because it serves as the mode of communication that is used to pass on information in the business world.
You're welcome :)
Answer:
Accounting is essentially the language that communicates the firm's financial information to its shareholders.
➲ Hope this helps!
Suppose the price elasticity of demand for heating oil is 0.1 in the short run and 0.9 in the long run.
If the price of heating oil rises from $1.80 to $2.20 per gallon, the quantity of heating oil demanded will (rise/fall) by _____ in the short run and by _____ in the long run. The change is (smaller/larger) in the long run because people can respond (more/less) easily to the change in the price of heating oil.
If the price elasticity of demand for heating oil is 0.1 in the short run and 0.9 in the long run, the quantity of heating oil demanded will fall in the short run and the long run due to the price increase.
What is the price elasticity of demand?Price elasticity of demand is a measure of how explosively buyers reply to changes in price.1 It's calculated by dividing the chance change in volume supplied by the chance change in price. Price elasticity refers to how the volume demanded or supplied of a good( or service) changes when its price changes, and can vary significantly from one product order to another.
In the short run:
%ΔQd = (0.1) x %ΔP = (0.1) x [(2.20 - 1.80) / 1.80] = 0.0222 or 2.22%
In the long run:
%ΔQd = (0.9) x %ΔP = (0.9) x [(2.20 - 1.80) / 1.80] = 0.1998 or 19.98%
The change in quantity demanded is larger in the long run because people can respond more easily to the change in the price of heating oil by finding substitutes or alternative sources of energy.
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Nupur Nagpal, after compleftng her M.B.A. stud es, began to help her father, Shri Bhushan Nagpal, in his business. The business with a limited capital investment, was running successfully. All the workers were happy. Nupur wanted to use the modern business techniques in every area of business, namely, purchase, sale, production, finance, etc. In fact, she wanted to implement the methods, which she had studied in her M.B.A., in her business. As soon as she started interfering in the business with her latest techniques, the workers began to protest against her. Looking at the increasing protest against herself, she became disappointed. Ultimately, she gave up her business and started working in another company. In the business such circumstances were created that even her father could not take any balanced decision. Good Workers began to leave the business. The goodwill of the business in the market went on declining. In no time, the liabilities of business became many times more than his assets. On account of the pressure exerted on him by the creditors, Mr. Nagpal cleared the debts of business by disposing of his domestic properties. Mr. Nagpal could not bear with this situation and owing to his heart failure, he died. Ultimately, the business got closed. (a)To which form of business organization is concerned the above paragraph .
The above paragraph refers to the proprietorship form of business organization.Proprietorship is the most simple and common form of business organization. Proprietorship is owned, managed, and controlled by an individual who is the sole proprietor of the business.
A sole proprietorship is the easiest and most common type of business to form and dissolve. A sole proprietorship is owned and managed by one person, referred to as the sole proprietor.
Because the proprietorship form of organization is simple to establish, run, and manage, it is a popular choice for small and medium-sized firms.
The business owner has complete authority over the company's operations, as well as all profits and losses. The proprietor has total authority over the company and can make any changes they see fit. There is no distinction between personal and business assets in a proprietorship.
The proprietorship form of business organization has its own set of advantages and disadvantages. Proprietorship is best for small businesses because it is simple to set up, and there is no separate legal entity created.
However, one of the disadvantages of proprietorship is the unlimited liability of the proprietor for the business debts. Nupur Nagpal, after finishing her M.B.A., began to help her father, Shri Bhushan Nagpal, in his business, which was running successfully with limited capital investment.
However, when Nupur tried to incorporate modern business techniques that she learned during her M.B.A., the workers began to protest, which led to a decline in the business's goodwill.
The business's liabilities became many times more than its assets, and Mr. Nagpal died of heart failure due to the pressure exerted on him by the creditors. The business ultimately failed, and it was closed down.
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Which statement BEST explains this investment?
А.
The opportunity for profit motivates financial risks.
B.
The general likelihood of business success is very high.
C.
The corporate structure protects individuals from liability.
The financing for new enterprises often comes from institutions.
Answer:
I think that the answer is B, The The general likelihood of business success is very high.
Explanation:
I got it right on edgenuity
During 2024, Messier Leather Goods issued 763,000 coupons which entitles the customer to a $4.30 cash refund when the coupon is submitted at the time of any future purchase. Deluxe estimates that 73% of the coupons will be redeemed. 419,000 coupons had been processed during 2024. Deluxe recognizes coupon expense in the period coupons are issued. At December 31, 2024, Deluxe should report a liability for unredeemed coupons of:
Deluxe should record a liability for unredeemed coupons of $237,704,000 on December 31, 2024.
Determine the total amount of coupons that will need to be redeemed first. Since Deluxe anticipates that 70% of the total will be redeemed, the final figure should be: 763,000 * 73% = 55,699,000
Sadly, only 419,000 coupons were processed; therefore, the number of coupons still unredeemed is: 55,699,000 - 419,000 = 55,280,000.
Out of the estimated total, 55,280,000 vouchers were not redeemed.
As a result, the value of these unredeemed coupons will be calculated as follows: = 55,280,000 * 4.30 (coupon value) = $237,704,000
The Unredeemed Coupons' Liability is therefore $237,704,000.
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Let MAC1 = 100 – 10E and MAC2 = 50 – 10E. Graph each function and compute the aggregate MAC curve. Let MD = 30E, compute the socially efficient equilibrium. For the equations given above, suppose the government sets the pollution level at four units. What are the net social costs of this policy?
Suppose a technological change occurs that reduces the marginal costs of abatement for polluter 1 in the above equation to that of polluter 2. How does this affect the socially efficient level of pollution? Solve numerically and graphically.
If the marginal costs of abatement for polluter 1 become equal to polluter 2, it does not impact the socially efficient level of pollution. The level is still determined by equating Marginal Damage with the Aggregate MAC.
To graph each function, we can plot MAC1 and MAC2 on a graph with the quantity of emissions (E) on the x-axis and the marginal abatement cost (MAC) on the y-axis.
For MAC1: MAC1 = 100 - 10E
For MAC2: MAC2 = 50 - 10E
To compute the aggregate MAC curve, we add the individual MAC curves together. So, Aggregate MAC = MAC1 + MAC2.
Aggregate MAC = (100 - 10E) + (50 - 10E) = 150 - 20E
Now, let's calculate the socially efficient equilibrium by setting the Marginal Damage (MD) equal to the Aggregate MAC.
MD = Aggregate MAC
30E = 150 - 20E
Simplifying the equation, we get:
50E = 150
E = 3
Therefore, the socially efficient equilibrium occurs when the quantity of emissions (E) is 3.
Now, let's calculate the net social costs of the policy when the government sets the pollution level at four units.
Net social costs = Aggregate MAC - MD
Net social costs = (150 - 20(4)) - (30(4))
Net social costs = 110 - 120
Net social costs = -10
The net social costs of this policy would be -10, indicating a net benefit to society.
If a technological change occurs that reduces the marginal costs of abatement for polluter 1 to that of polluter 2, it means that MAC1 will become equal to MAC2.
Setting MAC1 equal to MAC2:
100 - 10E = 50 - 10E
Simplifying the equation, we find that E can have any value, as both sides are equal.
Graphically, this change would mean that MAC1 and MAC2 become parallel lines on the graph, with the same slope and intercept. The socially efficient level of pollution would still be determined by equating MD with the aggregate MAC.
In conclusion, if the marginal costs of abatement for polluter 1 become equal to polluter 2, it does not affect the socially efficient level of pollution. The socially efficient level is still determined by equating the Marginal Damage with the Aggregate MAC, regardless of the marginal costs of individual polluters.
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Which of the following statements is correct for both an audit of an entity's financial statements and an integrated audit of a nonissuer?
A.
The auditor must test the design and operating effectiveness of key controls.
B.
The auditor must issue an opinion on the entity's internal controls over financial reporting.
C.
The auditor must obtain an understanding of the design of an entity's control structure.
D.
The auditor will issue an adverse opinion when a material weakness is discovered.
The correct answer is B. Auditors are required to express an opinion on the company's internal controls over financial reporting. The audit of the internal control system for financial reporting should be integrated with the audit of the annual accounts.
However, the audit objectives are not the same and the auditor must plan and perform work to achieve both audit objectives. An integrated audit of internal controls over financial reporting and financial statements requires the auditor to design a study of controls to simultaneously achieve the objectives of both audits at the end of the year. Audit of financial statements and internal controls within the company.
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What is one negative element about automated call answering service
systems?
A. They require a lot of time to operate them.
B. They are not cost efficient for companies.
C. They are impersonal, which can result in dissatisfied customers.
D. The caller can never accomplish his purpose when having to work
with one.
SUBMIT
Answer:
C. They are impersonal, which can result in dissatisfied customers.
Automated call service systems can help you, but if you have a more in depth question, it can't. The automated voice is impersonal, they don't show any emotional qualities, so they can't say, "sorry that happened to you," or, "sorry for the wait," (etc).
One negative element about automated call answering service systems is that they are impersonal, which can result in dissatisfied customers.
Thus, the correct option is C.
What are automated calls?A pre-recorded voice message is effectively delivered to the customer through an automated phone call. You can record a message, schedule a call, and send it whenever you like to as many recipients as you like.
An electrical device or piece of software that automatically calls phone numbers is known as an automatic dialer (also spelled auto dialer, auto-dialer, and auto dialer). The auto dialer either plays a recorded message or connects the call to a live person after the phone has been answered.
Automated voice calls are phone calls that merely repeat an already prerecorded message to any number of clients at once. Their fondness for them is primarily due to the built-in cloud capabilities.
Computer systems, network devices, or other machinery can operate automatically with the help of a collection of software and hardware components known as automated system operations (ASO).
ASOs make it possible for computer systems to function without a human operator present at the location where the system is deployed.
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Hey guys i dont know who to vote for plz give me suggestions and reasons why
Answer:
me ig im just trying to get more points and brainliest
Explanation:
also im nice :) when people are not rude to me
With total reserves of $50,000 and a required
reserve ratio of 10 percent, potential
deposit creation for the banking
system is equal to :
O $20,000
O $50,000
O $80,000
O $300,000
With total reserves of $50,000 and a required reserve ratio of 10 percent, potential deposit creation for the banking system is equal to $300,000. The correct option is d.
It required reserves = transaction deposits * required reserve ratio
=200000*0.1=20000
Excess reserves =total reserves -required reserves =50000-20000
=30000
Money multiplier =1/required reserve ratio =1/0.1=10
Potential deposit creation =excess reserves * multiplier =30000*10=300000
It is $300,000.
The reserve ratio is the percentage of reservable liabilities the advertisement banks must keep rather than lend or invest. This is a requirement set by the country's central bank, which is the Federal Reserve in the United States. It is also referred to as the cash reserve ratio. The reserve requirement is the minimum amount of reserves which a bank must hold, and it is sometimes used interchangeably with the reserve ratio.
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FILL IN THE BLANK the general electric model can be compared to swot analysis. market attractiveness corresponds to the_____element is swot analysis, whereas business strength corresponds to the_______ element.
Swot analysis and the general electric model are comparable. In a swot analysis, company strength refers to the internal aspect, while market attractiveness corresponds to the external element.
Which of the following actions could a marketer do while conducting a situational analysis?A situational analysis determines possible clients, examines predicted growth, evaluates competitors, and creates a realistic assessment of your company using market research. It entails focusing on the specific goals of the company and determining the elements that help or hinder those goals.
When a company launches a new product or service, which growth approach is employed?Market development plan is a growth strategy used by businesses or organizations to reach target consumers they haven't yet attained or aren't already serving with their offerings.
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Explain the effects of low price-guarantee on the price.
Answer:
Low price guarantees have adverse effects on consumer behavior. These strategies can cause consumers to become suspicious of the offer and may avoid making the purchase all together.
Low price guarantee is a policy where the seller offer a price is guaranteed to match or beat any other lower price in the market.
Usually, the low price guarantees does persuade the consumers to make purchase, but, it can also have adverse effects on consumer behavior at times.
The strategy of low price-guarantee on the price of the product can cause the consumers to become suspicious and thus, may lead to a decision to avoid making the purchase.
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Sophia is shopping at an apparel store. When she tries on a sweater in the fitting room, she discovers that the store has placed cameras in the rooms. She wants to sue the store for violating her privacy. Which of the following privacy torts does this scenario best illustrate?
Multiple Choice
Intentional depiction of a person in false light.
Appropriation for commercial gain.
Intrusion on an individual's affairs or seclusion.
Public disclosure of private facts.
The scenario best illustrates the privacy tort of intrusion on an individual's affairs or seclusion.
This is because Sophia has a reasonable expectation of privacy in a fitting room, and the store's placement of cameras in the room is an intentional intrusion upon her seclusion. Seclusion refers to an individual's right to be free from unwanted intrusion or observation in their private affairs. It is an opportunity cost fundamental aspect of privacy that allows individuals to control who has access to their personal information and activities. Seclusion can be physical or informational, and it is protected under various laws, including the Fourth Amendment of the U.S. Constitution and the General Data Protection Regulation (GDPR) in the European Union. Violations of seclusion can result in legal action, including civil suits for damages and criminal charges in some cases.
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3. How do British Social Anthropologists place an emphasis on structural-functionalism or the function of social structures?
Answer: HELLO DO YOU REMEBER ME FRIEND?
Explanation:
In 2019, Colin and Laura sold their house for $990,000. They paid $40,000 in expenses so their proceeds are $950,000. They bought the house in 2013 and paid $300,000 for the home and spent $30,000 to add on a garage so their basis would be $330,000. They subtract $330,000 from $950,000 to find their gain equals $620,000. When filing their joint income tax return, if all of other conditions are met, what is the maximum amount Colin and Laura could exclude from the sale of their home
Answer:
the total maximum amount that excluded is $500,000
Explanation:
The computation of the maximum amount that could be excluded is as follows:
In the case of the gain on sale of personal residence of taxpayer the amount of $250,000 would be considered as an exclusion other than married filing
But in the case of married filling the above amount should be doubled
Therefore the total maximum amount that excluded is $500,000
If Colombia spends 2 hours producing coffee and 6 hours producing oranges, and Cuba spends 3 hours producing coffee and 1 hour producing oranges, which of the following are true?
Select the correct answer below:_________.
A. Colombia has an absolute advantage producing oranges, and Cuba has an absolute advantage producing coffee.
B. Colombia does not have an absolute advantage producing any goods, but Cuba has an absolute advantage producing oranges.
C. Colombia has an absolute advantage producing coffee, and Cuba has an absolute advantage producing oranges.
D. Colombia has an absolute advantage producing coffee, but Cuba does not have an absolute advantage producing any good.
Answer: C. Colombia has an absolute advantage producing coffee, and Cuba has an absolute advantage producing oranges
Explanation:
From the question, we are informed that Colombia spends 2 hours producing coffee and 6 hours producing oranges, and Cuba spends 3 hours producing coffee and 1 hour producing oranges.
Since Columbia spends a lesser time producing coffee and Cuba spends a lesser time producing oranges, it means that Colombia has an absolute advantage producing coffee, and Cuba has an absolute advantage producing oranges.
What is a financial planner? Responses
O a person that advises you on legal matters
O a qualified investment professional who helps individuals and corporations meet their long-term financial objectives
O a person whose job it is to keep, inspect, and analyze financial accounts
O a person who often works at a financial institution and is primarily concerned with raising capital for corporations, governments, or other entities
1. What is a financial planner?
a qualified investment professional who helps individuals and corporations meet their long-term financial objectives
2. How do financial planners get paid?
on the basis of fees or commissions
3. Which of these do financial planners advise on?
investing
4. What is the role of a financial planner?
a qualified investment professional who helps individuals and corporations meet their long-term financial objectives
5. What is the CFP?
a formal certification of expertise in the areas of financial planning, taxes, insurance, estate planning, and retirement
Personal Finance- Financial Planning Quick Check4/22/2023
Jay deposits $10 a month for 10 years. The account is compounded monthly with an interest rate of 0.2%.
How much is in Jay's account at the end of 10 years?
The amount that is in Jay's account at the end of 10 years, given the rate and the deposit per month, is $ 1, 354.72
How to find the amount ?Seeing as Jay deposits every month and the same amount, this is an annuity which means that the value in 10 years will be the future value of that annuity.
First, convert the years to months :
= 10 x 12 months a year
= 120 months
The amount in the account after 10 years is:
= 10 x Future value of annuity factor, 120 periods, 0.2%
= 10 x 135.47224661373
= $ 1, 354.72
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I usually do not experience sudden intuitive thoughts.
Disagree
Agree
Answer:
Disagree
Explanation:
3. Compare the tone of documents A and C. Do economists care as much about inflation as
consumers? Explain your answer.
Academic economists and members of the central bank view inflation in part as a self-fulfilling prophecy. If people think that prices will go up faster, they might act in ways like buying a refrigerator or asking for a raise, which will make inflation worse.
What are consumers' thoughts on inflation?Even though the economic data shows confusing bright spots, inflation has put consumers in a mood of anxiety and rage.
What is the significance of consumer confidence to the economy?The expansion of the economy is supported by an increase in consumer spending.If there is a drop in consumer confidence, consumers begin to spend less and become less certain about their financial prospects;businesses begin to experience a decline in sales as a result of this, which has an effect on them.
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The company is dedicated to developing high-quality housing projects that meet the needs of families and individuals, with a focus on affordability, sustainability, and innovation.
The focus of the company's housing projects is to provide affordable and sustainable housing solutions.
The focus of the company's housing projects is to address the global issue of housing affordability and sustainability. The company aims to provide cost-effective and eco-friendly housing solutions that cater to the needs of different income groups. They use sustainable building materials and technologies that reduce energy consumption, minimize waste, and lower carbon emissions.
In addition, the company works with local communities to understand their housing requirements and preferences, and designs housing projects that align with their needs. Overall, the company's focus on affordable and sustainable housing solutions contributes to the social, economic, and environmental well-being of the communities they serve.
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--The complete question is, What is the focus of the company's housing projects?--
The accounting process of ensuring accuracy and completeness includes Journalizing transactions timely using ledgers and journals, closing entries, create a trial balance, make adjusting entries, create adjusting trial balance and prepare the four basic financial statements (balance sheet, income statement, changes in net assets/equity and cash flows). Note, adjusting entries are not necessary but reversals are a must in this process. This statement is:________.
A. True
B. False
Answer:
The accounting process of ensuring accuracy and completeness includes Journalizing transactions timely using ledgers and journals, closing entries, create a trial balance, make adjusting entries, create adjusting trial balance and prepare the four basic financial statements (balance sheet, income statement, changes in net assets/equity and cash flows). Note, adjusting entries are not necessary but reversals are a must in this process. This statement is:________.
A. True
you lend a friend 10,000 dollars for which your friend will repay you 27,027 dollars at the end of 5 years. What interest rate are you charging your friend?
Answer:
The interest rate is "21.999%".
Explanation:
The given values are:
Amount lent,
= 10,000
Amount repaid,
= 27,027
Years (n),
= 5
As we know,
⇒ \(Amount \ repaid = Amount \ lent\times (1+r)^n\)
On substituting the given values, we get
⇒ \(27,027=10,000\times (1+r)^5\)
⇒ \(\frac{27,027}{10,000}=(1+r)^5\)
⇒ \(2.7027=(1+r)^5\)
⇒ \(1+r = (2.7027)^{(1/5)}\)
⇒ \(1+r=1.21999\)
On subtracting "1" from both sides, we get
⇒ \(1+r-1=1.21999-1\)
⇒ \(r=0.21999\)
i.e.,
⇒ \(r=21.999 \ percent\)
I'LL MARK BRAINLIEST
Which of the following describes the impact a few years of heavy rainfall would have on commodity prices?
- Crops would enjoy a longer planting season, and commodity prices would go down. - - Planting would be delayed, resulting in crop shortages, and commodity prices would rise.
- Crops would increase due to additional rainfall, and commodity prices would go down. - Planting would be delayed, limiting farmers’ risks, and commodity prices would rise.
Answer:
Crops would enjoy a longer planting season, and commodity prices would go down
Explanation:
Answer:
c
Explanation:
Using the following information, what is the amount of gross profit?
Purchases $37,000
Merchandise inventory, September 1 6,100
Selling expense 1,050
Merchandise inventory, September 30 6,800
Sales 91,000
Interest expense 1,040
Administrative expense 1,010
Rent revenue 1,700
Answer:
Gross profit= $54,700
Explanation:
Giving the following information:
Purchases $37,000
Merchandise inventory, September 1 6,100
Merchandise inventory, September 30 6,800
Sales 91,000
First, we need to calculate the cost of goods sold:
COGS= beginning finished inventory + cost of goods purchased - ending finished inventory
COGS= 6,100 + 37,000 - 6,800
COGS= $36,300
Now, the gross profit:
Gross profit= sales - COGS
Gross profit= 91,000 - 36,300
Gross profit= $54,700
ECONOMICS
One way a partnership differs from a sole proprietorship is that it:
O A. places all risk and liability on one person.
B. has owners with many different skill sets.
C. protects all owners from bankruptcy.
D. has less potential for conflict.
Answer: B. has owners with many different skill sets
One way a partnership differs from a sole proprietorship is that it has owners with many different skill sets. Hence, the correct option is B.
What is a partnership?A partnership is a type of business structure where two or more people share ownership of a business. In a partnership, the partners share profits and losses, as well as the risks and liabilities of the business. Unlike a sole proprietorship where a single person has full control and is fully responsible for the business, in a partnership, the responsibility and risk are shared among the partners.
Since, partnership can have two or more partners, it is likely to have owners with many different skill sets. This is an advantage that a partnership has over a sole proprietorship.
Therefore, one way a partnership differs from a sole proprietorship is that it has owners with many different skill sets. Hence, the correct option is B.
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You (or your parents) purchase a used car for $15,867.00 plus 5.25% sales tax. The down payment is 10% of the total cost and you (or your parents) have an excellent credit rating. What is your principal balance at the start of the loan?
The principal balance at the start of the loan is $15,113.31.
What is a principal balance of a loan?A loan's principal balance is the original amount borrowed, whereas interest is what we pay for the privilege of borrowing money. Most loans divide your monthly payment into principal and interest.
The down payment is calculated as 10% of the cost.
Down payment = $15,867 × 10%
= $1,586.7
The principal amount of the loan is calculated using the formula:-
(Sale price)(1 + Sales tax rate) - (down payment)
= $15,867 ×1.0525 -1,586.7
= $15,113.31
Therefore, $15,113.31 will be our principal balance at the start of the loan.
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True or False? The placement of a product within a store, or online, can determine the sales performance of that product.
Answer:
true
Explanation:
Barriers to effective communication and how to overcome
Answer:
Clarify the Ideas before Communication: ...
Communicate According to the Need of Receiver: ...
Consult others before Communicating: ...
Be aware of Language, Tone and Content of Message: ...
Convey Things of Help and Value to Listeners: ...
Ensure Proper Feedback: ...
Communicate for Present as well as Future: ...
Follow up Communications:
Explanation:
Edison has just paid an annual dividend of $3 per share. If the expected growth rate for Con Ed is 10%, and your required rate of return is 16%, how much are you willing to pay for this stock
Answer:
$55 per share
Explanation:
This can be calculated using the dividend discount model (DDM) formula as follows:
P = D1/(r - g) ............................ (1)
Where,
P = Current stock price or the amount you are willing to pay today
D1 = Next dividend = Current dividend * (1 + Growth rate) = $3 * (1 + 0.10) = $3.30
r = required return = 16%. or 0.16
g = growth rate = 10% = 0.10
Substituting the values into equation (1), we have:
P = $3.30 / (0.16 - 0.10) = $55 per share
Therefore, you are willing to pay $55 per share for this stock.
At the beginning of October, Bowser Co.’s inventory consists of 58 units with a cost per unit of $42. The following transactions occur during the month of October
October 4 Purchase 122 units of inventory on account from Waluigi Co. for $50 per unit, terms 2/10, n/30.
October 5 Pay cash for freight charges related to the October 4 purchase, $749.
October 9 Return 15 defective units from the October 4 purchase and receive credit.
October 12 Pay Waluigi Co. in full.
October 15 Sell 152 units of inventory to customers on account, $12,160. [Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $7 per unit for freight less $1 per unit for the purchase discount, or $56 per unit.]
October 19 Receive full payment from customers related to the sale on October 15.
October 20 Purchase 92 units of inventory from Waluigi Co. for $62 per unit, terms 3/10, n/30.
October 22 Sell 92 units of inventory to customers for cash, $7,360. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on October 20.)
Required:
Assuming that Bowser Co, uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions.
Answer:
Bowser Co.
Journal Entries:
Oct. 4:
Debit Inventory $6,100
Credit Accounts Payable (Waluigi Co.) $6,100
To record the purchase of goods, terms 2/10, n/30.
Oct. 5:
Debit Freight-in Expense $749
Credit Cash $749
To record the payment of freight for Oct. 4 purchase.
Oct. 9:
Debit Accounts Payable (Waluigi Co.) $750
Credit Inventory $750
To record the goods returned on account.
Oct. 12:
Debit Accounts Payable (Waluigi Co.) $5,350
Credit Cash $5,243
Credit Cash Discounts $107
To record the payment on account.
Oct. 15:
Debit Accounts Receivable $12,160
Credit Sales Revenue $12,160
To record the sale of goods on account.
Oct. 15:
Debit Cost of goods sold $8,512
Credit Inventory $7,600
Credit Freight-in $912
To record the cost of goods sold.
Oct. 19:
Debit Cash $12,160
Credit Accounts Receivable $12,160
To record the receipt of cash on account.
Oct. 20:
Debit Inventory $5,704
Credit Accounts Payable (Waluigi Co.) $5,704
To record the purchase of goods on account.
Oct. 22:
Debit Cash $7,360
Credit Sales Revenue $7,360
To record cash sales.
Oct. 22:
Debit Cost of goods sold $5,626
Credit Inventory $5,626
To record the cost of goods sold.
Explanation:
a) Data and Analysis:
Oct. 4: Inventory $6,100 Accounts Payable (Waluigi Co.) $6,100, terms 2/10, n/30.
Oct. 5: Freight-in Expense $749 Cash $749
Oct. 9: Accounts Payable (Waluigi Co.) $750 Inventory $750
Oct. 12: Accounts Payable (Waluigi Co.) $5,350 Cash $5,243 Cash Discounts $107
Oct. 15: Accounts Receivable $12,160 Sales Revenue $12,160
Oct. 15: Cost of goods sold $8,512 Inventory $7,600 Freight-in $912
Oct. 19: Cash $12,160 Accounts Receivable $12,160
Oct. 20: Inventory $5,704 Accounts Payable (Waluigi Co.) $5,704
Oct. 22: Cash $7,360 Sales Revenue $7,360
Oct. 22: Cost of goods sold $5,626 Inventory $5,626 ($56 * 13 + $62 * 79)