Allied merchandisers was organized on may 1. macy co. is a major customer (buyer) of allied (seller) products.
may 3 allied made its first and only purchase of inventory for the period on may 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).
5 allied sold 1,500 of the units in inventory for $14 per unit (invoice total: $21,000) to macy co. under credit terms 2/10, n/60. the goods cost allied $15,000.
7 macy returns 125 units because they did not fit the customer’s needs (invoice amount: $1,750). allied restores the units, which cost $1,250, to its inventory.
8 macy discovers that 200 units are scuffed but are still of use and, therefore, keeps the units. allied sends macy a credit memorandum for $300 toward the original invoice amount to compensate for the damage.
15 allied receives payment from macy for the amount owed on the may 5 purchase; payment is net of returns, allowances, and any cash discount. prepare journal entries to record the following transactions for allied assuming it uses a perpetual inventory system and the gross method. (allied estimates returns using an adjusting entry at each year-end.)

Juan has a retail business selling skateboard supplies he maintains large stockpiles of every item he sells in a warehouse on the outskirts of town he keeps finding that he has to reorder certain supplies all the time but others only once a year how can he solve this problem?

Fanning company is considering the addition of a new product to its cosmetics line. the company has three distinctly different options: a skin cream, a bath oil, or a hair coloring gel. relevant information and budgeted annual income statements for each of the products follow. skin cream bath oil color gel budgeted sales in units (a) 110,000 190,000 70,000 expected sales price (b) $8 $4 $11 variable costs per unit (c) $2 $2 $7 income statements sales revenue (a × b) $880,000 $760,000 $770,000 variable costs (a × c) (220,000) (380,000) (490,000) contribution margin 660,000 380,000 280,000 fixed costs (432,000) (240,000) (76,000) net income $228,000 $140,000 $204,000 required: (a) determine the margin of safety as a percentage for each product. (b) prepare revised income statements for each product, assuming a 20 percent increase in the budgeted sales volume. (c) for each product, determine the percentage change in net income that results from the 20 percent increase in sales. (d) assuming that management is pessimistic and risk averse, which product should the company add to its cosmetics line? (e) assuming that management is optimistic and risk aggressive, which product should the company add to its cosmetics line?

Jason started last week with $900 in his checking account. during the week, he wrote the checks below. at the end of the week, jason received a paycheck for $534.59. he recorded all of these transactions in his check register. trans typ./ check no. date description of transaction payment/ debit deposit/ credit (+) balance 900 00 241 12/4 miller's food market 53.21 53 21 groceries 846 79 242 12/7 frank's auto parts 24.05 24 05 oil and filter 822 74 243 12/8 mike's barber shop 15.00 15 00 haircut 807 74 deposit 12/9 paycheck 534.59 534 59 1,342 33 evaluate jason's check register. a. jason did a good job; everything is correct. b. the final balance is wrong; jason did not add everything correctly. c. jason should have written debit instead of deposit for the transaction type. d. jason entered the amount for his paycheck in the wrong column.