During the year, sales returns and allowances totaled $65,900. The cost of the merchandise returned was $40,000.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
It was acceptable to decrease Sales for the 65900 However using Sales Returns and All...View the full answer
Answered By
Shadrack Mulunga
I am a Biochemistry by profession. However, I have explored different fields of study. My quest to explore new fields has helped me gain new knowledge and skills in Business, clinical psychology, sociology, organizational behavior and general management, and Project Management. I count my expertise in Project management, in particular, creation of Work Break Down Structure (WBS) and use of Microsoft Project software as one of my greatest achievement in Freelancing industry. I have helped thousands of BSC and MSC students to complete their projects on time and cost-effectively using the MS Project tool. Generally, I find happiness in translating my knowledge and expertise to success of my clients. So far, i have helped thousands of students to not only complete their projects in time but also receive high grades in their respective courses. Quality and timely delivery are the two key aspects that define my work. All those who hired my services always come back for my service. If you hire my services today, you will surely return for more. Try me today!
5.00+
154+ Reviews
289+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
During the year, sales returns and allowances totaled $80,000. The cost of the merchandise returned was $48,000. The accountant recorded all the returns and allowances by debiting the sales account...
-
The following Trading and Profit and Loss Account of Fantasy Ltd. for the year 31-3-2000 is given below Calculate: Sales (30% cash sales) Cost of Goods sold Gross Profit Administrative Expenses ...
-
Explain how standard deviation measures spread. In your explanation include the computation of the same standard deviation for two data sets: Data set 1:3,4,5; Data set 2:0,4,8.
-
Evaluate the derivatives of the following functions. (z) = cot -1 z
-
The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales...
-
Monello ( capital balance = $ 4 0 , 0 0 0 ) and Long ( capital balance = $ 5 0 , 0 0 0 ) and Kahn ( capital balance = $ 6 0 , 0 0 0 ) operate MLK Ventures. Long leaves the business and receives $ 6 ,...
-
Describe events. Provide an example.
-
The owner of Genuine Subs, Inc., hopes to expand the present operation by adding one new outlet. She has studied three locations. Each would have the same labor and materials costs (food, serving...
-
Current Attempt in Progress Larkspur presented the following data. Net income $5,551,000 Bonds: 10%, $715,000 par value 703,000 Preferred stock: 108,000 shares outstanding. $100 par, 9% cumulative,...
-
You have just been hired by Internal Business Machines Corporation (IBM) in their capital budgeting division. Your first assignment is to determine the free cash flows and NPV of a proposed new type...
-
Illustrate the effects on the accounts and financial statements of recording the following transactions: a. Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000. b. Sold...
-
After the amount due on a sale of $25,000, terms 1/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the...
-
Evie has a gift pass for unlimited rollercoaster rides on her birthday. Given the information about Evies utility in Table 7P-1, explain why she chooses to ride only three times.
-
you are required to demonstrate your skills and knowledge by working through a number of activities and completing and submitting a project portfolio. a suitable place to complete activities that...
-
Suppose instead the closed economy has an aggregate production function given by the following expression Y = 15K0.50 (ExL) 0.50 is experiencing an annual population and labour force growth rate of...
-
Let A - 9 -2] -2 6 (a) Determine the eigenvalues and eigenvectors of A. (b) Write the spectral decomposition of A.
-
1. A block is initially at position x = 0 and in contact with an uncompressed spring of negligible mass. The block is pushed back along a frictionless surface from position x = 0 to x = - D, as...
-
Question 6 (a) Jan.08.2024 Solve the utility maximization problem subject to px + qy = m, where 0
-
Under balanced operating conditions, consider the three-phase complex power delivered by the three-phase source to the three-phase load. Match the following expressions, those on the left to those on...
-
Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the...
-
A 25 coin minted in 2015 is an alloy, which is 91.67% copper and 8.33% nickel. If the quarter contains 5.20 g of copper, what is the mass of the coin?
-
What is an indirect cost? Provide examples of product costs that would be classified as indirect.
-
How does a product cost differ from a general, selling, and administrative cost? Give examples of each.
-
Why is cost classification important to managers?
-
calculate the payback period, internal rate of return, and net present value of the proposed mine
-
You need to choose between the following two design projects: year Cash flow A cash flow B 0 -$81,000 -$21,800 1 38,600 12,200 2 38,600 12,200 3 38,600 12,200 a) If the required return is 10 percent...
-
Home Furnish has bonds on the market with 13 years to maturity and a yield to maturity of 8.5.In the financial newspaper, Home Furnish bonds is quoted as 127.223% of par value. The bonds make...
Study smarter with the SolutionInn App