Clark's Chemical Company received refundable deposits on returnable containers in the amount of $102,000 during 2021....
Clark's Chemical Company received refundable deposits on returnable containers in the amount of $102,000 during 2021. Nine percent of the containers were not returned. The deposits are based on the container cost marked up 20%. What is cost of goods sold relative to this forfeiture?
Multiple Choice
$1,530.
$45,900.
$0.
$7,650.
Homework Answers
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Cost of Goods Sold relative to the forfeiture = (102,000*9%) / (100+20)% = 9180/120% = $7650 Option D is the answer |
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Clark's Chemical Company received refundable deposits on
returnable containers in the amount of $102,000 during 2021....
Slotnick Chemical received $400,000 from customers as deposits on returnable containers during 2021. Fifteen percent of...
Slotnick Chemical received $400,000 from customers as deposits on returnable containers during 2021. Fifteen percent of the containers were not returned. The deposits are based on the container cost marked up 10%. How much profit did Slotnick realize on the forfeited deposits? (Do not round intermediate calculations.) Multiple Choice $6,000. $5,455. $0. $60,000.
Slotnick Chemical received $350,000 from customers as deposits on returnable containers during 2021. Ten percent of...
Slotnick Chemical received $350,000 from customers as deposits on returnable containers during 2021. Ten percent of the containers were not returned. The deposits are based on the container cost marked up 35%. How much profit did Slotnick realize on the forfeited deposits? (Do not round intermediate calculations.) Multiple Choice $9,074. $12,250. $0. O$35,000.
Slotnick Chemical received $260,000 from customers as deposits on returnable containers during 2018. Fifteen percent of...
Slotnick Chemical received $260,000 from customers as deposits on returnable containers during 2018. Fifteen percent of the containers were not returned. The deposits are based on the container cost marked up 25%. How much profit did Slotnick realize on the forfeited deposits? Multiple Choice o o $9,750. o $7,800. o $39,000.
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022 Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $16,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $33,000,000 at the bank's prime rate (15.5% at the time). The company will pay no commitment fees. b. On October 1,...
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Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden’s fiscal year ends on December 31. Its financial statements are issued in April. 2021 On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. On October 1, borrowed $17...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $16,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $23,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Slotnick Chemical received $350,000 from customers as deposits on returnable containers during 2021. Ten percent of the containers were not returned. The deposits are based on the container cost marked up 35%. How much profit did Slotnick realize on the forfeited deposits? (Do not round intermediate calculations.) Multiple Choice $9,074. $12,250. $0. O$35,000.
Slotnick Chemical received $260,000 from customers as deposits on returnable containers during 2018. Fifteen percent of the containers were not returned. The deposits are based on the container cost marked up 25%. How much profit did Slotnick realize on the forfeited deposits? Multiple Choice o o $9,750. o $7,800. o $39,000.
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022 Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $16,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $33,000,000 at the bank's prime rate (15.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $20,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2021 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $16,000,000 at the bank's prime rate (9.5% at the time). The company will pay no commitment fees. b. On October 1,...
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