Answer:
c. $24,990
Explanation:
The Term 2/15 net 45 mean 2% cash discount is offered if the payment is made within 15 days otherwise the credit period is 45 days. There is no after 15 days of sale.
Amount of Sale = $25,500
Discount Rate = 2%
The Pound Co. paid the invoice within the discount period. They are eligible to receive the 2% discount on sale value.
Discount Amount = $25,500 x 2% = $510
Net Sales amount in this transaction = $25,500 - $510
Net Sales amount in this transaction = $24,990
Answer: B
Explanation: Cockroaches have a strong oily odor from them.
Answer:
d. account This answer is correct
Explanation:
There are various types of accounts that are reported in the financial statements. The financial statement comprises of the income statement, balance sheet, statement of stockholder equity and the cash flow statement.
The recording of the increase in the specific asset, liability, revenue, expense, etc is called as an account
Just in net income, the revenue and expense account is reported. The asset, liability, stockholder equity which is reported in the balance sheet. The change in the values of the item is reported in the respective amount
Answer:
Explanation:
This is an Ordinary Annuity question. You can solve this using a financial calculator. I'm using (TI BA II Plus)
N; duration = 20
I/Y ; interest rate per year = 8.5%
PMT ; recurring annual payment = 70,000
FV; Future value = 0 (In solving annuities, use 0 if not given)
then CPT PV = ?
PV = 662,433.563
Therefore, your friend needs to have $662,433.56
Answer:
An increase in total liabilities and a decrease in stockholders' equity
Explanation:
When a dividend is declared but not ye paid, it is credited as current liability because it has increased the company liability while retained earnings is being Debited because of the profit distribution.
When it is eventually paid, cash account is credited while dividend liability account is debited.
