![Business](/tpl/images/cats/ekonomika.png)
Statz Company had sales of $1,800,000 and related cost of goods sold of $1,050,000 for its first year of operations ending December 31, 20Y1. Statz provides customers a refund for any returned or damaged merchandise. At the end of 20Y1, Statz Company estimates that customers will request refunds for 1.8% of sales and estimates that merchandise costing $12,000 will be returned. Assume that on February 3, 20Y2, Buck Co. returned merchandise with an invoice amount of $4,800 for a cash refund. The returned merchandise originally cost Statz Company $3,200.
Required:
a. Journalize the adjusting entries on December 31, 20Y1, to record the expected customer returns.
b. Journalize the entries to record the returned merchandise and cash refund to Buck Co. on February 3, 20Y2.
![answer](/tpl/images/cats/otvet.png)
Answers: 3
Other questions on the subject: Business
![image](/tpl/images/cats/ekonomika.png)
Business, 21.06.2019 21:00, kenneditomejia
Which of the following statements is correct? a) due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u. s. businesses (in terms of number of businesses) are organized as corporationsb) most businesses (by number and total dollar sales) are organized as proprietorships or corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, primarily because corporations have important tax advantages over proprietorships and partnerships. c) due to legal considerations related to ownership transfers and limited liability, which affect the ability to attract capital, most business (measured by dollar sales) is conducted by corporations in spite of large corporations' less favorable tax treatmentd) large corporations are taxed more favorably than proprietorshipse) corporate stockholders are exposed to unlimited liability
Answers: 2
![image](/tpl/images/cats/ekonomika.png)
Business, 21.06.2019 23:30, rbriezz
The uno company was formed on january 2, year 1, to sell a single product. over a 2-year period, uno’s acquisition costs have increased steadily. physical quantities held in inventory were equal to 3 months’ sales at december 31, year 1, and zero at december 31, year 2. assuming the periodic inventory system, the inventory cost method which reports the highest amount for each of the following is inventory december 31, year 1/ cost of sales year 2 a: lifo fifo b: lifo lifo c: fifo fifo d: fifo lifo
Answers: 3
![image](/tpl/images/cats/ekonomika.png)
![image](/tpl/images/cats/ekonomika.png)
Business, 22.06.2019 11:30, fjjjjczar8890
Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.
Answers: 2
Do you know the correct answer?
Statz Company had sales of $1,800,000 and related cost of goods sold of $1,050,000 for its first yea...
Questions in other subjects:
![Konu](/tpl/images/cats/himiya.png)
Chemistry, 07.10.2021 22:20
![Konu](/tpl/images/cats/en.png)
English, 07.10.2021 22:20
![Konu](/tpl/images/cats/biologiya.png)
Biology, 07.10.2021 22:20
![Konu](/tpl/images/cats/informatica.png)
Computers and Technology, 07.10.2021 22:20
![Konu](/tpl/images/cats/istoriya.png)
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/obshestvoznanie.png)
Social Studies, 07.10.2021 22:20
![Konu](/tpl/images/cats/mat.png)
![Konu](/tpl/images/cats/istoriya.png)