+(1−0.8)²  ⋅0.6+(2−0.8)² ⋅0.1=0.36

μₓ=0.8, σX  =0.6

 

​

5 0
2 years ago
Ellen enjoys working at Starbucks because of her interactions with customers and co-workers. The satisfaction that Ellen feels w
mojhsa [17]

Answer:

B) nonfinancial compensation

Explanation:

Non-financial compensation doesn't have any monetary value; instead, it involves the satisfaction that an employee receives from his work environment. This satisfaction can be emotional and psychological.

8 0
2 years ago
Emery mining inc. recently reported $170,000 of sales, $75,500 of operating costs other than depreciation, and $10,200 of deprec
jonny [76]
<span>Net Income After Tax = Net Income Before Tax - Tax Net Income Before Tax = 170,000-75,500-10,200+(16,500*0.0725)=85,496.25 Tax = 0.35*Net Income Before Tax=0.35*85,496.25= 29,923.69 Net Income After Tax = 85,496.25- 29,923.69 = 55,572.56</span>
5 0
2 years ago
McCoy's Fish House purchases a tract of land and an existing building for $990,000. The company plans to remove the old building
bekas [8.4K]

Answer:

$ 1,001,800

Explanation:

The following costs will be included in th cost of land

Purchase cost: 990,000

Closing cost: 2,900

Back Taxes: 8,900

(land taxes are payed every year, so they can't be included in the cost of land)

Total cost of land= 990,000+2,900+8,900=   1,001,800

6 0
2 years ago
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