The united states department of agriculture (usda) found that the proportion of young adults ages 20–39 who regularly skip eatin

take advantage of the strengths of others

Peanut prices in Malaysia would be expected to rise.

The total value of the inventory lost in the tornado is $105,700. Explanation: The relationship is captured in this equation: Beginning inventory + inventory purchases + Gross profit = Sales + ending inventory. Plugging in the figures, $228,350 + $199,400 + $322,050 = $644,100 + ending inventory resolves to $749,800 = $644,100 + ending inventory. Thus, determining that the ending inventory amounts to $749,800 - $644,100 results in $105,700. The gross profit is calculated as Gross profit percentage multiplied by sales: 50% multiplied by $644,100 yields $322,050. Since the inventory was destroyed in the tornado, we assume the ending inventory lost corresponds to $105,700.

Answer:

Schrand Aerobics, Inc.

a. Journal Entries:

Debit Accounts Payable $600

Credit Cash $600

To document the cash payment.

Debit Rent $3,600

Credit Cash $3,600

To document the cash payment.

Debit Accounts Receivable $11,500

Credit Service Revenue $11,500

To record the client billing.

Debit Advertising $500

Credit Accounts Payable $500

To document promotional expenses.

Debit Cash $10,000

Credit Accounts Receivable $10,000

To register the cash received.

Debit Wages $2,400

Credit Cash $2,400

To register the cash paid.

Debit Utilities $680

Credit Accounts Payable $680

To document utility costs.

Debit Interest $20

Credit Cash $20

To register interest payment on notes payable.

Debit Retained Earnings $900

Credit Cash $900

To document dividend payment.

Debit Equipment $4,000

Credit Cash $4,000

To document cash used for purchasing sound equipment.

b. T-Accounts:

Cash

Description                 Debit       Credit         Balance

Balance                                                        $5,000

Accounts payable                        $600        4,400

Rent                                              3,600           800

Accounts receivable 10,000                        10,800

Wages                                          2,400        8,400

Interest                                              20        8,380

Dividend                                         900         7,480

Equipment                                  4,000         3,480

                             

Accounts Receivable

Description           Debit       Credit         Balance

Balance                                                  $5,200

Service Revenue 11,500                         16,700

Cash                                      10,000       6,700

                       Equipment

Description           Debit       Credit         Balance

Cash                  $4,000                           $4,000

                            Notes Payable

Description           Debit       Credit       Balance

Balance                                                  $2,500      

                     Accounts Payable

Description           Debit       Credit       Balance

Balance                                                  $1,000

Cash                   $600                               400

Advertising                           $500            900

Utilities                                    680          1,580

                     Common Stock

Description        Debit       Credit       Balance

Balance                                                $5,500

                     Retained Earnings

Description       Debit       Credit        Balance

Balance                                                $1,200

Dividends        $900                                300

                      Services Revenue

Description           Debit       Credit       Balance

Accounts receivable           $11,500      $11,500

                      Rent Expense

Description           Debit       Credit       Balance

Cash                   $3,600                        $3,600

                      Advertising Expense

Description           Debit       Credit        Balance

Accounts payable $500                           $500

                      Wages Expense

Description          Debit       Credit         Balance

Cash                 $2,400                           $2,400

                      Utilities Expense

Description           Debit       Credit         Balance

Utilities payable   $680                           $680

                      Interest Expense

Description           Debit       Credit         Balance

Cash                      $20                              $20

Explanation:

Journal entries provide the initial record of transactions using debits and credits to the relevant accounts.

T-accounts serve as general ledger accounts that summarize transactions and compute the balance for each account.

a. Using FIFO, the Cost of Goods Sold (COGS) is $17,640, while the Ending Inventory equals $12,960. b. Under LIFO, COGS totals $19,160, while the Ending Inventory is $11,440. c. The Weighted Average COGS is $18,360, and the Weighted Ending Inventory is $12,240. For Cortez Company, the inventory particulars include initial stock of 100 units from $60/unit amounting to $6,000, first batch purchase of 150 units at $68 each totaling $10,200, and a second batch of 200 units at $72 each totaling $14,400, culminating in a total of 450 units valued at $30,600. Queries about how COGS and Ending Inventory figures manifest under various methods (FIFO, LIFO, and Weighted Average) can be addressed based on those computations.