Answers
The answer is physiological needs. A major grocery store chain offers free apples at interstate rest areas during Labor Day weekend to drivers who are traveling. This is an example of how a firm might satisfy physiological needs of consumers.
What's a short way to define the term "consumer"?Consumers can be an individual or a group of individuals who buy or consume products or services only for their own use, as opposed to for production or resale. They are the final customers in the supply chain for goods for sale.
What is the best definition of a consumer?A consumer is someone who buys a thing for personal use and then uses or consumes it. Although a consumer cannot resell the good, product, or service, they may use it to support themselves and their business.
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Related Questions
Jamal and Keisha each earn money by washing cars and mowing lawns.
Jamal can mow 4 lawns or wash 8 cars in one day. Keisha can mow 3 lawns or wash 9 cars in one day. They both charge $25 for each lawn and $15 for each car.
The chart shows their production after 3 days.
A 3-column table has 2 rows. The first column has entries Lawns, cars. The second column is labeled Jamal with entries 12, 24. The third column is labeled Keisha with entries 9, 27.
Jamal and Keisha are considering entering into an agreement to trade tasks.
How can specialization of labor benefit Jamal and Keisha? Check all that apply.
Jamal can specialize in washing cars, because he has the comparative advantage.
Keisha can specialize in washing cars, because she has the comparative advantage.
Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.
Specialization allows them to collectively mow 12 more lawns and wash 27 more cars every three days.
Specialization allows them to earn more money.
Answers
Answer:
Jamal and Keisha are considering entering into an agreement to trade tasks.
How can specialization of labor benefit Jamal and Keisha? Check all that apply.
Jamal can specialize in washing cars, because he has the comparative advantage.
Keisha can specialize in washing cars, because she has the comparative advantage.
Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.
Specialization allows them to collectively mow 12 more lawns and wash 27 more cars every three days.
Specialization allows them to earn more money.
The way in which labor specialization can be advantageous to Jamal, as well as, Keisha would be:
B). Keisha can specialize in washing cars because she has a comparative advantage.
C). Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.
F). Specialization allows them to earn more money.
The specialization of labor is characterized as the process in which the laborers are deployed for particular tasks in order to promote efficiency. In this process, the ability of laborers is successfully utilized as they are provided the job of their skill area which enhances productivity(effectively and efficiently).In the given case, the labor specialization would assist Jamal and Keisha in increasing their profits by designating the skill areas as per the expertise(Keisha in washing cars and Jamal in mowing lawns) they possess.
Thus, options B, C, and F are the correct answers.
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the perez family case study answers
Answers
The importance of "The Perez Family" case study is to provide an example of the issues that arise in immigrant families, including issues related to acculturation, family dynamics, and mental health.
What is the significance of "perez family case"?"The Perez Family" is a case study that examines the experiences of a Cuban family that immigrated to the United States in the 1980s. The case study highlights the challenges and stressors faced by immigrant families, including the struggle to adapt to a new culture, language, and environment, as well as the impact of trauma and separation on family relationships.
It also underscores the importance of understanding the unique cultural values and beliefs of immigrant families, and the need for culturally sensitive and responsive interventions. By providing a detailed and nuanced portrait of the Perez family's experiences, the case study serves as a valuable resource for educators, clinicians, and policymakers who work with immigrant families.
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Agan Interior Design provides home and office decorating assistance to its customers. In normal operation, an average of 2.9 customers arrive each hour. One design consultant is available to answer customer questions and make product recommendations. The consultant averages 10 minutes with each customer.
A. Compute the operating characteristics of the customer waiting line, assuming Poisson arrivals and exponential service times. If required, round your answers to four decimal places.
Lq =
L =
Wq = hours
W = hours
Pw =
B. Service goals dictate that an arriving customer should not wait for service more than an average of 6 minutes. Is this goal being met? If not, what action do you recommend? Yes or No
C. If the consultant can reduce the average time spent per customer to 8 minutes, what is the mean service rate? If required, round your answer to one decimal place.
------ customer per hour
Will the service goal be met? Yes or No
Answers
A. Operating characteristics:
Lq ≈ 0.5017, L ≈ 0.9377, Wq ≈ 0.1730 hours, W ≈ 0.5063 hours, Pw ≈ 0.4833
B. Service goal: Not met. Action recommended.
C. Mean service rate: 7.5 customers/hour.
If the consultant can reduce the average time spent per customer to 8 minutes, then the average time a customer spends in the system will be 0.33 hours (20 minutes).
A. To compute the operating characteristics of the customer waiting line:
Arrival rate (λ) = 2.9 customers/hour
Service rate (μ) = 60 minutes / 10 minutes per customer = 6 customers/hour
Average number of customers in the queue (Lq):
Lq = (λ^2) / (μ * (μ - λ)) ≈ 0.5017
Average number of customers in the system (L):
L = λ / (μ - λ) ≈ 0.9377
Average waiting time in the queue (Wq):
Wq = Lq / λ ≈ 0.1730 hours (approximately 10.38 minutes)
Average waiting time in the system (W):
W = Wq + (1 / μ) ≈ 0.5063 hours (approximately 30.38 minutes)
Probability of a customer waiting in the queue (Pw):
Pw = λ / μ ≈ 0.4833
B. The service goal is that an arriving customer should not wait for service more than an average of 6 minutes. However, the average waiting time in the system (W) is approximately 30.38 minutes, exceeding the goal. Therefore, the service goal is not being met.
Action recommendation: To meet the service goal, I would recommend taking the following actions:
Increase staffing: Hire additional design consultants to handle customer questions and product recommendations.
Improve efficiency: Streamline processes and provide training to the consultant to reduce the time spent with each customer.
Appointment scheduling: Implement a system for customers to schedule appointments, ensuring dedicated time slots for each customer and minimizing waiting times.
Self-service options: Provide self-service resources or online tools where customers can access basic information and make preliminary decisions, reducing the need for extensive consultations.
C. If the consultant can reduce the average time spent per customer to 8 minutes, the mean service rate can be calculated as follows:
Mean service rate (μ) = 60 minutes / 8 minutes per customer ≈ 7.5 customers/hour
Will the service goal be met? Yes
If the consultant can reduce the average time spent per customer to 8 minutes, then the average time a customer spends in the system will be 0.33 hours (20 minutes). This is less than the service goal of 6 minutes, so the goal will be met.
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Four types of policy violations defeating legality requirement are...
Group of answer choices
Contracts that Involve any Covenants Not to Compete, Contracts that include any exculpability clause, contracts that are about marriage,
Contracts against Marriage, Contracts Obstructing Justice, Contracts that are Unconscionable, Contracts that cause restraint of trade
Contracts that violate statutes, Contracts that violate administrative rules, Contracts that violate ordinances
None of the choicesFour types of policy violations defeating legality requirement are...
Group of answer choices
Contracts that Involve any Covenants Not to Compete, Contracts that include any exculpability clause, contracts that are about marriage,
Contracts against Marriage, Contracts Obstructing Justice, Contracts that are Unconscionable, Contracts that cause restraint of trade
Contracts that violate statutes, Contracts that violate administrative rules, Contracts that violate ordinances
None of the choices
Answers
Four types of policy violations defeating legality requirements are Contracts against Marriage, Contracts Obstructing Justice, Contracts that are Unconscionable, and Contracts that cause restraint of trade. Thus, option B is the correct option.
A termination arising from the conduct of any act or acts that breach the Standards of Business Conduct is referred to as a Policy Violation. When a user reports an expense using information that contravenes the company's policies, this becomes a policy violation.
An admin-created policy will immediately apply to all costs once they have allocated users to it. Excessive spending will be marked as policy breaches in the user's reports and expenses.
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Match each type of insurance with an example of when the insurance
company would make a payment.
Renter's
insurance
?.
You cause an accident
that damages someone
else's car.
Liability coverage
?
You have to take a month
off from work because of
a broken leg.
Health insurance
2
Your stereo and computer
are stolen from your
apartment
Disability
insurance
?
You go to the emergency
room after a car accident.
Answers
Answer:
See below
Explanation:
Renter's insurance
Your stereo and computer are stolen from your apartment. Renters insurance provides coverage for policyholder's properties other than their dwelling place.
Liability coverage
You cause an accident that damages someone else's car. It protects against claims arising from damages to other people or their properties.
Health insurance
You go to the emergency room after a car accident. Offers insurance coverage for medical bills incurred by the policyholder or their dependents.
Disability Insurance
You have to take a month off from work because of a broken leg. Provides protection against loss of income as a result of serious bodily injuries to the policyholder.
describe the 5 office layout.
Answers
Answer:
The five most popular would be the...
Cubicle Office layout. This is the most popular and is basically a box with an opening.
Open Office layout. This is several rows of large desks. By definition, it is not very enclosed.
Co-Working Office layout. Less common, these are offices rented out to employees by third parties.
Team-Cluster Office layout. For teams working on something, this is a good way to go. One table where you can easily work together on things with each other as you go.
Hybrid Office layout. This one is a mix of a few others and customizable to a workplace's specific needs. Some of these don't even feel like offices!
Q3. Obtain an initial basic feasible solution to the following transportation problem
using Vogel’s approximation method.
D1 D2 D3 D4
A 5 1 3 3 34
B 3 3 5 4 15
C 6 4 4 3 12
D 4 -1 4 2 19
21 25 17 17 80
Answers
To use Vogel's approximation method to find a simple, workable solution to the transportation issue mentioned above.
How to calculate feasible solution?Determine the cost of the penalty for each cell:
D1 D2 D3 D4
A 5 1 3 3 34 (0) (50-4-2) = 44
B 3 3 5 4 15 (0) (30-9-3) = 18
C 6 4 4 3 12 (0) (20-11-5) = 4
D 4 -1 4 2 19 (0) (25-10-6) = 9
21 25 17 17 80
Find the column and row for each that has the highest penalty cost:
Column 1: R1 = 44, R2 = 18, R3 = 4, R4 = 9, maximum penalty in R1
Column 2: R1 = 44, R2 = 18, R3 = 4, R4 = 9, maximum penalty in R1
Column 3: R1 = 44, R2 = 18, R3 = 4, R4 = 9, maximum penalty in R1
Column 4: R1 = 44, R2 = 18, R3 = 4, R4 = 9, maximum penalty in R1
Row 1: C1 = 44, C2 = 44, C3 = 44, C4 = 44, maximum penalty in C1 and C2
As the initial cell, choose the one with the highest penalty cost:
(R1, C1) = 44
Give the chosen cell the supply and demand information:
Allocate 5 units to (R1, C1)'
D1 D2 D3 D4
A 0 1 3 3 34 5 (50-4-2) = 44
B 3 3 5 4 15 0 (30-9-3) = 18
C 6 4 4 3 12 0 (20-11-5) = 4
D 4 -1 4 2 19 0 (25-10-6) = 9
21 25 17 17 80
Repeat steps 2 through 4 until all supply and demand are met:
Column 2: R2 = 18, R3 = 4, R4 = 9, maximum penalty in R2
Row 2: C2 = 44, C3 = 18, C4 = 15, maximum penalty in C2
(R2, C2) = 18
Allocate 3 units to (R2, C2)
D1 D2 D3 D4
A 0 0 3 3 34 5 0
B 3 0 5 4 15 3 (30-9-3) = 18
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Rest of the question is,
Fat units Cost per unit
A 20 50 4 2
B 30 30 9 3
C 40 20 11 5
D 40 25 10 6
E 45 50 9 8
F 30 20 10 8
Employers must provide training and evaluation with employees?
Answers
Explanation:
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What should you do when the job you interviewed for is not what you wanted?
a. Accept the position
b. Reject the position
C. Ignore all offers
d. None of the above
Answers
B
i think because you dont want a job that is not what you want to do.
On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $97,250; What should the Accrual for Doubtful accounts be, assuming 6% of outstanding accounts receivable at the end of the current year will be uncollectible
Answers
Answer:
$5,835
Explanation:
The computation of the amount of accrual for doubtful account is given below;
= Debit balance of account receivable × given percentage
= $97,250 × 0.06
= $5,835
hence, the amount of accrual for doubtful account is $5,835
We simply multiply both the items so that the correct amount could come
1What are the strengths in Carly’s proposal and why? (9)
Answers
Explanation:
Carly Page is appointed as the human resource manager of Clothing 4 U. She is responsible for recruitment, selection and placement of all personnel. Prior to Carly’s arrival almost every aspect of the human resourcing department was done by an external service provider, from the beginning to the end. The only involvement Carly’s organisation had was to flag a vacancy, conduct an interview, and facilitate the final on-
i need help in accounts
Answers
If the multiplier in an economy is 3, a $30 billion increase in net exports will
Answers
If the multiplier in an economy is 3, a $30 billion increase in net exports will increase GDP by $90 billion.
Using this formula
Increase in GDP=Economy multiplier ×Increase in net exports
Where:
Economy multiplier=3
Increase in net exports=$30 billion
Let plug in the formula
Increase in GDP=3×$30 billion
Increase in GDP=$90 billion
Inconclusion If the multiplier in an economy is 3, a $30 billion increase in net exports will increase Gross domestic product (GDP) by $90 billion.
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Id.k the labels for em :/
Answers
Answer:
Sole property ship- one owner
Partnership-multiple owners.
Explanation:
best buy's geek squad assists in the sales process by answering customers' technical questions. this is an example of ____
Answers
The best buy Geek team assists in the sales process by responding to technical consumer questions. This is an example of direct marketing.
What is direct marketing?Direct marketing is a marketing technique by communicating directly with consumers, both new and potential customers, without going through third-party intermediaries, such as the media or advertisements. Direct communication here means introducing or selling a product or service.
The purpose of direct marketing is to market products (goods and services) to consumers directly to obtain and increase purchases from consumers.
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Describe the relationship between economic growth and a nation’s standard of living.
Answers
Answer: hope this helps.
Broadly shared growth in per capita GDP increases the typical American's material standard of living. ... Productivity growth allows people to achieve a higher material standard of living without having to work more hours or to enjoy the same material standard of living while spending fewer hours in the paid labor force.
Explanation:
This is a good question to ask during an interview A) How many vacation days do I get? B) What kind of products or services do you provide? C) How many hours of training will I need? D) None of the above
Answers
Answer:
C) How many hours of training will I need?
Codes of ethics:
Group of answer choices
deal only with the employees’ relationships with customers and with no other group
contain common ethical dilemmas and provide the appropriate resolutions to employees
are typically informal information about how to recognize and deal with ethical problems
deal only with external ethical issues and not with internal issues
may be influential in determining a person’s decision-making behavior
Answers
It should be noted that codes of ethics are typically informal information about how to recognize and deal with ethical problems.
What are ethics?Ethics can be regarded as the rules that is required to be followed by the employee as well as the members of the organization in their profession.
Therefore, codes of ethics are typically informal information about how to recognize and deal with ethical problems.
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Answer: may be influential in determining a person’s decision-making behavior
Explanation: Thats's the correct answer on the test or quiz. The answer above by the "expert" is wrong.
suggest solution to retain strong relationship between producers and consumers in Tanzania.
Answers
It should be noted that in order to improve the customer relationship, one should encourage feedback.
Having a good customer relationship is important for the growth and the development of the business. It also aids profitablity.
This can be done by encouraging feedback, meeting the needs of the consumers and producing good, quality products.
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A researcher submits a study to the IRB that proposes to evaluate a new
after-school on-line tutoring program for middle school students in a local
school district examining the effect on student grades. She proposes to
perform this assessment at the school that her children attend, because she
is familiar with the school district. Students may use either their personal
smartphone or computer to participate in the program. This study might be
determined to be violating which principle of the Belmont Report
Answers
Answer:
Justice
Explanation:
The Belmont Report has the full name Ethical Principles and Guidelines for Protection of Human Subjects of Research, Report of the National Commission for the Protection of Human Subjects of Biological and Behavioural Research.
The report outlines the ethical guidelines for involving humans in a research. There are 3 primary considerations:
- Respect for persons and getting their consent. Researcher must be transparent to the participants.
- Beneficence is the philosophy of doing no harm. Risks are minimised for participants of the research.
- Justice ensure that all participants recieve equal costs and benefits and the procedure is non exploitative.
In the given scenario where Students may use either their personal smartphone or computer to participate in the program.
The type of device used by the students may not give them the full benefit of the research. For example a computer may give a better experience than a smartphone.
Also some may not use a smart phone or computer. This violates the principle of Justice.
To remedy this the researcher can provide a device for all students to use during the programme.
Based on the information given, the study might be determined to be violating the justice principle.
The Belmont Report are the ethical principles put in place to protect the people that take part in research. .The report outlines the ethical guidelines for involving humans in a research. The 3 main considerations in the Belmont Report include beneficence, respect for the person that participates in the research, and justice which ensures that every participants are treated fairly.In this case, the justice principle is violated. This is because all the schools were not treated equally as the researcher wanted to do the assessment at the school that her children attend.Also, the students should have been given the same phone or computer rather than using their personal gadgets.In conclusion, the justice principle is violated.
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What are references?
Answers
Answer:
Explanation:
Let us say you are doing an essay on the gold trade on the comex. You have to read something to understand what it means to buy gold on the comex. You need to at least know what it takes to buy and sell on the comex.
What you read to find out is a reference. It has to be listed in a Bibliography which is a list of references.
How does the federal government's fiscal policy affect the U.S. economy?(1 point)
a. The House and Senate pass new laws and regulations that can make changes to wealth distribution.
b.Members of the federal government consult with banks to change interest rates and availability of lending.
c. The President issues executive orders to influence changes to consumer and business spending.
d.The federal government implements tax and spending measures that affect employment, economic growth, and inflation.
Answers
Answer:
I think its d
Explanation:
Want my number I bored
The Fiscal Policy of the Federal government implements tax and spending measures that affect employment, economic growth, and inflation. Option d is correct.
What is Fiscal Policy?The utilisation of government spending and tax policies to impact economic conditions, particularly macroeconomic variables such as aggregate demand for commodities, employment, inflation, and economic development, is referred to as fiscal policy.
The federal government affect the economy of the United States by Enforces tax and spending policies that have an impact on employment, GDP, and inflation.
Therefore, option d is correct.
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Sarah was frustrated with her supervisor, and was not motivated to do her job. She felt that her coworkers were treated better than she was, even though she worked long hours and met her performance goals. Which of the motivation theories below explains Sarah's lack of motivation?
Answers
Sarah was frustrated with her supervisor, and was not motivated to do her job. Equity theory explains Sarah's lack of motivation.
What is Equity theory?
According to the proposition of provocation known as equity, workers feeling of fairness plays a significant part in what motivates them to do their best at work. Workers keep track of the inputs and labors of their work in a internal tally, which they use to assess how their inputs and labors compare to those of others. The input, outgrowth, and comparison situations are the three main factors of equity proposition. The quantum of work a person invests into a relationship is appertained to as their input. The benefits that a person derives from a connection are appertained to as the outgrowth.
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Which sentences explain the limitations of financial statements?
Financial Statements – Limitations
The business’s balance sheet, income statement, cash flow statement, and statement of retained earnings are some of the important financial statements. Financial statements are used for comparisons of the performance of companies belonging to similar industries. Estimates used for calculating financial statements are subjective as they involve management’s foresight to arrive at different values. Historical data is most commonly used to measure assets. The opportunity cost of using the assets are not taken into account while preparing financial statements.
Answers
Answer: Limitations
The business’s balance sheet, income statement, cash flow statement, and statement of retained earnings are some of the important financial statements.
Explanation:
The limitations of financial statements are "Estimates used for calculating financial statements are subjective as they involve management’s foresight to arrive at different values."
Financial statements are written documents that communicate an entity's business activity and financial performance.
As a snapshot in time, the balance sheet gives an overview of assets, liabilities, and shareholders' equity.
Because the statements are susceptible to interpretation, investors frequently get dramatically different conclusions about a company's financial success.
Therefore, the correct option is "Estimates for financial statements are subjective since they rely on management's foresight to arrive at varied values."
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Olivas Recreation reported a net income of $3.2 billion, interest expense of $214 million, and income tax expense of $195 million in 2022. What is their times interest earned
Answers
The times interest earned is 16.86 times.
The times interest earned is also known as interest coverage. It is a type of coverage ratios. Coverage ratios measure the ability of a company to cover its debt payment.
Times interest earned = earnings before interest and taxes / interest payment
Earnings before interest and taxes = net income + interest expense + tax expense
$3.2 billion + 214 million + 195 million = $3.609 billion
Times interest earned = $3.609 billion / $214 million = 16.86 times
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Which word names the way the different parts of language are arranged?
Gramma
Pronunciation
Structure
Diction
Answers
on november 15, paulson painting received a $6,000 cash payment from apex inc. in exchange for painting services to be provided in december. when posting the journal entries related to this payment, paulson's accountant debits the cash account for $6,000 and credits service revenue for $6,000. which of the following statements best describes the results of this posting?
Answers
The Cash account's closing balance will be right in Paulson's general ledger. However, the Service Revenue account's final balance will be too high, while the Unearned Service Revenue account's ending balance will be too low.
What exactly is a cash account?A cash account is a business-to-business or business-to-consumer account that operates on an instant payment basis, with no credit extended. The cash account is a mixture of a Cash receipts journal and a cash payment journal and is thus referred to as a "Cash receipts and payment journal".
In accounting, a "cash account" or "cash book" is a daybook used to record all monetary transactions, particularly cash receipts and payments. Because of its twofold significance in accounting, the cash account is regarded as a unique daybook. In accounting, the cash account serves as both a main entry book and a ledger. Due to the presence of two sides: debit and credit, the Cashbook has a twofold influence.
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On January 1, 2023, the Tamarisk Company budget committee reached agreement on the following data for the six months ending June 30, 2023:
1. Sales units: First quarter 4,900; second quarter 6,000; third quarter 7,300 2. Ending raw materials inventory: 40% of the next quarter's production requirements 3. Ending finished goods inventory: 25% of the next quarter's expected sales units 4. Third-quarter production: 7,500 units The ending raw materials and finished goods inventories at December 31, 2022, had the same percentages for production and sales that are budgeted for 2022. 3 kilograms of raw materials are needed to make each unit of finished goods. Raw materials purchased are expected to cost $4 per kilogram.
Question: Prepare a direct materials budget by quarters for the six-month period ended June 30, 2023.
Answers
The final raw material and finished goods inventories at the end of 2020 had the same production and sales percentages as those planned for 2020.
Each kilogramme of finished goods requires 3 kilogrammes of raw materials to manufacture. The estimated cost of raw materials is $4 per kilogramme.
Make a production budget for the six-month period ending June 30, 2021, broken down into quarters.
Sales units: 4,900 in the first quarter, 6,000 in the second, and 7,300 in the third quarter. Ending raw materials inventory: 40% of the following quarter's sales units. The following information for the six months ending June 30, 2023, was agreed upon by the Tamarisk Company budget committee on January 1, 2023: 1. Units of sales First . The Tamarisk Company budget committee agreed on the following on January 1, 2023.
information for the six months ended June 30, 2023:
First quarter: Starting inventory = 5,100 multiplied by 25%
Initial stock = 5,100 * 0.25
Starting stock is $1,275.
Desired final stock = 6,100
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Connect information which relates.
Inside-out perspective Choose..
competitive intelligence
the organisation's goals and values
the resources and capabilities to achieve competitive advantage
the industry environment
Answers
Competitive intelligence bridges the gap between the organization's goals and values, the industry environment, and the resources and capabilities necessary to gain a competitive edge. The correct option is a.
Competitive intelligence plays a crucial role in connecting the organization's goals and values with the industry environment and the resources and capabilities required to achieve competitive advantage. Competitive intelligence involves gathering and analyzing information about competitors, market trends, and customer preferences to gain insights and make informed business decisions.
By understanding the industry environment through competitive intelligence, organizations can identify opportunities and potential threats. This knowledge helps align the organization's goals and values with the external factors impacting its success. For example, if the industry is shifting towards sustainable practices, an organization that values environmental responsibility can leverage this trend to enhance its competitive position.
Furthermore, competitive intelligence helps identify the resources and capabilities needed to achieve competitive advantage. It provides insights into the strengths and weaknesses of competitors, allowing organizations to benchmark their own capabilities and identify areas for improvement. This knowledge can guide strategic planning and resource allocation, ensuring that the organization aligns its resources with its competitive goals. The correct option is a.
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Prepare the journal entries to record the following transactions of Wildhorse Company's books under a perpetual inventory system. Clarify which are debit and which are credit.
(a) On March 2nd, Windsor Company sold $854,200 of merchandise to Wildhorse Company on account, terms 2/10, n/30. The cost of merchandise sold was $517800.
(b) On March 6th, Wildhorse Company returned $109800 of the merchandise purchased on March 2nd. The cost of the merchandise returned was $66800.
(c) On March 12th, Windsor Company received the balance due from Wildhorse Company.
Answers
a) Credit Inventory for $517,800
b) Debit Inventory for $66,800
c) Credit Accounts Receivable (or Trade Receivables) for the same amount
(a) The journal entry to record the sale of merchandise from Windsor Company to Wildhorse Company on March 2nd would be:
Debit Accounts Receivable (or Trade Receivables) for $854,200
Credit Sales Revenue for $854,200
Debit Cost of Goods Sold for $517,800
Credit Inventory for $517,800
The debit to Accounts Receivable represents the amount owed by Wildhorse Company for the merchandise purchased on account. The credit to Sales Revenue recognizes the revenue generated from the sale. The debit to Cost of Goods Sold recognizes the cost of the merchandise sold, and the credit to Inventory reduces the inventory balance as the goods are no longer in stock.
(b) The journal entry to record the return of merchandise by Wildhorse Company on March 6th would be:
Debit Sales Returns and Allowances for $109,800
Credit Accounts Receivable (or Trade Receivables) for $109,800
Debit Inventory for $66,800
Credit Cost of Goods Sold for $66,800
The debit to Sales Returns and Allowances reduces the revenue from the original sale. The credit to Accounts Receivable reduces the amount owed by Wildhorse Company for the returned merchandise. The debit to Inventory increases the inventory balance as the goods are returned to stock, and the credit to Cost of Goods Sold reduces the cost of the merchandise originally sold.
(c) The journal entry to record the payment received by Windsor Company on March 12th would be:
Debit Cash (or Bank) for the amount received from Wildhorse Company
Credit Accounts Receivable (or Trade Receivables) for the same amount
The debit to Cash represents the inflow of funds from the customer's payment. The credit to Accounts Receivable reduces the amount owed by Wildhorse Company, reflecting the settlement of the outstanding balance.
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