Answer:
Net Purchases = Cost of goods sold - Decrease in Inventory
= $308,000 - $16,500
= $291,500
Cash paid to Suppliers = Net Purchases + Decrease in accounts Payable
= $291,500 + $13,500
= $305,000
The summary entry is as follows:
Merchandise Inventory A/c Dr. $291,500
Accounts payable A/c Dr. $13,500
To cash $305,000
(To record the amount of cash paid to merchandise suppliers during 2018)
Malcom has an external locus of control, aka he believes that things are influenced by forces outside of his control.
Miles has an internal locus of control and believes that he is responsible for influencing the outcomes of things in his life.
The correct answer is job specifications. Job specifications
is being defined as a statement in regards of the essential components of the
job class by which it includes the summary of the work that are to be
performed, responsibilities, minimum qualifications, and as well as the primary
duties.
Answer:
Parker Corporation
a) Closing Journal Entries:
General Journal
Description Debit Credit
12/31
Service fees revenue $92,500
Interest income 2,200
Retained earnings 42,700
Income Summary $137,400
To close credit items to the Income Summary.
Income Summary $64,700
Salaries expense $41,800
Advertising expense 4,300
Depreciation expense 8,700
Income tax expense 9,900
To close debit items to the Income Summary.
b. T-accounts:
Debit Credit
Service fees revenue
Adjusted balance $92,500
Income Summary $92,500
Balance $0
Interest income
Adjusted balance $2,200
Income Summary $2,200
Balance $0
Salaries expense
Adjusted balance $41,800
Income Summary $41,800
Balance $0
Advertising expense
Adjusted balance $4,300
Income Summary $4,300
Balance $0
Depreciation expense
Adjusted balance 8,700
Income Summary $8,700
Balance $0
Income tax expense
Adjusted balance 9,900
Income Summary $9,900
Balance $0
Retained earnings
Adjusted Balance 42,700
Income Summary $42,700
Balance $0
Explanation:
a) Data:
Parker Corporation
Adjusted Account Balances
Debit Credit
Service fees revenue $92,500
Interest income 2,200
Salaries expense $41,800
Advertising expense 4,300
Depreciation expense 8,700
Income tax expense 9,900
Retained earnings 42,700
Answer:
the average cost per unit that should be used to determine the cost of the units sold on January 28 is $ 59.00
Explanation:
The Weighted Average Cost Method calculates the new cost of Inventory with each purchase of Inventory.
The Perpetual Inventory System records the cost of inventory sold with each sale made.
<u>Calculation of the new cost of Inventory with each purchase of Inventory :</u>
January 10:
Cost per Unit = Total Cost / Total Number of Units
Cost per Unit = (( 600 units × $55 per unit ) + ( 1000 units × $59 per unit )) / 1600 units
= $ 57.50
January 20:
Cost per Unit = Total Cost / Total Number of Units
Cost per Unit = (( 1600 units × $57.50 per unit ) + ( 800 units × $62 per unit )) / 2400 units
= $ 59.00
There were no further purchases from this point
Thus cost per units remains at $ 59.00
Therefore the average cost per unit that should be used to determine the cost of the units sold on January 28 is $ 59.00
