If you have a problem with your creditor the best solution is to:

Presented below are transactions related to Novak Corp.

bearhunter [10]

Answer:

1) December 3, 202x, merchandise sold on account to Sarasota Corp., credit terms 4/10, n/30, FOB shipping point.

Dr Accounts receivable 644,700

Cr Sales revenue 644,700

Dr Cost of goods sold 363,600

Cr Merchandise inventory 363,600

2) December 8, 202x, sales allowance granted to Sarasota Corp.

Dr Sales returns and allowances 27,400

Cr Accounts receivable 27,400

Sales returns and allowances is a contra revenue account that decreases sales revenue.

3) December 13, 202x, invoice collected from Sarasota Corp.

Dr Cash 592,608

Dr Sales discounts 24,692

Cr Accounts receivable 617,300

Sales discounts is another contra revenue account that decreases sales revenue.

6 0

3 years ago

Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $800 account of a customer,

saul85 [17]

Answer:

Explanation:

The journal entries are shown below:

On January 31

Allowance for doubtful accounts A/c Dr $800

To Account receivable A/c $800

(Being the written off amount is recorded)

On January 31

Account receivable A/c Dr $300

To Allowance for doubtful accounts A/c $300

(Being the reverse entry is made)

On March 9

Cash A/c Dr $300

To Accounts receivable A/c $300

(Being the amount is collected)

7 0

3 years ago

The people in an economy have $25 million in money. There is only one bank where they deposit their money and it holds 10% of th

Klio2033 [76]

Answer:

The people in an economy have $25 million in money. There is only one bank where they deposit their money and it holds 10% of the deposits as reserves. What is the money multiplier in this economy?

D. 10

Explanation:

10% of $25, 000, 000= $2,500,000

Money multiplier in this economy is by 10

6 0

3 years ago

Amazon stock prices gave a realized return of 6%, negative 6%, 9%, and negative 9% over four successive quarters. What is th

Anvisha [2.4K]

Answer:

-1.167%

Explanation:

The current value of the stock is given by applying all of the realized returns to the initial purchase price. Let 'A' be the initial price, the price at the end of the year is:

$P = A*(1+0.06)*(1+0.09)*(1-0.06)*(1-0.09)\\P=0.9883A$

At the end of the year, the stock had a price of 0.9883 times the initial price, the annual realizes return was:

$r=(0.9883 - 1)*100\%\\r= -1.167\%$

Annual realized return was -1.167%.

8 0

2 years ago

The maturity models presented in this chapter all demonstrate that: a. Project management maturity is an ongoing process based o

Lostsunrise [7]

Answer:

a. Project management maturity is an ongoing process based on continuous improvement.

Explanation:

Maturity models are a prospering approach to improving a company's processes and business process management capabilities. It measures the ability of an organization for continuous improvement in a particular discipline.

Project management maturity models are used to: compare practices against an industry standard, define a systematic route for improving project management practices and evaluate current project management practices.

From the above, we can conclude that the maturity models presented in this chapter all demonstrate that Project management maturity is an ongoing process based on continuous improvement.

6 0

3 years ago

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