E6-14 Analyzing and Recording Sales and Gross Profit with Sales Returns [LO 6-4, LO 6-6] Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah’s Cycles on February 1 for $700 (cost of goods sold of $450). On February 9, Sarah’s Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $110). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale. Required: 1. to 3. Prepare the journal entry to record the sales, Goods returned on February 9 and Cash collected on March 2. 4. Calculate the gross profit percentage for the sale to Sarah’s Cycles. g

Answers

Answer 1

Answer and Explanation:

The journal entries are shown below:

Accounts Receivable $700

          To Sales Revenue $700

(Being the sales revenue is recorded)

Cost of Goods Sold $450

        To Inventory $450

(being the cost of goods sold is recorded)

Sales Revenue $175 ($700 × 1 ÷ 4)

            To Accounts Receivable $175

(Being return inventory is recorded)

Inventory $110

   To Cost of Goods Sold $110

(Being return inventory is recorded)

Cash $525

       To Accounts Receivable $525

(being cash received)

Now the gross profit percentage is

Gross Profit Percentage 35.23%

= (Gross Profit ÷ Net Income)  

= ($700 - $175 - $450 + 110) ÷ ($700 - $175)

= 35.23%


Related Questions

After restarting a customers complaint the employee should A. Investigate the problem B. Take actin C. Listen to the customer D. Thank the customer for the complaint

Answers

I would say either C or D definitely one of those. Probably C. Please forgive me if I am wrong!

what is some ways to help people ?

Answers

By making a homeless shelter or just giving someone a compliment

When submitting your résumé using an online fill-in-the-blank form, why is it better to copy and paste text from your résumé, rather than re-type the text?

Answers

To eliminate the risk of typos.

Individual sections of a resume must be copied and pasted into a slot on a Fill-in-the-blank form.Because your resume should be excellent, you'll want to copy and paste as much as possible from your original resume to eliminate the risk of typos. Only use important text if necessary, and proofread thoroughly.

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common to this work. Note that common contexts are listed toward the top, and less common contexts are listed toward the bottom. According to O*NET, what are some common work contexts for Accountants? Check all that apply. pace determined by speed of equipment importance of repeating same tasks indoors, environmentally controlled deal with physically aggressive people telephone and electronic mail importance of being exact or accurate

Answers

Answer:

Note that common contexts are listed toward the top, and less common contexts are listed toward the bottom. According to O*NET, what are common work contexts for Actors? Check all that apply.

deal with physically aggressive people

exposed to hazardous equipment

contact with others

work with group or team

Explanation:

Answer:

A, B, E, F

Explanation:

The Graves Corporation was incorporated in 2018 and incurred a net op-erating loss of $35,000. The company’s operating income in 2019 was $47,000. Because of a downturn in the local economy, the company suffers a net operating loss of $21,000 in 2020. What is the treatment of the 2020 loss? How would your answer change if Graves were an S corporation?

Answers

Answer:

The 2018 loss was carried forward and decreased the corporation's tax liability during 2019. The 2020 loss should also be carried forward to offset any future gains and reduce future tax liabilities. A company can carry forward a loss indefinitely, since it is allowed to deduct a maximum of 80% of a future year's net income.

If this was an S corporation, it would be pass through entity that is not taxed directly, instead, the owners are taxed. Therefore, this $21,000 loss will be distributed proportionally among all the stockholders, and they must deduct their taxes independently.

Which statement best describes one way businesses participate in the
circular flow of goods?
A. Businesses trade goods between product and resource markets.
B. Businesses provide revenue to households that sell products.
C. Businesses create goods for product markets to sell.
D. Businesses provide the labor that works in resource markets.

Answers

Businesses create goods for product markets to sell is the statement best describes one way businesses participate in the circular flow of goods. Hence, option C is correct.

What is circular flow of goods?

The circular flow of goods shows the distribution of the goods and services between the production and households.

It is the never ending process of the circular flow between expenditure, income, production of goods and services.

Thus, option C is correct.

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Answer:

C. Businesses create goods for product markets to sell.

Explanation:

What are the costs and benefits to employers of being responsive to the applicant's perspective throughout the selection process?

Answers

Answer:

Selection Process is the process of finding the best fit applicant for any position in an organization.

The benefits to employees for being responsive to the applicant's perspective  throughout the selection process are:

a. It helps employers to understand the mindset of the applicant. Knowing the pulse(thinking process) of an applicant is very important.

b. It helps employers to select the right applicant.

c. It keeps them in good terms with the applicants. Even if an applicant does not get selected, he will not file a suit on the employer.  

The cost to employees for being responsive to the applicant's perspective  throughout the selection process are:

a. Being responsive to applicant will increases the chances of applicant misusing it. Which could be costly to employer.

b. Taking care of needs of the applicant's who come for interview is a cost to the company.

c. It takes lot of time and resources for the selection process per applicant which is a cost to the company.

Supply-side policies have proven that smaller government makes the economy more efficient. ​ Select one: True False

Answers

Answer:

The given statement is "False".

Explanation:

Supply-side policies include those strategies that increase the economic ability of an enterprise as well as the ability to manufacture. To increase supply-side efficiency, there are also many specific steps that somehow an authority may undertake. Any strategy that increases the economic capacity of a nation's infrastructure and therefore its ability to transfer should be under the supply-side legal framework.

Budgeting for Needs
Select the items that are needs from your credit card statement.
CREDIT CARD STATEMENT
Last Month


Groceries$200

Movie rentals$15

Concert tickets$120

Internet services$60

Fitness class$35

Go-kart racing$50

Answers

definitely groceries!
internet services maybe especially during a pandemic

hope this helps

The items that are needed from your credit card statement are Groceries $200, Internet Services $60 and Fitness Class $35. The correct options are a, d and e.

What is a credit card?

A credit card is a thin rectangular piece of plastic or metal issued by a bank or financial services company that allows cardholders to borrow funds with which to pay for goods and services with merchants that accept cards for payment.

Credit cards impose the condition that cardholders pay back the borrowed money, plus any applicable interest, as well as any additional agreed-upon charges, either in full by the billing date or over time.

In addition to the standard credit line, the credit card issuer may also grant a separate cash line of credit to cardholders, enabling them to borrow money in the form of cash advances that can be accessed through bank tellers, ATMs, or credit card convenience checks.

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What is the difference between a partner and a limited (silent) partner?

Answers

Answer:

see below

Explanation:

In a partnership business with general and limited partners, the general partners act as business owners, while the limited partners behave like investors. Limited partners are silent partners. They inject capital in the business and get to share in its profits. Limited partners are not engaged in managing the business affairs and have no voting rights. They have limited liability to the debts of the partnership.

General partners make all the business decisions on behalf of the business. They vote and have the right to get involved in managing the partnership. General partners have unlimited liabilities to the obligations of the partnership.

The use of alcohol and other drugs cause you to lose your?

Answers

Answer:

liver cells

Explanation:

it eats at your inner parts of the body in prolonged use

​Ashton is working on a project at PowerTek Inc., a well-known multinational corporation. He is using capital budgeting to estimate the project's future cash flows. He finds that the present value of the estimated future cash flows is greater than the cost of the project. How likely is he to gain approval from the board? Group of answer choices

Answers

Answer: A. He will quite certainly gain approval since the project has a positive net present value.

Explanation:

The options are:

A. He will quite certainly gain approval since the project has a positive net present value.

B. Approval is probable but not likely as he failed to account for the time value of money.

C. He will not gain approval as he failed to consider whether the project is leading edge or not.

D. Approval is probable but not likely as the project has been constructed on estimates instead of facts.

Capital budgeting is used to know whether the long term investment for a particular organization's is actually worth investing in or not by the company.

Based on the scenario in the question, since the present value of the estimated future cash flows is greater than the cost of the project, Ashton will quite certainly gain approval since the project has a positive net present value.

Becoming more efficient and minimizing start-up costs are ways to
A) Increasing net profit
B) Decreasing gross profit
C) Increasing gross profit
D) Decreasing net profit

Answers

The correct answer is d

Becoming more efficient and minimizing start-up costs are ways to Increase net profit. Thus the correct option is A.

What are startup costs?

The costs involved in establishing a new firm are known as startup costs. Equipment, registration fees, insurance, and taxes are startup expenses because they are needed when a business is first started up.

The start-up costs of a business should be low as the initial level there is high risk associated with the business. To reduce the startup costs it is important to do proper research and fix a budget for particular things.

After planning and things get implemented it is important to track every operation to minimize the cost and control the functions timely to help to perform efficiently with the resources.

A business can increase its profit margins without compromising quality, sales price, or product sales by improving the supply chain, manufacturing companies, staff, and facilities used in business.

Therefore, option A is appropriate.

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Timothy's company manufactures denim wear for young adults. He wants to understand how the trend is moving in this market. Which business
In his distribution value chain should he consult for the best market Intelligence regarding consumer preferences?
A. manufacturer
B. vendor
C. retailer
D. customer
E. distributor

Answers

Answer:

The actual answer is retailer

Explanation:

got it right on the test (plato user)

True or False: When writing a check, it is not necessary to write the amount of the check in numbers and words.

True
False

Answers

Answer:

false

Explanation:

Answer:

False

Explanation:


48. What is the economic process or activity of producing goods and
services? *
O A. Entrepreneurship
B. Factors of production
O C. Production
D. Scarcity

Answers

Answer:

O C. Production

Explanation:

Production is the organized activity of combining different materials (inputs) to make consumable goods and services. It is the process of converting resources to finished products and services for sale. Production occurs to meet the demand for the goods and services in the market.

Entrepreneurship involves the generation of an idea and transforming it into a profitable business. Factors of production are the inputs necessary for making goods and services. These factors of production (inputs) are the ingredients in the production process.

S&p enterprises has provided data from the first three months of the year. the controller has asked you to prepare the cash budget and the related schedules for expected cash collections and payments to suppliers. use the information included in the excel simulation and the excel functions described below to complete the task

Answers

Answer:

$34,600

Explanation:

Month : January ; February ; March

Cash Sales : 1600 ; 3750 ; 5100

Sales on Account : 25,000 ; 30,000 ; 40,000

Total Sales : 26,600 ; 33,750 ; 45,100

Account Receivable collections are:

Month of Sale : 15%

Month Following Sale : 60%

Second Month Following Sale : 22%

Uncollectables : 3%

Cash Collections:

January $5,500

February $18,000

March $6,000

Total Cash Collections March is $34,600

ints) During 2018, Falwell Inc. had 500,000 shares of common stock and 50,000 shares of 6% cumulative preferred stock outstanding. The preferred stock has a par value of $100 per share. Falwell did not declare or pay any dividends during 2018.Falwell's net income for the year ended December 31, 2018, was $2.5 million. The income tax rate is 40%. Falwell granted 10,000 stock options to its executives on January 1 of this year. Each option gives its holder the right to buy 20 shares of common stock at an exercise price of $29 per share. The options vest after one year. The market price of the common stock averaged $30 per share during 2018.What is Falwell's basic earnings per share for 2018, rounded to the nearest c

Answers

Answer: $4.34

Explanation:

The net income for diluted earnings per share will be calculated as:

Net income: $2,500,000

Less: preferred dividend: $300,000

= $2,200,000

To calculate the number of shares goes thus:

Total shares of stock options = 10,000 × 20 = 200,000 shares

Proceeds = 200,000 × $29

= $580,000

Shares of treasury stock will be:

= $580,000/$30

= 193,333 shares

Net shares added will be:

= 200000 - 193333

= 6667

Tge total shares for the diluted earnings per share will now be:

= 500,000 + 6667

= 506,667

The diluted earnings per share:

= $2,200,000/506667

= $4.34

The value of Terrah's personal residence has declined significantly because of a recent forest fire in the area where she lives. The fire was a Federally declared disaster. Terrah's house suffered no actual damage during the fire, but because much of the surrounding area was destroyed, the value of all of the homes in the area declined substantially.Can Terrah take a casualty loss for the decline in value of her residence caused by the fire?__ because the decline in value of her residence ___ meet the "sudden, unexpected, and unusual, progressive deterioration" requirement for a casualty loss

Answers

Answer:

No because the decline in value of her residence does not meet the "sudden, unexpected, and unusual, progressive deterioration" requirement for a casualty loss.

Explanation:

Terrah's house suffered no actual damage because of a recent forest fire in the area where she lives. Terrah cannot take a casualty loss for the decline in value of her residence caused by the fire as the decline in value of her residence dose not meet the "sudden, unexpected, and unusual, progressive deterioration" requirement for a casualty loss.

Final answer:

No because the decline in value of her residence does not meet the "sudden, unexpected, and unusual, progressive deterioration" requirement for a casualty loss.

describes employees who are allowed to work remotely.
Networked staff
Overtime employees
Telecommuting employees
Salaried employees

Answers

Answer:

Telecommuting employees.

Explanation:

There are numerous mediums or ways of working in the corporate world. telecommunication is one such way in which the employees are allowed to work from a remote place and do not necessarily need to come to the employer's office to do work.

Telecommunication is also known as work from home, remote work, flexible work, mobile work, etc. among others. This allows the employee to work in his/ her own space, comfort zone and also need not make them go through the hassle of traveling to and back from the office. This, in return, makes it good for the company to reduce costs be it in travel allowances, office space, and other amenities, etc.

Answer:

telecommuting employees

Explanation:

got it right on my quiz

Which statement best describes the economic relationship between
businesses and resource markets?
A. Businesses provide resource markets with human capital.
B. Resource markets provide the materials businesses need.
C. Resource markets sell the products businesses create.
O D. Businesses produce goods for resource markets to sell.

Answers

Answer:

B. Resource markets provide the materials businesses need.

Explanation:

A resource market is where businesses buy materials they require for the production of other goods. They are markets for inputs of production. Resource market contrast finished goods markets where customers buy consumer goods and services.

Resource markets are where businesses obtain the factor of production. Land, labor, and capital are purchased from the resource markets.

Community colleges and vocational schools offer programs in maintenance and repair.
A
True
B.
False

Answers

I think I answer would be true
The answer will be A True

The __________ is the percentage of sales leads that actually end up buying the product.
A.
Retention ratio
B.
Conversion rate
C.
Sales commission
D.
Market penetration value

Answers

Answer:

conversion rate

Explanation:

I tried to search up the answers on brainly and found it

Answer:

b.) conversion rate

Explanation:

just further confirmation

Why do countries pursue the macroeconomic goal of stable prices? O )A. Stable prices help businesses plan future economic decisions. OB. Stable prices result in a wealthier country overall O c. Stable prices create a lower per capita gross domestic product. D. Stable prices ensure that all citizens have jobs.​

Answers

Answer:

A

Explanation:

Having a stable prices gives way for country to plan for future plans without any issue of inflation

Answer:

A

Explanation:

What are Logistics careers?

Answers

Crucial to the supply chain of any business, logistics involves the timely delivery of freight and goods from one place to another, as well as the unloading and unpacking of this cargo. Logistics workers may perform duties including inventory control, pricing and ticketing, and merchandise assembly.

The total length of your apartment is 30 feet and the total width is 20 feet. What is the total area of the apartment?

Answers

Answer:

The answer should be 600

Explanation:

30x20=600

explain the working mechanism of syringe with clear diagram​

Answers

Pressure is used to operate a syringe. It is usually fitted with a hypodermic needle, nozzle, or tubing to help direct the flow into and out of the barrel. Plastic and disposable syringes are often used to administer medications.

Pressure is used to operate a syringe. It is usually fitted with a hypodermic needle, nozzle, or tubing to help direct the flow into and out of the barrel.

What is a syringe?

A syringe is a simple reciprocating pump that consists of a plunger that fits snugly inside a cylindrical tube known as a barrel. The plunger can be pulled and pushed along the inside of the tube, allowing the syringe to take in and expel liquid or gas through a discharge orifice at the tube's front end.

A syringe is a type of pump that consists of a sliding plunger that fits tightly inside a tube. Pulling and pushing the plunger inside the precise cylindrical tube, or barrel, allows the syringe to draw in or expel a liquid or gas through an orifice at the open end of the tube. Medication is frequently administered using plastic and disposable syringes.

Therefore, the working mechanism of syringe is explained with clear diagram.

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Listeners can show interest to the speaker by _____ occasionally while listening.


nodding

both a and c

looking away

interrupting

Answers

A. nodding

it shows that you agree with the speaker and what they’re saying

Need Help ASAP
List three (3) examples of workplace documents?

Answers

Emails Letter and Business Reports

Answer:

Messages, memorandums, minutes and agendas are usually workplace documents that are prepared for internal use. That is, these documents are only used and read by people inside your organisation

Explanation:

Explain two reasons why the team experienced the storming stage

Answers

Answer:

Every newly-formed team experiences the storming stage because of the usual conflicts that arise after the formation stage.  Naturally, different personalities make up a team.  When the personalities clash, conflict is experienced.  

Another reason for the storming stage is the competition that new team members exert on the team, especially with regard to team leadership and bonding.

Explanation:

The storming stage is the second and most important stage of team development.  It is marked by conflict and competition as individual personalities emerge.  The stage makes or mars the team development process.  After this stage, the team can then experience the three remaining stages of  norming, performing, and adjourning.

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