On October 1, Lance's Bicycle Store had an inventory of 20 ton speed bicycles at a cost of $350 each During the month of October, the following transactions occurred: Oct 4 Purchased 40 bicycles at a cost of $350 each from Lamont Bicycle Company, terms 1/10, n/30
Oct. 6 Sold 20 bicycles to Team Minnesota for $500 each terms 2/10, 1/30
Oct. 7 Received credit from Lamont Bicycle Company for the return of 2 defective bicycles
Oct. 13 Issued a credit memo to Team Minnesota for the return of a defective bicycle
Oct. 14 Paid Lamont Bicycle Company in full less discount

Instructions:
Prepare the journal entries to record the transactions assuming the company uses a perpetual inventory system

The following information is available for jase company: market price per share of common stock $25.00 earnings per share on common stock $1.25 which of the following statements is correct? a. the price-earnings ratio is 20 and a share of common stock was selling for 20 times the amount of earnings per share at the end of the year. b. the market price per share and the earnings per share are not statistically related to each other. c. the price-earnings ratio is 5% and a share of common stock was selling for 5% more than the amount of earnings per share at the end of the year. d. the price-earnings ratio is 10 and a share of common stock was selling for 125 times the amount of earnings per share at the end of the year.

The role of the credit department includes: a. evaluating customers' credit applications to determine whether they meet the company's approval standards. b. approving all credit applications in order to avoid losing sales. c. collecting cash from customers. d. following unwritten approval standards for processing customers' credit applications.

Abc factory produces 24,000 units. the cost sheet gives the following information: direct materials rs. 1,20,000direct labour rs. 84,000variable overheads rs. 48,000semi variable overheads rs. 28,000fixed overheads rs. 80,000total cost rs. 3,60,000presently the product is sold at rs. 20 per unit.the management proposes to increase the production by 3,000 units for sales in the foreign market . it is estimated that semi variable overheads will increase by rs. 1,000. but the product will be sold at rs. 14 per unit in the foreign market. however, no additional capital expenditure will be incurredq-1. what is present profit of the company ? q-2. what is proposed profit of the company in new market? q-3.what is suggestion for new makret proposal whether proposal accept or not