Some of the transactions of Sheffield Company during August are listed below. Sheffield uses the periodic inventory method. August 10 Purchased merchandise on account, $10,200, terms 2/10, n/30.
13 Returned part of the purchase of August 10, $1,400, and received credit on account.
15 Purchased merchandise on account, $14,500, terms 1/10, n/60.
25 Purchased merchandise on account, $17,900, terms 2/10, n/30.
28 Paid invoice of August 15 in full.

1. Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken:

a. Prepare general journal entries to record the transactions.
b. Describe how the various items would be shown in the financial statements.

2. Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses:

a. Prepare general journal entries to enter the transactions.
b. Prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time.
c. Describe how the various items would be shown in the financial statements.

3.
Which of the two methods do you prefer and why?

Needs to schedule the staffing of the center. it is open from 8am until midnight. larry has monitored the usage of the center at various times of the day and determined that the following number of computer consultants are required: time of dayminimum number of consultants required to be on duty8 am-noon4noon-4 pm84pm-8pm108pm-midnight6 two types of computer consultants can be hired: full-time and part-time. the full- time consultants work for eight consecutive hours in any of the shifts: morning (8am- 4pm), afternoon (noon-8pm) and evening (4pm-midnight). full-time consultants are paid $14 per hour. part-time consultants can be hired to work any of the four shifts listed in the table. part-time consultants are paid $12 per hour. an additional requirement is that during every time period, there must be at least two full-time consultants on duty for every part-time consultant on duty. larry would like to determine how many full-time and part-time consultants should work each shift to meet the above requirements at the minimum possible cost. formulate this as an lp problem. you must define your variables clearly

conquest, inc. produces a special kind of light-weight, recreational vehicle that has a unique design. it allows the company to follow a cost-plus pricing strategy. it has $9,000,000 of average assets, and the desired profit is a 10% return on assets. assume all products produced are sold. additional data are as follows: sales volume 1000 units per year; variable costs $1000 per unit; fixed costs $4,000,000 per year; using the cost-plus pricing approach, what should be the sales price per unit?

Choose the statement that is incorrect. a. search activity occurs only in markets where there is a shortage. b. when a price is regulated and there is a shortage, search activity increases. c. the time spent looking for someone with whom to do business is called search activity. d. the opportunity cost of a good is equal to its price plus the value of the search time spent finding the good.