Reference no: EM13969343
On September 20, Courtland Company purchased merchandise from Cox Supply Company for $3,650 FOB shipping point with credit terms 2/10/n/30. Culver Freight Company charged $350 to deliver the merchandise, which Cortland paid on 20 September. Courtland records freight charges directly into merchandise inventory. Courtland paid Cox for the merchandise on September 30. On October 1, Courtland Company sold merchandise in the amount of $5,800 to Carter Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Courtland uses the perpetual inventory system. On October 4, Carter returned some of the merchandise, which is returned to inventory. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. On October 31 Carter paid Courtland for merchandise purchased.
Required:
1) Prepare the journal entry or entries that Courtland will make on the following dates: September 20 and 30 and October 1, 4, and 31, assuming that payments made within the discount period will have discounts taken.
2) What are the: 1) gross margin (profit), and 2) cost of goods sold, and 3) gross margin (profit) percentage, and 4) cost of goods sold percentages on the Carter sales?
The information technology division of a state university
: You are consulting for the information technology division of a state university to guide and facilitate the design of a new system for handling college applications, which has previously been handled entirely with a paper-based process. They would l..
|
How are the following organizations and documents related
: How are the following organizations and documents related?
|
Determine the firms profit maximizing quantity
: Determine the firms profit maximizing quantity. Show your outcome on a graph. What is the firm's profit? Compute the point-elasticity of demand at the profit-maximizing output.
|
Identify and describe the spo model of quality
: Identify and describe the SPO model of quality. Why is it important to measure both process and outcomes? What challenges do we face in developing consistent and comprehensive process and outcome measures for doctors and health care institutions?
|
Courtland for merchandise
: On October 4, Carter returned some of the merchandise, which is returned to inventory. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. On October 31 Carter paid Courtland for merchandise purchased.
|
Developing common set of ethical standards
: How the United States and the international community are developing a common set of ethical standards and discuss some of the challenges faced by the two governing bodies. Make a recommendation on at least five fundamental guidelines that you believ..
|
What is the major role of promotion
: How is using social media to connect with other businesses and consumers different from the top-down traditional advertising approach used with television and magazine ads? Identify and describe the major ingredients of promotion mix. What is the maj..
|
How many moles of oxygen (o
: How many moles of oxygen (O) are in 1 mole of calcium carbonate (CaCO3)?
|
Discuss the importance of using the mcmi-iii
: Discuss the importance of using the MCMI-III when assessing the mental status of a client. Can the MCMI-III be useful in assessing emotional status as well
|