Frederick Mining Company owns a large parcel of land which costs $950,000. It is estimated to contain 1,800,000 tons of recoverable ore. It is estimated that the recovery of the ore will take 10 years and that after the ore is fully depleted the land will be sold for a market value of $100,000. In […]
Given below are account balances for Charlie Company: Gross sales, $92,000 Sales returns and allowances, $6,000 Selling expenses, $12,000 Cost of goods sold, $44,000 Interest expense, $3,000 How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example – enter 46% as .46) Looking for a Similar […]
Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000. If payment occurs on January 21, the journal entry would include a credit to: A. Accounts Receivable for $1,960 B. Cash for $1,960 C. Sales Discounts for $40 D. Accounts Receivable for $2,000 […]
Merchandise was returned to a supplier. The goods were previously purchased on account. The goods had not been paid for and there were no discounts. Assuming a periodic system, what journal entry is needed by the purchaser to record the return? A. Debit Accounts Payable, and Credit Inventory. B. Debit Accounts Payable, and Credit Purchase Discounts. C. Debit […]
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