Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax’s sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $300,000. During 2021, Halifax sold merchandise on account for $11,500,000. Halifax’s merchandise costs it 65% of merchandise selling price. Also during the year, customers returned $450,000 in sales for credit, with $250,000 of those being returns of merchandise sold prior to 2021, and the rest being merchandise sold during 2021. Sales returns, estimated to be 4% of sales, are recorded as an adjusting entry at the end of the year. Required: 1. Prepare the entry to record the merchandise returns and the year-end adjusting entry for estimated returns. Note: Record the estimated returns at net amounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account f

Answers

Answer 1

Answer:

1. Prepare the entry to record the merchandise returns and the year-end adjusting entry for estimated returns.

to record returns from last year's sales:

Dr Refund liability 250,000

    Cr Accounts receivable 250,000

Dr Inventory ($250,000 x 65%) 162,500

    Cr Cost of goods sold 162,500

to record return liability for current year's sales:

Dr Sales returns and allowances ($11,500,000 x 4%) 460,000

    Dr Refund liability 460,000

Dr Refund liability 200,000

    Cr Accounts receivable 20,000

Dr Inventory ($200,000 x 065%) 130,000

    Cr Cost of goods sold 130,000


Related Questions

Revise the following sentences to conform to standard business communication principles. Add appropriate details as needed to complete the ideas. First, identify the error(s): if you want to order a copy of the training video call

Answers

Answer:

If you would like to purchase or rent a copy of the training video call please contact me.

Explanation:

you want to be as professional as possible

The HR department at Clearwater Electronics has been asked to develop a job description for a new managerial position in Dubai. Clearwater's policy states that subsidiary managers should be employees from the parent company. What benefits does the company hope to realize from this ethnocentric approach?

Answers

Answer:

Throughout the clarification segment below, clarification including its concern is defined.

Explanation:

A member of staff from either the parent organization would have working information on the policy changes but instead decisions of the organization, work ethics, and economic output, and therefore can help make sure compliance with company directives. An employee from either the parent organization would have a greater understanding of the business and therefore will guarantee that perhaps the laws of the organization being observed.

What has happened to China’s GPD since it began to reform its economy?

Answers

Answer:

it has grown substantially

Explanation:

in the past, China's government has total control over other economy. They failed to run it efficiently since the system provide no incentives for people to work harder and invents new things.

In the 1980s, china started to adopted some aspect of Capitalism and let the private sector grow their influence in the economy.

As a result, many people start to have incentives to contribute more to the economy. This system  basically allowed the citizens seek personal wealth for themselves, but they are indirectly improving the country's economy.

The career clusters can be defined as

A) all the jobs a person has their working life.
B) grouping of occupations and broad industries based on commonalities.
C) all the tasks a worker has at a single job.
D) all the undergraduate majors at a typical university.

Answers

Answer:

B

Explanation: It is not D because it has nothing to do with a career. It is not C because it it talking about a task for a worker not a career. It is not A because it is only saying about how the jobs can be a working life (not a definition)

A trait is a character quality. True or False

Answers

a trait is a character quality. so it is true

Answer:

true

Explanation:

For this assignment, you will create a budget using the Cost of Living Worksheet. (Do not round any percentages.)

Cost of Living Worksheet
Your job: Sales Representative
Average Salary: $36,000 annually / $3,000 monthly. Note: these are pre-tax amounts, so your take-home pay will be roughly $2,000 monthly.

Based on your salary, what percentage of your monthly take-home pay will go to each of the following expenses? You will use $2,000 as your total take-home pay for the month.

Instructions: Fill in the last column with the correct percentage. The first one, the apartment, has already been done for you. The apartment is $500/$2000 = .25. So, 25% of your monthly total take-home pay goes towards rent. Complete and submit your assignment to 04.01 Your Money Now.

Expense Amount Paid % of total take-home pay of $2,000 per month
Apartment Rent (1 bedroom, 1 bathroom apartment) $500/month 25%
Car Payment (purchased used 4-door sedan) $250/month
Insurance (renter’s insurance, car insurance, health/dental insurance) $200/month
Gas/Parking $200/month
Groceries $360/month
Utilities (electricity, water, gas, garbage, cable) $80/month
Clothing budget $50/month
Entertainment (movies, eating out, etc.) $50/month
Savings Account $150/month
Emergency Fund (car accident, sick leave, house fire, etc.) $115/month
Total expenses $1,955/month

Answers

Answer

1- 25%

2- 12.5%

3- 10%

4- 10%

5- 18%

6- 4%

7- 2.5%

8- 2.5%

9- 7.5%

10- 7.5%

Total expenses =97.75%

Explanation:

You divide everything,So for example 500 divided by 2000=0.25

Then you turn it into a % so 25%

HOPE THIS HELPS

Answer:

Answer

1- 25%

2- 12.5%

3- 10%

4- 10%

5- 18%

6- 4%

7- 2.5%

8- 2.5%

9- 7.5%

10- 7.5%

Total expenses =97.75%

Explanation:

Unethical business practices often result in Group of answer choices decreased internal problems and increased financial risk. increased customer retention and decreased internal problems. decreased customer retention and increased financial risk. increased customer retention and decreased financial risk.

Answers

Answer:

decreased customer retention and increased financial risk.

Explanation:

When businesses doing their business in an ethical way so it would lead into the financial risk also at the same time the business lose its image, reputation, goodwill in terms of the general public.

When there is an unethical business practices so in this case the customer retention is also fall as it lose the customer trust and confidence in the company

Therefore the third option is correct

A middle school took all of its 6th grade students on a field trip to see a ballet at a theater that has 2500 seats. The students filled 2275 of the seats in the theater. What percentage of the seats in the theater were filled by the 6th graders on the trip?

Answers

Answer:

91 %  of the seats in the theater were filled by the 6th graders on the trip.

Explanation:

Total number of seats = 2500

Number of seats occupied = 2275

Percentage of seats filled = 2275/2500 * 100

                                             = 91%

91 %  of the seats in the theater were filled by the 6th graders on the trip.

The percentage is taken out by dividing the number of seats occupied with the total number of seats available and multiplying it with 100.

The answer should be 91%

HELP PLEASE. PLEAASEEEE

WHICH OF THE FOLLOWING IS A TOTAL COST OF BUYING OR PRODUCING THE FIRM’S GOODS OR SERVICES.
A GROSS EXPENSE
B OPERATING EXPENSE
C NET EXPENSE
D COST OF GOODS SOLD

Answers

Answer:

COGS

Explanation:

Answer:

Answer is cost of goods sold

PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST) PERSONAL & FAMILY FINANCE

What is one statement that economists would say is INCORRECT?




Society’s resources are limited.




People usually put their own interests as their first priority.




The stock market only affects people who invest in it.

Answers

Answer:

Society’s resources are limited.

Explanation:

i think????

my dad is an invester in the stock market so im  just tryna think what he would say      

Answer:  D. The stock market only affects people who invest in it.

Explanation:

Just took a quiz, "The stock market only affects people who invest in it" that's the correct answer, good luck ;)

Which tool of monetary policy allows the Federal Reserve to increase the
money supply?
A. Increasing the discount rate on short-term loans
B. Selling treasury securities on the open market
C. Reducing the reserve requirement on banks
D. Raising interest on reserves paid to banks

Answers

Answer:

C. Reducing the reserve requirement on banks

Explanation:

The Federal Reserve( Fed) expects commercial banks to maintain a percentage of customer deposits in their custody. The amount that the banks keep is known as reserves. The Fed sets the percentage of deposits to be held as reserves. The Fed may adjust this percentage in line with its monetary objectives.

By reducing the reserve requirements percentage, commercial banks remain with a bigger portion of deposits that they lend out. It means banks will issues out more loans to customers. An increase in lending adds more money to the economy. Reducing the reserve requirement increases the money supply in the country.

If Kaylee has 5 followers on Pinterest and she adds one more, how many does she have?

Answers

Answer:

6

Explanation:

Answer:

6

Explanation:

Suppose you are an analyst in the oil refinery industry and are responsible for estimating the equilibrium price and quantity of home heating oil. To do so, you must consider factors that can affect the supply of and demand for heating oil. Determinants of the demand for heating oil include household income, the price of an oil furnace (a complementary good for heating oil), and the price of natural gas (a substitute good for heating oil). Determinants of the supply of heating oil include the cost of crude oil and the cost of refining crude oil into home heating oil.

Answers

Please find attached full question

Answer and Explanation:

Equilibrium price refers to the price in the market at which quantity demanded equal to quantity supplied. The price is indicated by the price level where the demand and supply curve intersect. We see that the price in our graph is $40 where demand and supply intersect

Equilibrium quantity is the quantity in the market where the quantity demanded is equal to quantity supplied. This is indicated by the quantity that meets the intersection in the graph. Our equilibrium quantity is therefore 80000 barrels

Monetary policy refers to the actions a government takes to control the __________ and achieve __________.

Answers

Answer:

Monetary policy refers to the actions a government takes to control the money supply and achieve steady and sustainable economic growth.

Explanation:

Monetary policy refers to the central bank's activities of regulating the money supply to achieve desired macroeconomic objectives. The government aims at steady and sustainable economic growth. The central bank analyzes economic data information from various government agencies to understand the state of the economy. The bank then applies suitable monetary policies to influence the direction of the economy.

Monetary policies are categorized as expansionary or contractionary.  Expansionary monetary policies are used during recessions to stimulate economic growth and create employment. Contractionary monetary policies apply in curbing inflation and moderating the growth rate.

7. Sharon spent the weekend with her friend Amelia. Amelia proposed a plan for shoplifting CDs from a local music store. Sharon was to go to the store clerk, say she felt ill, and then pretend to faint. This distraction would allow Amelia, at the other end of the store, to place CDs in her shopping bag without risk of being seen. At first Sharon said she could not do something like that because it is against the law. Amelia argued that Sharon would not be breaking the law, only Amelia would. Is Amelia right? If a person can think of a way to profit by violating the law without risk, what reasons are there for not breaking the law?

Answers

Answer: Amelia is wrong because she is a partaker in the crime.

Explanation:

When gang members rob a shop, not all do the robbing at the same time, some drive the robbers, some stay on guard to watch the situation, and they are those that rob, but when they are caught, the law prosecutor goes for all of them involved because they acted as a team to carry out such act. It is same with this scenario, anyone who is fully aware and supported any criminal acts is considered a violator of the law. All people who participated in a criminal act is guilty of the crime.

However, it will only be punishable if there are witnesses and evidence to show that they partook in the event.

Shirine has been debating between two career pathways in finance. She creates a Venn diagram to compare the two careers. In a Venn diagram, the separate circles contain characteristics unique to each item being compared and the intersection contains characteristics that are common to both items being compared. This is the Venn diagram that Shirine creates: A Venn diagram. Title 1 has Sets up and oversees customer accounts; Analyzes how much to grant in loans; Possible Careers: Teller, Loan Officer, Credit Checker. Title 2 has Analyzes how to grow customers' money; Deals with securities and commodities; Possible Careers: Personal Finance Advisor, Treasurer, Risk Management Analyst. The area of overlap has Deals with money, Works with customers. Which accurately labels the titles in Shirine’s diagram? Title 1 should be Investment Career Pathway, and Title 2 should be Banking Career Pathway Title 1 should be Banking Career Pathway, and Title 2 should be Investment Career Pathway Title 1 should be Banking Career Pathway, and Title 2 should be Financial Management Career Pathway Title 1 should be Financial Management Career Pathway, and Title 2 should be Investment Career Pathway

Answers

Answer:

d

Explanation:

Answer:

Its C

I hope it is C

Explanation:

what's the difference between corporate and personal stewardship​

Answers

Answer:

Corporate Stewardship

Corporate stewardship is the companies responsibility to be cognizance of and to mitigate the impacts of their activities on the environment by following through on a number of activities

A company may improve on their sustainable practices, corporate reputation and savings by carrying out their corporate stewardship

Personal Stewardship

Personal stewardship refers acts of volunteering time or talents in order to assist others and giving out to the community in order to make the future better. Stewardship is the act of giving back to society in appreciation for what we have been given. Individuals need to strive hard to attain a reasonable level of stewardship

Explanation:

The gap of difference that can be associated with corporate and personal stewardship is that;

Corporate stewardship are companies, organization who take responsibility to manage their impacts on the environment while Personal Stewardship invoice individuals which devote time and skill to help the society for better future

Personal stewardship can be regarded as a process which involves individuals in the society who volunteer him/her self to assist others and influence the community to make a better tommorow.

It can be explained as giving back to the society.

Corporate stewardship can be explained as actions that is been taken by companies or organization which helps them to be manage their impact in the environment is better way

Therefore, personal stewardship involve individuals while corporate stewardship involves organization, companies that want to make impact on the society.

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What's the main reason to use a personal budget?
O A. To keep costs below benefits
O B. To stay out of debt
C. To appropriate discretionary funds
O D. To maximize investment returns

Answers

Answer: B, stay out of debt

Explanation: A budget reveals areas where you're spending too much money so you can refocus on your most important goals. A budget can keep you out of debt or help you get out of debt. A budget actually creates extra money for you to do use on things that matter to you.

B because the whole point of having a budget is to make sure you don’t over spend and to make sure your spending enough money on everything you need

How do your parent(s) or guardian(s) and your own spending and saving habits
compare and contrast from one another? Write the similarities and differences.

Answers

Answer:

I spend more than them ngl lol dead

Explanation:

My parents are the ones who pay for the gas, bills, buying groceries, and other necessities using the money that they earn. I save all the money I earn from my job and seldom buy stuff compared to my parents. The few purchases I made were not necessary for me to survive, but I really wanted it. My parents and I always consider the price of something before we buy it so as to not waste money. Also, we always try to save up some of our money as well.

BRUH THIS THING LOGGED ME OUT WHAT IS GOING ON

Answers

Answer:

?????????????

Explanation:

???????????

Did you figure out why?

1.5. Elaborate on the meaning of induction and explain its purpose.

Answers

Induction in business can be defined as the process of acquainting new employees with your business in a workplace.

It has to do with helping this new employees to settle in and as well enlightening/orientating them with information they need/require necessary for them to become valuable team members to achieve set goals.

Induction generally help employees to acclamatise and as well adjust to their jobs and working environment as well.

FUNCTIONS

- To help the employees learn the policies the guide the business or organization.

- To help the employees learn the practices the business or organization is concerned with.

- Induction help employees to quickly learn the practices of a business or Organization.

- It also enlightens the employees on the ethics and ettiquettes guilding the business or organization.

- To make the employees uñderstand the systems and procedures that are followed by the business or organization.

- It also help new employees to settle down rapidly as well as gives them a sense of belonging.

Three types of Induction exists which are; General Induction Programme, Specific Orientation Programme and Follow-up Induction Programme.

How would you explain the large increase in 2019 dividends? The large increase in free cash flow from 2018 to 2019 explains the large increase in 2019 dividends. The large increase in net income from 2018 to 2019 explains the large increase in 2019 dividends. The large increase in EBIT from 2018 to 2019 explains the large increase in 2019 dividends. The large increase in sales from 2018 to 2019 explains the large increase in 2019 dividends. The large increase in retained earnings from 2018 to 2019 explains the large increase in 2019 dividends.

Answers

Answer: The large increase in free cash flow from 2018 to 2019 explains the large increase in 2019 dividends

Explanation:

Dividends are the rewards that are given to the shareholders of a company which can be in form of cash, stock etc.

The dividend for the company in 2018 was lower while the 2019 dividend was much higher. The reason for the large increase in the 2019 dividend is due to the increase in the free cash flow from 2018 to 2019.

It should be noted that free cash flow simply means the cash that remains when the company has paid for its expenditures. In this case, since the amount left is large, it also invariably resulted in a larger dividend in 2019.

Answer:

adnjankasaaadadaa

Explanation:

Which economic tool would most likely be used as part of an expansionary
monetary policy?
O A. Selling treasury securities
B. Raising the reserve requirement
C. Reducing the discount rate
D. Increasing interest on reserves

Answers

Answer:

C. Reducing the discount rate

Explanation:

Expansionary monetary policies are macroeconomic undertakings by the Federal Reserve that aim at stimulating economic growth in the economy. Expansionary policies result in an increased flow of money in the country, which increases the aggregate demand.

The discount rate is the rate at which the Federal Reserve (the Fed ) charges commercial banks for advancing them credit. Reducing the discount rate makes loans from the Fed more affordable. Commercial banks will opt to borrow from the Fed at lower rates and lend out to households and firms at a higher interest rate, thereby making profits. Reducing the discount rate increases the money available for banks to lend out. Households and businesses will borrow this money for development and investments, which ignites economic growth.

Answer:

reducing the discount rate

Explanation:

ap3x

It's helpful to write a company's mission statement in what way? A. By comparing the company's products to its competitors B. By listing the company's values C. By describing what the company does for its customers D. By providing a list of product prices

Answers

Answer:

C

Explanation:

It's helpful to write a company's mission statement by describing what the company does for its customers. Hence, option C is appropriate.

What is the mission statement?

A "mission statement" is characterized as an action-based declaration of an organization's goal and its approach to serving customers. This can occasionally include an explanation of the business, how it operates, and its goals. The objective of your business is succinctly summed up in your mission statement.

Readers should feel that your mission statement is current rather than historical. Write "[Your firm] manufactures [your products] to improve your quality of life" as opposed to "These [your products] are created by [your company name] to improve your life."

A mission statement's main function is to focus on and guide the company. To provide them with a shared knowledge of the organization's desired path, it primarily communicates to the people that make up the company members or employees.

Hence, option C is appropriate.

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What mean by material?​

Answers

Answer:

a substance that can be used for making or doing something

कुछ बनाने या कुछ करने के लिए प्रयुक्त पदार्थ, सामग्री, माल, सामान

raw materials raw materials

2.

cloth (for making clothes, etc.)

कपड़ा (पोशाक आदि बनाने के लिए)

Is there enough material for a dress? Is there enough material for a dress?

adjective

1.

connected with real or physical things rather than the spirit or emotions

भौतिक (न कि आध्‍यात्मिक या भावनात्‍मक)

We should not value material comforts too highly. We should not value material comforts too highly.

2.

important and needing to be considered

महत्वपूर्ण और विचारणीय

how many ig followers do i have alexamaldonadoo go quick ill give brainliest

Answers

1,244 but ima follow so 1,245

Why is creating an entrepreneurial team a good idea?

Answers

It's essential, therefore, that they can work together, communicate, and collaborate effectively. Building a team with fellow business professionals you respect and admire is importance

Why should you look for information about the company’s mission and values? A. You don’t need to do that at all unless you are interested. B. The interviewer will ask about this in the interview. C. Most interviews require it, and you will be asked to sign an agreement. D. You should check to see if they align with yours and as a basis for a possible question. Please select the best answer from the choices provided A B C D

Answers

D. You should check to see if they align with yours and as a basis for a possible question

Answer:

d

Explanation:

If an 80,000 seat stadium is 90% full, how many tickets were sold?

Answers

72,000 I think because 90% of 80,000 is 72,000

When there is a stadium that has a seating capacity of eighty thousand people, if it is full with almost ninety percent. Then the number of seats that are more available are seventy two thousand.

What is a stadium?

A stadium is a location or venue for outdoor sports, concerts, or other events. It consists of a field or stage that is either totally or partially encircled by a tiered structure that enables spectators to stand or sit and watch the event.

The stadium is a very big, mostly roofless structure that hosts sporting events, concerts, and other events and has a sizable open area surrounded by several rows of seats.

Stadium, a building with a big seating capacity for spectators as well as a wide space for sporting events and other shows.

80,000 × 90÷ 100 = 72,000

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How to get out of debt

Answers

Pay it off or go to court and have it removed

Hope this helps you
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