BUSINESS COLLEGE

On June 10, Marin Company purchased $8,400 of merchandise from Cullumber Company, on account, terms 3/10, n/30. Marin pays the freight costs of $380 on June 11. Goods totaling $500 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Cullumber Company in full, less the purchase discount. Both companies use a perpetual inventory system.Prepare separate entries for each transaction on the books of Cullumber Company

Answers

Answer 1

Answer:

Answer:

Debit Credit

June 10 Accounts Receivables $8400

Merchandise $8400

June 12 Merchandise $500

Accounts Receivables $500

June 19 Cash 7663

Discount 237

Accounts Receivables $7900

Explanation:

Answer 2

Answer:

Final answer:

The transactions in Cullumber's books include sales revenue, accounts receivable, sales returns and allowances, and finally a cash entry alongside sales discounts when Marin pays the balance due.

Explanation:

The transactions on the books of Cullumber Company would be recorded as follows:

On June 10, Marin Company purchases $8,400 worth of goods. In the books of Cullumber, this would be recorded as: Accounts Receivable - Marin Company $8,400andSales Revenue $8,400
On June 11, Marin pays freight costs of $380. This has no effect on the entries in the books of Cullumber Company.
On June 12, Goods totaling $500 are returned by Marin. This would be recorded as: Sales Returns and Allowances $500 and Accounts Receivable - Marin Company $500
On June 19, Marin pays off the balance less the purchase discount. The payment can be recorded as: Cash $7,621, Sales Discounts $279 and Accounts Receivable – Marin Company $7,900. The sales discount is (3% of $8400-$500) = $279.

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A gas station with only one gas pump employs the following policy: If a customer has to wait to buy the gasoline, the price is $3.50 per gallon. If she does not have to wait to buy the gasoline, the price is $4.00 per gallon. Customers arrive according to a Poisson process with a mean rate of 20 per hour. Service times at the pump have an exponential distribution with a mean of 2 minutes. Arriving customers always wait until they can eventually buy gasoline. Determine the expected price (in $) of gasoline per gallon. Group of answer choices

Answers

Answer:

Explanation:

The arrival rate (λ) = 20 customers per hour. Since the service times at the pump have an exponential distribution with a mean of 2 minutes, therefore the service rate (μ) = 60 / 2 = 30 customers per hour.

The probability of the no customers being in the system(P₀) is given as:

$P_0=1-(\lambda)/(\mu) =1-(20)/(30)=1-0.67=0.33$

If no customer is in the system we can sell gasoline for $4/gallon to the next customer. The expected price p of gasoline is given by:

$P=P_0*4+(1-P_0)3.5=0.33*4+(1-0.33)3.5=1.32+2.345=3.665$

P = $3.665 per gallon

Barkley’s Resort had 2,000 shares of $20 par value common stock outstanding. On June 1, Barkley’s purchased 200 shares of treasury stock at $21 per share and later reissued them for $22 per share. Which amount of profit from the reissuance will be reported?

Answers

Answer:

NONE

Explanation:

The treasury stock sales increase additional paid-in capital treasury stock. It do not generate net income the stokc are part of equity transactions. They cannot generate a gain, the differnece in value betwene cost and reissuance of the shares will be adjusted against additional paid-in capital Treasu Stock as state before.

Perfect Confectionery Co. expects to earn $3.20 per share during the current year, its expected dividend payout ratio (i.e., the proportion of earnings paid out as dividend) is 60%, its expected constant dividend growth rate is 5.0%, and its common stock currently sells for $30.00 per share. New stock can be sold to the public at the current price, but a flotation cost of 10% would be incurred. What would be the cost of equity from new common stock? 10.73% 11.29% 11.82% 12.11% 12.67%

Answers

Answer:

Correct answer is 12.11%

Explanation:

expected dividend =$3.2*60%

=$1.92

Hence cost of equity from new common stock=(D1/Current price(1-Floatation cost)+Growth rate

=1.92/(30(1-0.1))+0.05

=(1.92/27)+0.05

which is equal to

=12.11%(Approx).

Answer: 12.11%

Explanation:

GIVEN THE FOLLOWING ;

Earning per Share = $3.20

Expected dividend pay out ratio.(proportion of earning paid out as interest.)

Cost of stock per share = $30

Dividend growth rate = 5%= 0.05

Floatation cost = 10% = 0.1

Cost of equity=(dividend/(Current price(1-Floatation cost)) +Growth rate

Cost of Equity =[ (1. 92÷(30(1 - 0.1)) + 0.05

Cost of equity = [ (1.92 ÷ (30(0.9)) + 0.05

Cost of equity = (1.92 ÷ 27) + 0.05

Cost of equity = 0.07111111 + 0.05 = 0.121111

0.12111 × 100 = 12.11%

Bakery a sells bread for $2 per loaf that costs $0.50 per loaf to make. bakery a gives a 70% discount for its bread at the end of the day. what is the salvage value of its bread?

Answers

Answer: $0.60

Price per loaf: $2

Discount given for its bread at the end of the day= 70%

Solution:

Salvage value is the estimated resale value of a product at the end of its useful life. Since theuseful life of the loaf is 1 day and it was sold at the end of the day at 70%off, the salvage value is

$2 × (1 - 70%)

$0.60.

Final answer:

The salvage value of the bread from Bakery A at the end of the day, following a 70% discount, is $0.10 per loaf. This is calculated by subtracting the cost to make the bread ($0.50) from the discounted selling price ($0.60).

Explanation:

The salvage value of the bread from Bakery A can be calculated by subtracting the cost of production from the discounted selling price. The initial selling price of the bread is $2.00, and the cost to make a loaf is $0.50. However, at the end of the day, Bakery A gives a 70% discount on its bread. So, the discounted selling price is now 30% of the initial price, which is $2.00 * 0.30 = $0.60.

Given that the cost to make the bread is $0.50, the salvage value of the bread is the discounted selling price of $0.60 minus the cost to make the bread which is $0.50. So, the salvage value is $0.60 - $0.50 = $0.10.

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You are considering acquiring a common stock that you would like to hold for one year. You expect to receive both $2.50 in dividends and $28 from the sale of the stock at the end of the year. The maximum price you would pay for the stock today is ________ if you wanted to earn a 15% return. Group of answer choices $24.11 $27.50 $23.91 $26.52 None of the options are correct.

Answers

Answer:

$26.52

Explanation:

The computation of the maximum price for paying for the stock today is shown below:

As we know that

Required rate of return = (Sale of the stock - maximum price + dividend received) ÷ (maximum price)

0.15 = ($28 - maximum price + $2.50) ÷ (maximum price)

0.15 × maximum price = $28 - maximum price + $2.50

So, the maximum price is $26.52

We simply applied the above formula

In the case below, the original source material is given along with a sample of student work. Determine the type of plagiarism by clicking the appropriate radio button. Original Source Material

Student Version

To summarize, the elaboration model of instruction starts by presenting knowledge at a very general or simplified level in the form of a special kind of overview. Then it proceeds to add detail or complexity in "layers" across the entire breadth of the content of the course (or curriculum), one layer at a time, until the desired level of detail or complexity is reached.

References:
Reigeluth, C. M. (1999). The elaboration theory: Guidance for scope and sequence decisions. In C. M. Reigeluth (Ed.), Instructional design theories and models: A new paradigm of instructional theory (Vol. II, pp. 425-453). Hillsdale, NJ: Lawrence Erlbaum.

They soon switched to a model based on the elaboration theory (Reigeluth, 1999). Using this approach, the game would begin with a level that offered the simplest version of the whole task (the epitome); subsequent levels would become increasingly more complex--an approach common to videogames--with opportunities for review and synthesis.

References:
Reigeluth, C. M. (1999). The elaboration theory: Guidance for scope and sequence decisions. In C. M. Reigeluth (Ed.), Instructional design theories and models: A new paradigm of instructional theory (Vol. II, pp. 425-453). Hillsdale, NJ: Lawrence Erlbaum.

Which of the following is true for the Student Version above?

a)Word-for-Word plagiarism

b)Paraphrasing plagiarism

c)This is not plagiarism

Answers

Answer:

The correct answer is letter "C": This is not plagiarism.

Explanation:

Plagiarism is the act of taking someone else's work and make it appear as if it belongs to another party. It also implies paraphrasing words from an article or changing the order of some of the words to give it a genuine look. Plagiarism is considered a misdemeanor but can be penalized.

The student's version in the example is not plagiarism because the source from where the student takes the reference of the elaboration theory is mentioned:

They soon switched to a model based on the elaboration theory (Reigeluth, 1999).

Thus, the student is recognizing that the conclusion was taken from another resource. The rest of the student's paragraph is related to another field of study - videogames - making a unique version only relating the theory.

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Leilani enters into a contract with Metro Taxi Company to work as a cabdriver. Under the plain meaning rule, if the contract’s writing is clear and unequivocal, the meaning of the terms must be determined from a. any relevant extrinsic evidence. b. only evidence not contained in the document. c. the later testimony of the parties. d. only the face of the instrument.

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A company began its fiscal year with inventory of $186,000. Purchases and cost of goods sold for the year were $945,000 and $982,000, respectively. What was the amount of ending inventory?