1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Alex
2 years ago
15

Record the following transactions for Lett Company. (Credit account titles are automatically indented when the amount is entered

. Do not indent manually.) 1. On August 4, Lett sold merchandise on account to Smiley Company for $610, terms 2/10, n/30. 2. On August 7, Lett granted Smiley a sales allowance and reduced the cost of the merchandise by $60 because some of the goods were slightly damaged. 3. On August 12, Smiley paid the account in full.
Business
1 answer:
Tanya [424]2 years ago
7 0

A transaction is any monetary business event that impacts a business's financial statements.

<h3>The journal entries </h3>

The journal entries are as follows

On August 4

Account Receivable $610

 To Sales Revenue   $610

(Being the goods sold on credit basis is recorded)

On August 7

Sales Return and Allowances $60

  To Accounts Receivable $60

(Being the sales allowance is recorded)

On August 12

Sales Discount   $11  

Cash $539

 To Accounts Receivable $550

(Being the amount paid is recorded after considering the 2% discount

To learn more about financial statements visit the link

brainly.com/question/14951563

#SPJ4

You might be interested in
The sum of the fixed and variable production costs is a company’s
elena-s [515]
<h2>Hello!</h2>

The answer is: d. total costs

<h2>Why?</h2>

The total costs are the sum of all the costs needed to produce a good or a service. It includes both fixed and variable production costs to show us the measure of a total cost.

We can calculate the total costs using the following formula:

TotalCosts(TC)=FixedCosts(FC)+VariableCosts(VC)

Fixed costs are all the constant costs. Fixed costs can be the salary of its workers (since they are based in hours worked), structure and good/actives insurance, taxes among others.

Variable costs are all the costs that can change thru the time, depending on the production volume. For example, if the production increases, the variable costs will increase too, also, if the production decreases, the variable costs will decrease too.

Have a nice day!

6 0
3 years ago
Investors require a return of 13 percent on the stock for the first three years, a return of 11 percent for the next three years
lianna [129]

Complete Question:

BenchMark, Inc., just paid a dividend of $3.45 on its stock. The growth rate in dividends is expected to be a constant 5 percent per year indefinitely. Investors require a return of 13 percent on the stock for the first three years, a return of 11 percent for the next three years, and then a return of 9 percent thereafter. What is the current share price for the stock.

Answer:

BenchMark, Inc.

The current share price for the stock is:

$43.13

Explanation:

a) Data and Calculations:

Dividend per share = $3.45

Growth rate = 5%

Investors' required rate of return = 13%

Stock value = Dividend per share / (Required Rate of Return – Dividend Growth Rate)

= $3.45/(0.13 - 0.05)

= $43.13

b) We can calculate BenchMark's current share price, by dividing the dividend per share by the investors' required rate of return after subtracting the growth rate from the required rate of return.

8 0
3 years ago
Suppose society consists of four individuals: Andy, Bill, Carl, and David. Andy has $20,000 of income, Bill has $40,000 of incom
aliya0001 [1]

Answer:

Taking $1 from Carl and giving it to Andy would increase society's total utility.

Explanation:

Since Andy's income is less than other three people when a $1 taken from Carl would increase Andy's utility more than the loss in utility of Carl. Thats why total utility would increase.

4 0
3 years ago
Someone who likes building, designing, or creating things probably has a(n)
Afina-wow [57]
It is an architect because they love to build things and create things as well  <span />
6 0
3 years ago
Read 2 more answers
Suppose the price is $6 per sheet of plywood. Suppose the price falls to $4 per sheet of plywood.How much of the increase in con
Pie

Answer:

"$2,500" is the appropriate answer.

Explanation:

The question given seems to be incomplete. Below there is a attachment of full question is provided.

The given values are:

Plywood's price,

= $6 per sheet

Price falls,

= $4

Now,

At price $6, the consumer surplus will be:

= 0.5\times 1000\times (10-6)

= 0.5\times 1000\times 4

= 2,000 ($)

When price falls, the consumer surplus will be:

= 0.5\times 1500\times (10-4)

= 0.5\times 1500\times 6

= 4,500 ($)

Hence,

The increase in consumer surplus will be:

= 4500-2000

= 2,500 ($)

7 0
3 years ago
Other questions:
  • While specialization allows firms to produce many goods and services at lower production and transaction costs than individuals
    10·1 answer
  • In the early days of computers, programmers and designers started businesses in their parents’ garages and worked there until th
    10·1 answer
  • Which two careers would have a stage as a workplace? A/V technology and the performing arts the visual arts and telecommunicatio
    11·2 answers
  • GDP would include all of the following except:
    5·1 answer
  • Have Americans always shared the same social and economic goals throughout history?
    13·1 answer
  • The ability to borrow money is called
    7·2 answers
  • Which of the following statements is false? Multiple Choice The journal entry to record bad debt expense decreases current asset
    10·1 answer
  • Kylie Co. owns 67% of Jayzee Inc. On their 12/31/2017 pre-consolidation trial balances, Kylie reports $739,972 Liabilities and J
    15·1 answer
  • A portfolio is composed of two stocks, A and B. Stock A has a standard deviation of return of 23%, while stock B has a standard
    5·1 answer
  • A new pair of sneakers costs $70 now. what is the cost of the shoes 5 years from now if the price increases 8% per year?
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!