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1. During the year, sales returns and allowances totaled $65,900. The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $65,900. Was the accountant's method of recording returns acceptable? Explain. In your explanation, include the advantages of using a sales returns and allowances account.
A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n)
1 using the allowance method of accounting for uncollectible receivables the entry to reinstate a specific receivable
Amber has a 20% ownership interest in an entity for which she initially contributed $100,000. She is one of the original owners of the business. None of the owners are related. During the life of the business, the following have occurred:
The city adopted a pension plan for its employees. Based on GASB accounting standards, the city actuary calculated the annual required contribution (ARC) for 2013 to be $ 18,000. However, the city made no appropriation for that purpose.
All of the following processes are used in biomass energy technology EXCEPT:
products kappa and sigma are joint products. the joint production cost of the products is 800. kappa has a market value
The projected cost of a lamp is calculated based upon the projected increases or decreases to current costs. The present costs to manufacture one lamp are:
One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?
Which of the five differences described are temporary and which are permanent differences? Why?
powers rental service had the following items that require adjustment at year end.a. earned 9880 of revenue from the
Using the arrival rates from the lunchtime rush example, it seems sensible to vary the number of servers so that more servers work during the busy hours. In particular, suppose management wants to have an average of three servers working (in paral..
The liability is assumed by the partnership. Brad transfers property (basis of $16,000, fair market value of $7,500) for a 25% interest, and Rick transfers cash of $15,000 for the remaining 50% interest. a. How much gain must Lee recognized on the..
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