Wildhorse Stores is a new company that started operations on March 1, 2021. The company has decided to use a perpetual Inventory system. The following purchase transactions occurred in March:
Mar. Wildhorse Stores purchases $9,000 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB
1 shipping point.
2 The correct company pays $175 for the shipping charges.
3 Wildhorse returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Wildhorse a $1,100 credit on its account.
21 Wildhorse Stores purchases an additional $13,000 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB destination.
22 The correct company pays $180 for freight charges.
23 Wildhorse returns $500 of the merchandise purchased on March 21 because it was damaged. Octagon gives Wildhorse a $500 credit on its account
30 Wildhorse paid Octagon the amount owing for the merchandise purchased on March 1.
31 Wildhorse paid Octagon the amount owing for the merchandise purchased on March 21
Answers
Journal entries are the recorded transactions in a company's bookkeeping system. They are utilized to chronologically record the money-related impacts of commerce activities.
To record the purchase transactions and subsequent payments in the perpetual inventory system for Wildhorse Stores in March, we need to consider the following information:
March 1: Purchased merchandise from Octagon Wholesalers for $9,000 with terms 2/10, n/30, FOB 1 shipping point.
Debit: Merchandise Inventory $9,000
Credit: Accounts Payable $9,000
March 2: Paid $175 for shipping charges.
Debit: Freight Expense $175
Credit: Cash $175
March 1: Returned $1,100 of the merchandise purchased on March 1 due to wrong color.
Debit: Accounts Payable $1,100
Credit: Merchandise Inventory $1,100
March 21: Purchased additional merchandise from Octagon Wholesalers for $13,000.
Debit: Merchandise Inventory $13,000
Credit: Accounts Payable $13,000
March 22: Paid $180 for freight charges.
Debit: Freight Expense $180
Credit: Cash $180
March 23: Returned $500 of the merchandise purchased on March 21 due to damage.
Debit: Accounts Payable $500
Credit: Merchandise Inventory $500
March 30: On march 1- Paid Octagon Wholesalers the amount owing for the merchandise purchased
Debit: Accounts Payable $7,900 ($9,000 - $1,100)
Credit: Cash $7,900
March 31: On march 21 Paid Octagon Wholesalers the amount owing for the merchandise purchased
Debit: Accounts Payable $12,500 ($13,000 - $500)
Credit: Cash $12,500
These journal entries reflect the purchase transactions and subsequent payments for Wildhorse Stores in March under the perpetual inventory system.
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Related Questions
Americans eat some 9 billion chickens a year but not the feet. But thanks to the huge demand in china, chicken feet are now a huge profit center. Perdue sells some $40 million of the otherwise valueless by-product to china annually. This is an example of ________ pricing.
Answers
Perdue sells some $40 million of the otherwise valueless by-product to China annually. This is an example of predatory pricing.
What is predatory pricing?Predatory pricing refers to a type of pricing where a company charges below the cost of making a product, as the selling price of the product. There are several reasons why a company might do this, but the main and most popular reason is to ensure that its competitions are driven out of business from being unable to charge such low pricing as well.
Another reason why a company might do this is because it has already made profits from selling a certain part of the product. They can then sell the other parts of the product at a lower price to make profit in addition to the profit already made. This is what Perdue is doing in China by selling chicken feet to China when it is basically valueless in the United States.
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A motor vehicle sold on credit to C. Kelly will require which of the following entries:
Debit Purchases, Credit C. Kelly
Debit motor vehicle, Credit C. Kelly
Debit C. Kelly, Credit purchases
Debit C. Kelly, Credit Motor vehicle
Answers
When a motor vehicle is sold to C. Kelly on credit, the relevant entries would be Debit C. Kelly, Credit Motor vehicle.
When an item is sold on credit to an entity, that entity becomes an Accounts Receivable. As this is an asset, it is debited when it increases which is the case here with C. Kelly purchasing the car on credit.
The motor vehicle account is an asset and assets are credited when they decrease. By selling the vehicle, the motor vehicle account will be credited to show that motor vehicles have decreased.
In conclusion, the accounting entry for the above scenario would be Debit C. Kelly, Credit Motor vehicle.
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If
Depreciation = $479
Gross private domestic Investment (I) = $516
Government spending = $924
Imports = $547
Personal Consumption Expenditures = $2,966
Exports = $427
a. How big is the GDP?
b. How big is National Income?
Answers
a. The GDP is $3,434.
b. The National Income is $2,955.
GDP is calculated by adding up all the components of expenditure, which include personal consumption expenditures, gross private domestic investment, government spending, and net exports. Therefore, GDP = Personal Consumption Expenditures + Gross Private Domestic Investment + Government Spending + (Exports - Imports). In this case, GDP = $2,966 + $516 + $924 + ($427 - $547) = $3,434. National Income is calculated by subtracting depreciation from GDP. Therefore, National Income = GDP - Depreciation = $3,434 - $479 = $2,955.
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Write a paragraph explaining what kind of assessment works best for you to really be able to show what you know. (Consider standardized tests, open ended responses, essays, projects, speeches, labs). Explain how your learning style may influence your success on each kind of assessment. 100 POINTS PLZ HELP TODAY
Answers
Answer:
In my experience, essays work best for me to be able to show what I know. I feel that they are more effective than taking, say, a standardized test for example. This is because they are often multiple choice, and I find myself sometimes guessing rather than doing the intended work. In an essay, I have no option other than to type/write out what I know with little-to-no guesswork, making writing out an essay a superior option when it comes to displaying my knowledge on a topic. My preferred learning style is of the visual sort, and that means I learn best by taking notes, seeing examples, using charts and diagrams, etcetera. These skills influence my success on many different types of assessments, including essay writing, test taking, and project making. I am able to visually take notes on the topic at hand, often with examples, which, in my experience, greatly influences my success on these different types of assessments.
The Nigel Co. had four separate operating segments:What amount of revenues must be generated from one customer before that party must be identified as a major customer
Answers
The amount of revenues must be generated from one customer before that party must be identified as a major customer is: $53,180.
Revenue generatedAny revenues generated from a single customer have to be disclosed if the amount is either 10% or more of consolidated sales.
Hence:
Using this formula
Consolidated revenue= Total sales to outsider for 4 separate operating segments×10%
Let plug in the formula
Consolidated revenue=($173,600+$115,300+$134,000+$108,900)×10%
Consolidated revenue=$531,800×10%
Consolidated revenue= $53,180 minimum
Inconclusion the amount of revenues must be generated from one customer before that party must be identified as a major customer is: $53,180.
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1. Based on the profit-loss statement, does Rings and Things have a positive or negative cash flow?
Why?
Answers
Answer:
They have a negative cash flow.
Explanation:
Because their net operating activities is not breaking even, in other words, they are losing money.
When the stock market as a whole is rising in value then it is referred to as a bear market. True or false?
Answers
Answer: False
Explanation: A bear market is when a market experiences prolonged price declines. It typically describes a condition in which securities prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.
You only have $10 to spend for the week. You decide to spend $8 on a movie instead of buying an $8 pizza. a. What is the scarce resource? Why is this the scarce resource? b. What are the two potential choices you had? c. What is the opportunity cost of the choice you made?
Answers
Answer:
[See Below]
Explanation:
* The scarce resource would be 10$.
- Why? Because it's limited.
* The two choices you had were an 8$ movie or an 8$ pizza.
* The opportunity cost was 8$ and having 2$ left.
Who seeks out information about products a seller has to offer
Answers
Answer:
the owner of the product or the boss
a promoter buys advertising in units of $25,000 each. if he buys two units of broadcast tv, one unit of cable tv, and two units of radio, how much does he spend in advertising?
Answers
The promoter spends $125,000 on advertising based on the information provided through the calculation.
Given that a promoter buys advertising in units of $25,000 each. If he buys two units of broadcast tv, one unit of cable tv, and two units of radio, we have to find how much he spends in advertising.
First, we need to calculate the total number of units of advertising he buys. It is given that the promoter buys two units of broadcast tv, one unit of cable tv, and two units of radio.
So, the total number of units of advertising he buys = 2 (broadcast tv) + 1 (cable tv) + 2 (radio)= 5 units
Now, we can find the total amount he spends on advertising by multiplying the total number of units with the cost of each unit.
Cost of each unit = $25,000
Total number of units = 5 units
Total amount spent on advertising = 5 × $25,000= $125,000
Therefore, the promoter spends $125,000 on advertising.
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Provide an understanding as to the scope,
breadth of employability in OT (e.g. income)and
specific business aspects of OT Practice in Miami
Answers
Occupational therapy (OT) is a field that offers a wide scope of employment opportunities and a varied range of practice areas.
In Miami, specifically, there are several business aspects and opportunities related to OT practice.
Scope and Breadth of Employability in OT:
1. Healthcare Settings: Occupational therapists can work in hospitals, rehabilitation centers, clinics, and nursing homes, providing direct patient care and rehabilitation services.
2. Schools and Educational Institutions: OTs work with children in schools to address their functional needs and support their participation in academic and social activities.
3. Mental Health and Behavioral Health: OTs play a crucial role in mental health settings, working with individuals experiencing mental health challenges to enhance their daily functioning and promote independent living.
4. Community-Based Programs: Occupational therapists may work in community settings, providing support to individuals with disabilities or chronic conditions to help them engage in meaningful activities and improve their quality of life.
5. Workplaces and Vocational Rehabilitation: OTs assist individuals in returning to work or making occupational adjustments due to injury, illness, or disability.
Income Potential in OT:
The income in the field of occupational therapy can vary based on factors such as experience, specialization, location, and work setting. Generally, occupational therapists earn a competitive salary that reflects their expertise and the demand for their services. In Miami, the income potential for OT practitioners can be influenced by factors such as cost of living and local market conditions.
Specific Business Aspects of OT Practice in Miami:
1. Private Practice: Occupational therapists can establish their own private practices in Miami, offering specialized services to clients and working with healthcare providers and insurance companies to ensure reimbursement for services rendered.
2. Collaborations with Healthcare Facilities: OTs can partner with hospitals, clinics, and other healthcare facilities in Miami to provide comprehensive rehabilitation services, occupational health programs, or specialized therapy services.
3. Home Health Agencies: Occupational therapists can work with home health agencies, providing in-home therapy services to individuals who are unable to travel to a clinic or hospital.
4. Research and Innovation: Miami is known for its research institutions and innovation centers. Occupational therapists can participate in research projects, contribute to the development of new treatment approaches, and collaborate with academic institutions.
Overall, the scope of employability in occupational therapy is broad, with opportunities in various settings and areas of specialization. In Miami, the vibrant healthcare industry and diverse population create a favorable environment for OT practice, offering a range of business opportunities and the potential for professional growth.
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A good business meets ________ needs.
please help me
A) specialized
B) future
C)identified
D)likely
Answers
Answer:
b specialized
Explanation:
it the one that makes the most sense
i'm pretty sure it's likely !
all of the following are examples of price discrimination except: a discounts for families with young children at motels. b generally lower prices at wal-mart than at target. c discounts for customers who buy products in large bulk quantities. d cheaper air fares if the traveler stays over a saturday. e discounts for senior citizens at the movies.
Answers
Generally, lower prices at Walmart than at Target are not examples of price discrimination. Hence, B is the correct option.
Price discrimination is a marketing tactic where sellers charge clients various prices for the same good or service depending on what they believe will win the customer over. A business that uses pure price discrimination will charge every consumer the greatest amount. The more prevalent methods of price discrimination entail the seller dividing up the clientele into groups based on specific traits and charging each group a different price.
When a vendor believes they may charge a select group of customers more or less based on their values for the product or service in question or on specific demographics, this practice is known as price discrimination.
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Logo and website design are
examples of start-up costs.
Answers
True: Logo and website design are examples of start-up costs. Operating costs include payroll. Building improvements should be calculated into start-up costs.
skill inventories are an important tool for succession planning. question 44 options: true false
Answers
True. Skill inventories are an essential tool for succession planning. Succession planning involves identifying and developing employees to fill key positions within an organization.
A skill inventory is a database that contains a list of skills, qualifications, and experiences of current employees. It helps to identify gaps in the organization's talent pool and enables the organization to develop strategies to fill these gaps. Skill inventories are particularly useful in succession planning because they allow managers to identify individuals who possess the skills necessary to fill key positions when they become vacant. This ensures that the organization has a pool of qualified candidates to choose from when the need arises.
Additionally, skill inventories help in identifying potential training and development needs of employees, thereby enabling the organization to invest in their employees' growth and development. In conclusion, skill inventories are an important tool for succession planning as they enable organizations to prepare for the future and ensure a smooth transition when key positions become vacant.
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The production era marked a time when companies were able to increase their profits because they were able to decrease their production costs.
True
False
Answers
Answer:
true
Explanation:
it was the time of the production line making it easy to make expensive things with people that are lower skilled and cheaper overall
Answer:
True
Explanation:
have a good day
which of the following makes it less likely that private solutions to externalities will succeed? select the best answer.
Answers
One party may have more information about the externalities and their impacts than the other party. This can make it difficult to negotiate a mutually beneficial solution, as the party with less information may not fully understand the costs and benefits of the proposed solution.
Another factor that can make private solutions less likely to succeed is the presence of transaction costs.
These are the costs associated with negotiating and enforcing agreements between parties.
When transaction costs are high, it can be difficult to reach an agreement that is mutually beneficial for all parties involved.
A third factor that can make private solutions less likely to succeed in the presence of market power.
When one party has significant market power, it may be able to impose externalities on others without facing significant consequences.
This can make it difficult to negotiate a mutually beneficial solution, as the party with market power may be able to extract more concessions from the other party.
Finally, the presence of uncertainty can also make private solutions less likely to succeed.
When there is uncertainty about the future costs and benefits of a proposed solution, it can be difficult to reach an agreement that is mutually beneficial for all parties involved.
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The revocation or suspension of a federal covered investment adviser's registration under the Investment Advisers Act of 1940 may be appealed A) to the United States Supreme Court because the Investment Advisers Act of 1940 is federal legislation, unlike the Uniform Securities Act, which is a model for state securities legislation B) through arbitration with the Financial Industry Regulatory Authority (FINRA) C) by petition to the appropriate state securities Administrator D) to the U.S. Court of Appeals serving the district where the order was issued within 60 days of its issuance
Answers
Answer:
D) to the U.S. Court of Appeals serving the district where the order was issued within 60 days of its issuance.
Explanation:
An investment adviser is an individual or group of people who professionally advise others with information on investing in securities such as bonds or stocks.
The revocation or suspension of a federal covered investment adviser's registration under the Investment Advisers Act of 1940 may be appealed to the U.S. Court of Appeals serving the district where the order for revocation or suspension was issued within 60 days of its issuance.
Under Section 213 of the Investment Advisers Act of 1940, any individual or party who has their license revoked or suspended by a Commission may appeal and obtain a review of such order in the US Court of Appeals within serving the district where the order was issued within 60 days of its issuance, through a written petition pleading that it be modified or set aside by the court in whole or in part.
Kylee and Jamie are entrepreneurs working to develop a new charging device for cell phones. As they develop their device, they will need to work with the federal agency that sets standards to protect the public from unreasonable risk of injury. What agency will Kylee and Jamie need to work with before they can take their product to market? Explain what the agency regulates and how the agency will help them comply with relevant laws.
Answers
As Kyle and Jamie need to work with the federal agency that sets standards to protect the public from unreasonable risk of injury, the federal agency which they need to work with is the Consumer Product Safety Commission.
What is the role of Consumer Product Safety Commission?In United States, the Consumer Product Safety Commission is an independent agency of the government that seeks to promote the safety of consumer products by addressing all “unreasonable risks” of injury through coordinating recalls, evaluating products that are the subject of consumer complaints or industry reports etc.
The agency also developed an uniform safety standards and conduct research into product-related illness and injury. However, due to its small size, its attempts to coordinate with outside parties including companies and consumer advocates in order to leverage resources and expertise to achieve outcomes that advance consumer safety
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Which of the following decisions is most likely to create a temporary diseconomy of
scale? (Select the best answer.)
A)Buying supplies in bulk
B)Buying an expensive piece of machinery
C)Hiring employees who specialize
D)Using division of labor
Answers
Answer:
Buying an expensive piece of machinery
Explanation:
25 points giveaway questions:
#1:Where do you see yourself in 5 years?
#2: Favorite animal
Answers
2.none, ain’t got no fav animal
Dogs preferably puppies
What is FFA’s publication titled?
Boundaries
Vistas
Perspective
Horizons
Answers
Answer:
horizons
Explanation:
Learn everything you need to know about FFA—its history, bylaws, constitution and more—with the Official FFA Manual, now available online for free. You can also view the links on your mobile phone for easy access.
smith company adopted dollar-value lifo (dvl) as of january 1, when it had an inventory of $690,000. its inventory as of december 31, of the same year was $758,100 at year-end costs and the cost index was 1.05. what was dvl inventory on december 31?
Answers
The dollar-value LIFO (DVL) inventory on December 31 for Smith Company was $739,000.
To calculate the DVL inventory on December 31, follow these steps:
1. Determine the base-year inventory: $690,000 (given)
2. Calculate the ending inventory at year-end costs: $758,100 (given)
3. Determine the cost index: 1.05 (given)
4. Divide the ending inventory at year-end costs by the cost index: $758,100 / 1.05 = $722,000
5. Calculate the inventory increase in dollar value: $722,000 - $690,000 = $32,000
6. Adjust the increase for inflation using the cost index: $32,000 x 1.05 = $33,600
7. Add the adjusted increase to the base-year inventory: $690,000 + $33,600 = $739,000 (DVL inventory on December 31)
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The bank pays you _______________ for your money held on deposit. a) investment b) attention c) debit d) interest
Answers
if you were assigned to turn around a struggling automaker, what actions would you take to revive the company’s prospects within the global auto industry?
Answers
If I were assigned to turn around a struggling automaker, Assess the current situation, Develop a strategic plan, Optimize operations, Enhance product portfolio,Strengthen brand and marketing, Foster partnerships and collaborations, actions would you take to revive the company’s prospects within the global auto industry?
Explanation:
If I were assigned to turn around a struggling automaker and revive the company's prospects within the global auto industry, I would take the following actions:
1. Assess the current situation: Analyze the company's financials, market position, product lineup, and customer feedback to identify strengths, weaknesses, opportunities, and threats (SWOT analysis).
2. Develop a strategic plan: Based on the SWOT analysis, create a roadmap with clear goals, objectives, and timelines for turning around the company's performance.
3. Optimize operations: Streamline production processes, reduce waste, and cut unnecessary costs to improve operational efficiency and profitability.
4. Enhance product portfolio: Focus on developing innovative, high-quality, and eco-friendly vehicles that cater to customer needs and preferences, while aligning with industry trends such as electric vehicles and autonomous driving technology.
5. Strengthen brand and marketing: Invest in targeted marketing campaigns, improve customer engagement, and build a strong brand identity to increase brand awareness and market share.
6. Foster partnerships and collaborations: Establish strategic partnerships with suppliers, technology providers, and other industry players to enhance capabilities, reduce costs, and access new markets.
7. Invest in research and development (R&D): Allocate resources to R&D for continuous innovation and staying ahead of competitors in terms of technology, design, and features.
8. Enhance customer experience: Implement best practices in customer service, after-sales support, and dealership management to improve customer satisfaction and loyalty.
9. Monitor progress and adapt: Regularly review the company's performance against the strategic plan and make necessary adjustments to ensure the plan remains relevant and effective in the dynamic auto industry landscape.
By taking these actions, I believe it would be possible to turn around a struggling automaker and revive its prospects within the global auto industry.
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if a company implements the 4/5ths rule provided under uniform guidelines, they are able to test for ______.
Answers
If a company implements the 4/5ths rule provided under the Uniform Guidelines, they are able to test for adverse impact.
The 4/5ths rule is a statistical test used in employment practices to determine if there is a potential adverse impact on protected groups based on race, gender, or ethnicity. Under the 4/5ths rule, the selection rate of the protected group is compared to the selection rate of the group with the highest selection rate. If the selection rate for the protected group is less than 80% (or 4/5ths) of the selection rate for the group with the highest rate, it is considered evidence of potential adverse impact. This indicates that the employment practice may be discriminatory.
By implementing the 4/5ths rule, companies can assess and identify potential disparities in selection rates and evaluate if further investigation or corrective actions are necessary to ensure fair and unbiased employment practices.
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Price $
190
|↑
110
89
A
D
$2
S1
Q millions of barrels
www.economicshelp org
What is the new equilibrium price for this product after the supply curve shift?
O 110
O 190
08
Answers
A price is the quantity of payment or compensation given by one party to another in return for goods or services.
What is the meaning of Price?A price is the sum of money that one party pays or receives in exchange for another's goods or services. The cost of production may go by another name in some circumstances. If a product is classified as a "good" in a commercial exchange, its price is most likely to be referred to as such.
Price simply refers to the value you fork out to get goods or services. It is not the same as the word cost. Cost is the total sum of the inputs used to produce a good, while value is the amount that goods or services are worth to the buyer.
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Which step of the legislative process is missing?
with answers in screenshot
Answers
how Is productivity determined?
a.by measuring The relationship to inputs and outputs
b. by comparing the profitability of competing markets
c. by measuring the relationship between supply and demand
d. by comparing the number of hours worked by all employees
Answers
Answer:
a. by measuring The relationship to inputs and outputs
Explanation:
Productivity shows the efficiency of generating output using the available inputs. It is measured by dividing the output of a company or a production line by the inputs used. Therefore, productivity shows the relationship between inputs and outputs.
Productivity can also be measured by labor output. In this case, the output is divided by the number of labor hours used.
When the price of streaming Netflix increased from $10 to $11, the quantity of subscribers demanded fell from 100 to 85.
a) What is the price elasticity of demand for Netflix subscribers?
b) Is demand inelastic or elastic?
c) If we are the owners of Netflix, would we want to increase the price from $10 to $11? Why or why not?
need typed answers only.
Answers
a) The price elasticity of demand for Netflix subscribers can be calculated using the following formula: percentage change in quantity demanded divided by the percentage change in price, which is -1.5
In this case, the percentage change in quantity demanded is ((85-100)/100) x 100 = -15%, and the percentage change in price is ((11-10)/10) x 100 = 10%. Therefore, the price elasticity of demand for Netflix subscribers is -15%/10% = -1.5.
b) Since the price elasticity of demand for Netflix subscribers is -1.5, which is greater than 1, demand is considered elastic. This means that a small increase in price leads to a relatively large decrease in the quantity demanded.
c) If we are the owners of Netflix, we would have to weigh the potential benefits and drawbacks of increasing the price from $10 to $11.
On one hand, the decrease in quantity demanded may lead to a decrease in revenue, as fewer people subscribe to the service. On the other hand, if the price increase leads to a significant increase in revenue, it may be worth it. However, given the elastic nature of demand for Netflix subscribers, it is likely that the potential decrease in revenue would outweigh any potential increase, making it less desirable to increase the price.
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