On October 1, the Business Students’ Society (BSS) placed an order for 100 golf shirts at a unit cost of $20, under terms 2/10, n/30. The order was received on October 10, but 20 golf shirts had been damaged in shipment. On October 11, the damaged golf shirts were returned. On October 12, the BSS complained that the remaining golf shirts were slightly defective so the supplier granted a $100 allowance. The BSS paid for the golf shirts on October 13. During the fi rst week of October, the BSS received student and faculty orders for 80 golf shirts, at a unit price of $37.50, on terms 2/10, n/30. The golf shirts were delivered to these customers on October 18. Unfortunately, customers were unhappy with the golf shirts, so BSS permitted them to be returned or given an allowance of $12.50 per shirt. Half of the golf shirts were returned on October 21, and the remaining 40 customers were granted the allowance on account on October 22. The customers paid their remaining balances during the week of October 25. Required: 1. Prepare journal entries for the transactions described above, using the date of each transaction as its reference. Assume BSS uses perpetual inventory accounts. 2. Report the financial effects of the above transactions in a multistep income statement for the month ended October 31. Assume operating expenses, other than cost of goods sold, are $100 and income tax expense is $45. 3. Determine the percentage of net sales that is available to cover operating expenses other than cost of goods sold. By what name is this percentage commonly known?
(a) 81 g (b) 40.5 g (c) 20.25 g (d) 162 gMar 25 2020
Curly’s Life Insurance Co. is trying to sell you an investment policy that will pay you and your heirs $27,000 per year forever. Suppose Curly’s told you the policy costs...May 27 2020
Show how leverage increases financial risk by calculating the EPS and return on shares for a firm with $1 million in 10% debt. The firm also has 50,000 shares outstanding...Jan 09 2020
Mather Services Company is a financial planning services firm owned and operated by Lee Mather. As of July 31, 2012, the end of the current fiscal year, the accountant fo...May 14 2020
Which of the following refers to the process that helps new employees adapt to the organization’s culture? (a) Grapevine (b) Orientation (c) Socialization (d) Introdu...Apr 04 2018
The op-amp circuit shown in Figure P8.53 is used as a filter.C = 01 μF RL = 333 2R1 = 18 k2 R2 = 82 k2Determinea. Whether the circuit is a low- or hi...Jun 18 2020
1. THE TIME VALUE OF MONEY Some financial advisers recommend you increase the amount of federal income taxes with held from your paycheck each month so that you will get ...May 17 2018
Rancid Fruit Co. just paid a dividend of $1.00 and expects to increase it at a rate of 5% annually. All else equal, under which of the following conditions would its stoc...Aug 24 2020
The two slender bars, each having a mass of 4 kg, are hinged at and pivoted at If a horizontal impulse F dt = 14 N*s is applied to the end of the lower bar during an inte...Jun 15 2020
Air at 15°C flows over a flat plate subjected to a uniform heat flux of 300 W/m2 with a velocity of 3.5 m/s. The surface temperature of the plate 6 m from the leading edg...Jul 20 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.