Reference no: EM132611594
Question -
(a) Record all of the Journal Entries for the following events at the retail Denim clothing store that you own. You can ignore HST. Assume you owned no Inventory at the beginning of the month.
(b) What is the Gross Profit for your Business at the end of the month? Show your detailed calculations.
- You purchased jeans from a U.S. supplier for Cdn. $1500 on credit on January 15th with terms 1/10, n/30. You took delivery of the jeans. Your supplier noted FOB Destination Point on its invoice. There was $50 in freight cost. You paid for the total $100 Duty Tax at the border right away.
- On January 16th you discovered that some of the jeans you purchased from your U.S. supplier were not the right colour. You contacted your supplier and asked for an allowance, otherwise you would have to return the entire order. Your supplier agreed and granted you a $200 allowance on the entire order.
- You sold 2 pairs of jeans to a customer for a total of $150 cash on January 20th. You had purchased the jeans from your supplier for $50 a pair as per the supplier invoice.
- The same customer returned 1 pair of the jeans to your store on January 21st because they didn't fit. You cheerfully provided them with a cash refund.
- On January 24th a second customer came to your store and purchased a pair of the same jeans for $75 and your cost of the jeans was $50 from your supplier. The customer paid with her VISA credit card. VISA charges your store a 4% Fee on all sales.
- You paid the amount owing to your supplier on January 27th.
- On January 31st you performed a Physical Inventory count and found that you actually had 26 pairs of jeans on hand.
|
What statistical analysis is most appropriate
: Analyze F.B.S. by clinic. There are three clinics (A, B, C) and data is ready for your analysis in the "F.B.S. by Clinic" tab. What statistical analysis.
|
|
Sarbanes-oxley act on internal controls
: Compare and contrast the views of management and accountants regarding the changes required by the Sarbanes-Oxley Act on internal controls
|
|
What amount should montgomery record the note payable
: On January 1, 2021, At what amount should Montgomery record the note payable and corresponding cost of the building on January 1, 2021?
|
|
Determine the present value assuming that john desires
: Determine the present value, assuming that John desires a 12% rate of return on this investment. (Assume that all cash flows occur at the end of the year.)
|
|
What is the Gross Profit for your Business
: You paid the amount owing to your supplier on January 27th. What is the Gross Profit for your Business at the end of the month? Show your detailed calculations
|
|
Explain why each descriptive analysis was chosen
: Describe the study participants in terms of gender, clinic where data was collected, B.M.I., and F.B.S. Present the descriptive analyses for all the variables.
|
|
Forecast broussard additional funds needed
: Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2019, current liabilities were $1.4
|
|
Write description of the meaning and use of the z-score
: After viewing the Z-Score video clip, review Chapter 3 of your course text, which introduces probability and the standard normal distribution.
|
|
Explain how innovation has driven the quality process
: Explain how innovation has driven the quality process at your organization and why. Has innovation required supply chain upgrades?
|