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    Oct-2001 - Nov-2016

Category > Management Posted 12 Oct 2017 My Price 8.00

Rock Company

sales of Merchandise: periodic Inventory system

sE9. Record the following transactions using T accounts, assuming the periodic inventory system is used:

Aug.   4      Sold merchandise on credit to Rock Company, terms n/30, FOB   destina- tion,  $2,520.

5     Paid transportation costs for sale of August 4, $231.

9     Part of the merchandise sold on August 4 was accepted back from Rock for full credit and returned to merchandise inventory, $735.

Sept.   3      Collected in full the amount due from Rock for merchandise sold on August 4, less the return on August 9.

Operating Cycle

sE10. Business appliCation ▶ On average, Obras Company holds its inventory 40 days before it is sold, waits 25 days for customers’ payments, and takes 33 days to pay suppliers. For how many days must it provide financing in its operating cycle?

Identification of Management Issues

sE11. Business appliCation ▶ Identify each of the following decisions as  most directly related to (a) cash flow management, (b) choice of inventory system, or (c) for- eign merchandising transactions:

1.    Determination of the amount of time from the purchase of inventory until it is sold and the amount due is collected.

2.    Determination of the effects of changes in exchange rates.

3.    Determination of policies governing sales of merchandise on credit.

4.    Determination of whether to use the periodic or the perpetual inventory system.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 12 Oct 2017 10:10 AM My Price 8.00

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