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Phantasy [73]
2 years ago
14

A $16 credit to sales was posted as a $160 credit. by what amount is the sales account in error?

Business
1 answer:
shepuryov [24]2 years ago
8 0

The sales account is in error by $144.

<h3>What is a credit to sales?</h3>
  • Payments for credit sales are made several days or weeks after a product is delivered.
  • Short-term credit arrangements are recorded as accounts receivable on a company's balance sheet, as opposed to cash payments.
  • The sales credit journal entry is the journal entry recorded in the company's sales journal when the company sells inventory to a third party on credit.
  • In this case, the debtor's or account receivable account is debited, and the sales account is credited.

To find the error:

  • Given - A $16 credit to sales was posted as a $160 credit.
  • So, 160 - 16 = $144.

Therefore, the sales account is in error by $144.

Know more about credit to sales here:

brainly.com/question/4068271

#SPJ4

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Answer:

less than zero

Explanation:

According to the law of demand, an increase in price reflects in a decrease in demad. That is, price and demand are inversely proportional. Since ax is associated with the price of good X, it must be negative to accurately describe that behavior in the demand function.

Thus, ax will be: less than zero.

6 0
4 years ago
Consider two scenarios for a nation's economic growth. Scenario A has real GDP growing at an average annual rate of 3.5 percent;
WARRIOR [948]

Answer:

20 years (scenario A) and 16 years (scenario B)

Explanation:

The real GDP will double in "n" number of years, with "n" estimated by interpolation using the formula below.

current GDP * (1+Growth Rate)^{n} = 2 * current GDP

In the solutions below, we assumed current GDP to be 1, and as a result, the GDP will double to 2.

Scenario A

1 * (1+0.35)^{n} =2

When you substitute 20 for "n" in the left hand side (LHS) of the equation, you will arrive at 1.99 which is approximately equal to 2. Any number below 20 will result in a number less than 2.

Thus, with an average annual real GDP growth rate of 3.5%, real GDP will double in about 20 years.

Scenario B

1 * (1+0.45)^{n} =2

When you substitute 16 for "n" in the left hand side (LHS) of the equation, you will arrive at 2.02 which is approximately equal to 2. Any number below 16 will result in a number less than 2.

Thus, with an average annual real GDP growth rate of 4.5%, real GDP will double in about 16 years.

6 0
3 years ago
Crane Corporation's computation of cost of goods sold is:
slava [35]

Answer:

16.64 days

Explanation:

Given the above information, we will calculate the average days to sell inventories with the formula below;

Average days to sell inventories = [Ending inventory / Cost of goods sold] × 100

Ending inventory = $72,000

Cost of goods sold = $432,800

Then, Average days to sell inventories

= [$72,000 / $432,800] × 100

= 16.64 days

Therefore, the average days to sell inventory for Fry are 16.64 days

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3 years ago
What does it mean if the government runs out of money
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Debt ceiling crisis!

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C. 3,750 is the correct answer
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