Exercise 7.4 Recording sales made for cash and on account, with 8 percent sales tax, and sales returns.
LO 7-1 Record the following transactions of Fashion Park in a general journal. F
ashion Park must charge 8 percent sales tax on all sales.
DATE TRANSACTIONS 2019
April 2 Sold merchandise for cash, $2,500 plus sales tax.
April 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer.
April 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30.
April 6 Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax.
The original sale was made on Sales Slip 908 of April 4.
April 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.
1
Journal Entry
Sold merchandise for cash, $2,500 plus sales tax.
2
The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer.
3
Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30.
4
Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4.
5
Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.
In: Accounting
|
Total Snowfall (inches) |
11 |
18 |
18 |
13 |
22 |
22 |
21 |
30 |
24 |
|
Visitors |
13 |
14 |
18 |
15 |
22 |
22 |
29 |
44 |
29 |
|
Total Snowfall (inches) |
45 |
27 |
59 |
33 |
49 |
51 |
31 |
64 |
23 |
|
Visitors |
36 |
37 |
42 |
43 |
47 |
51 |
49 |
61 |
51 |
|
Total Snowfall (inches) |
|||||||||
|
Visitors |
Total Snowfall and Number of Visitors at Yellowstone National Park
The table above shows the total snowfall (in inches) and the number of visitors to Yellowstone National Park during 18 randomly selected weeks. (Show all calculations)
1. Based on the variables involved in this relationship which variable do you think is the explanatory (x) variable and which is the response (y) variable?
2. Calculate the correlation between the two variables. r=
3. Interpret the full meaning of the correlation coefficient you calculated in #2, including direction, strength, and relationship between variables.
4. Calculate the average and SD for the variable you chose as the explanatory variable.
Average =
SD =
5. Calculate the average and SD for the variable you chose as the response variable.
Average=
SD=
6. Find the equation of the regression line that fits your data. Show all calculation.
7. Interpret the meaning of the slope of your regression model from question #6
8. Interpret the meaning of the y-intercept of your regression model from question #6. If there is no practical meaning, explain why.
9. Demonstrate how someone might use the regression model you found in question #6 to predict the value of a response variable. That is, plug a hypothetical x-value in your model and explain what it predicts.
In: Statistics and Probability
George Smith was the sole director and only shareholder of Chameleon Construction Ltd. When the construction industry was strong he borrowed $250,000 from the bank. The security agreement gave the bank a fixed charge against the following assets:
1. Crane truck which was purchased for $35,000;
2. Framing machine which was purchased for $125,000;
3. Cutting machine which was purchased for $50,000.
The bank registered the security agreement on March 1. However, the serial number of the Crane truck was improperly transcribed. The bank then advanced all the funds. In October the bank manager became concerned about the money lent. The construction industry was in a recession because of high interest rates and the new G.S.T. The bank manager received a directive form the bank's head office telling all bank managers that outstanding loans to construction companies must be reduced by 30%. The bank manager then gave George an unlimited guarantee for all of the loans of the company and required he, his wife and his father to sign it. George took it home where he, his wife and his father signed it after George said to them that it was a temporary loan to the company. The guarantee was returned to the bank manager. The company continued to make all payments as they became due to the bank. However, the rent on the premises which held the framing and cutting machine fell into arrears in the sum of $20,000.
Two weeks later the bank manager, following the directive, demanded that George repay $75,000 of the outstanding loan. The company did not have the money at the time but George endorsed a cheque in the sum of $25,000, which he received from the owner for job site 1, but told the bank that they were not to cash it because the cheque was conditional on completing that job. The company then assigned all of the proceeds for job site 2 ($50,000) to the bank. George told the bank manger that that job would not be completed and the moneys would not be due and owing until December 27.
Sensing pending difficulties George went to Lender 2 and borrowed $40,000 and gave it to his wife. Lender 2 knew of the previous security agreement with the bank but when it did a computer search, he discovered the error in the serial number. This security agreement took as collateral the crane truck and all accounts receivable. It was properly registered. The next day the bank called the loan and immediately appointed a receiver. The landlord seized the cutting machine and refused to let the bank sell it. The bank sold the framing machine to another customer of the bank for $30,000.
Discuss all of the claims, counter claims, defence and remedies which can be raised by various parties.
In: Accounting
You are appointed as a manager of a small IT unit in a new medical center oriented towards the treatment of heart diseases that is under construction. What considerations should you consider in your report on the computer needs for the hospital to include? the answer must be 20 lines at least.
In: Nursing
Define production possibility frontier stating clearly the
assumptions underlying its
construction.
Briefly explain the following :
i) Giffen goods
ii) Necessity goods
iii) Inferior goods
iv) Substituted goods
v) Complementary goods
vi) Normal goods
In: Economics
Construction Engineering question: Produce a environmental management plan
Company has been awarded the contract for a bridge replacement, including 2km approach resurfacing on each side and has placed you and your team in charge. Produce a environmental management plan. Thanks!!
In: Civil Engineering
Sheridan Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,004,000 on March 1, $1,284,000 on June 1, and $3,039,450 on December 31. Compute Sheridan’s weighted-average accumulated expenditures for interest capitalization purposes.
In: Accounting
Pina Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $2,004,000 on March 1, $1,284,000 on June 1, and $3,039,450 on December 31. Compute Pina’s weighted-average accumulated expenditures for interest capitalization purposes.
In: Accounting
Is BIM a new technology, or a new process, or both? What are the promises that BIM holds to the industry? How does BIM impact the construction industry? Discuss the factors that affect the business value of BIM. Discuss the reasons that some companies still would not use BIM.
In: Civil Engineering
A construction company purchased a piece of equipment for $1470. The expected life is 8000 hours, after which it will have a salvage value of $310. Find the amount of depreciation for the first year if the piece of equipment was used for 2000 hours. Use the units-of-production method of depreciation.
In: Accounting