Answer:
January 1, 2021, vehicle purchased on credit
Dr Vehicles 50,000
Cr Notes payable 50,000
January 31, 2021, first installment
Dr Notes payable 578.64
Dr Interest expense 250
Cr Cash 828.64
Interest expense = $50,000 x 6% x 1/12 = $250
February 28, 2021, second installment
Dr Notes payable 579.89
Dr Interest expense 248.75
Cr Cash 828.64
Interest expense = $49,750 x 6% x 1/12 = $248.75
Generally loans are made on a 360 day year basis, that means that the monthly interest expense is always calculated as 1/12 of the annual interest charge.
Answer:
a. $30,400
b. $10,394
c. $16,830
d. $8,015
e. $76,626
Explanation:
a. Amount to be paid in full settlement = Merchandise - Returns and Allowance
= ($32,000 - $1,600)
= $30,400
b. Amount to be paid in full settlement = (Merchandise - Returns and Allowance) - (Remaining balance × 2%) + Freight Paid by Seller
= ($12,800 - $2,500) - ($10,300 × 2%) + $300
= $10,300 - $206 + $300
= $10,394
c. Amount to be paid in full settlement = (Merchandise - Returns and Allowance) - (Remaining balance × 1%)
= ($21,000 - $4,000) - (17,000 × 1%)
= $17,000 - $170
= $16,830
d. Amount to be paid in full settlement = (Merchandise - Returns and Allowance) - (Remaining balance × 2%) + Freight Paid by Seller
= ($9,000 - $1,000) - ($8,000 × 2%) + $175
= $8,000 - $160 + $175
= $8,015
e. Amount to be paid in full settlement = Merchandise - (Merchandise × 1%)
= $77,400 - ($77,400 × 1%)
= $77,400 - $774
= $76,626
As firms progress through the stages of becoming more internationalized and increasing their international activities, their irresponsibilities become increasingly less complex to manage.
The definition of 'internationalization' according to Welch and Luostarinen (1988) is the process of business activities across home country borders with an increasing degree in operations. the quality or state of being responsible: such as. a moral, legal, or mental accountability reliability, trustworthiness something for which one is responsible the burden has neglected his responsibilities.
Governments can also give incentives to domestic companies to internationalize. The government can, for example, assist exports by offering financial help. Another reason is that trade barriers have decreased or disappeared in foreign country and gives opportunities to go abroad.
Learn more about internationalization here
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Answer:
Depreciation expense= $9,600
Explanation:
Giving the following information:
A company purchased factory equipment on April 1, 2022 for $128,000. 10-year useful life.
<u>We weren't provided with the salvage value.</u>
First, we need to calculate the annual depreciation:
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= 128,000/10= 12,800
<u>Now, for 9 months:</u>
Depreciation expense= (12,800/12)*9= $9,600
Answer:
Journal entries:
Explanation:
For recording the purchase of goods of credit
Inventory dr. 2000
Accounts payable cr. in the name of the vendor 2000
For recording the return of goods purchased
Account payable dr. in the name of the vendor 2000
Inventory cr 2000
