I don’t really know I just need points
Answer:
<u>If records invoices at gross amounts</u>
October 2th
inventory 3,000 debit
A/P 3,000 credit
October 2nd
A/P 500 debit
inventory 500 credit
October 17th
inventory 5,400 debit
A/P 5,400 credit
October 26th
A/P 5,400 debit
Inventory 108 credit
cash 5,292 credit
October 31th
A/P 2,500 debit
Cash 2,500 credit
<u>If records invoices at nets amounts</u>
October 2th
inventory 2,940 debit
A/P 2,940 credit
October 2nd
A/P 490 debit
inventory 490 credit
October 17th
inventory 5,292 debit
A/P 5,292 credit
October 26th
A/P 5,292 debit
cash 5,292 credit
October 31th
A/P 2,490 debit
Inventory 10 debit
Cash 2,500 credit
Explanation:
gross amount: we use the invoice nominal
net amount: we use the net nominal
October 2nd net:
3,000 x (1-2%) = 2,940
returns net: 500 x ( 1 - 2%) = 490
October 16th invoice net:
5,400 x ( 1 - 2%) = 5,292
october 31th
october 2th invoice balance:
2,940 - 490 = 2,450
<h3>
<u>Answer -</u></h3>
If one has been running a successful art and framing shop for three years and has decided to allow others to use his/her business name materials and methods in operating their own business for a fee. It may be called as a franchise agreement.
<h3>
<u>Explanation -</u></h3>
A franchise agreement allows the business owner to use the licensor's brand and method of doing business. The franchisor is the original or existing business owner who allows the other one to use his/her business name materials and methods in operating their own business.
A certain amount of fees is to be paid by the franchisee that may be called in the layman’s language as the licensee, who is supposed to pay the fee to the licensor (franchisor) are exchanged for the rights to use the franchisor's name is for a specific number of years.
Option (d) the amount owed on a liability is correct.
Paying an amount on account reduces the amount owed on a liability.
<h3>What is liability?</h3>
- A liability is an obligation that a person or business has, typically financial in nature. Over time, liabilities are resolved by the transmission of economic advantages like cash, products, or services.
- There are various ways to define a liability's duration. The average duration (or mean term) of the liability is what is typically meant by the term "duration of liability" in actuarial valuation. In other terms, it refers to the typical rate of a liability's repayment.
- Liabilities can be used by businesses to increase liquidity if they are having cash flow issues. Most small and medium-sized enterprises lack the financial resources necessary to grow.
Learn more about liability here:
brainly.com/question/15006644
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Answer:
$1.89 per machine hour
Explanation:
With regards to the above information, we can say that since the associated rate variance is unfavorable, then, that amount must be subtracted from the actual maintenance cost so that we can arrive at the standard maintenance cost.
Standard maintenance cost = $ 13,680 - $450
= $13,230
Also, during July, 7,000 machine hours were actually worked , hence the standard machine maintenance cost per machine hour would be;
= $13,230 / 7,000
= $1.89
Therefore, the cost was $1.89 per machine hour.
