John's specialty store uses a periodic inventory system. the following are some inventory transactions for the month of may 2013:

1. john's purchased merchandise on account for $5,400. freight charges of $500 were paid in cash.

2. john? s returned some of the merchandise purchased in (1). the cost of the merchandise was $800 and john? s account was credited by the supplier.

3.merchandise costing $3,000 was sold for $5,600 in cash
prepare the necessary journal entries to record these transactions. (if no entry is required for a particular transaction, select "no journal entry required" in the first account field.)

record the purchased merchandise on account for $5,400
record the payment of freight charges for $500.
record the purchase return for $800.
record the merchandise sold for $5,600.
record the entry of cost of goods sold.

Which of the following statements is true about financial planning

Employees of dti, inc. worked 1,600 direct labor hours in january and 1,000 direct labor hours in february. dti expects to use 18,000 direct labor hours during the year, and expects to incur $22,500 of worker’s compensation insurance cost for the year. the cash payment for this cost will be paid in april. how much insurance premium should be allocated to products made in january and february?

Which of the following statements is correct? a. two firms with identical sales and operating costs but with different amounts of debt and tax rates will have different operating incomes by definition. b. free cash flow (fcf) is, essentially, the cash flow that is available for interest and dividends after the company has made the investments in current and fixed assets that are necessary to sustain ongoing operations. c. retained earnings as reported on the balance sheet represent cash and, therefore, are available to distribute to stockholders as dividends or any other required cash payments to creditors and suppliers. d. if a firm is reporting its income in accordance with generally accepted accounting principles, then its net income as reported on the income statement should be equal to its free cash flow. e. after-tax operating income is calculated as ebit(1 - t) + depreciation.