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Black_prince [1.1K]
1 year ago
14

memphis company anticipates total sales for april, may, and june of $900,000, $1,000,000, and $1,050,000 respectively. cash sale

s are normally 20% of total sales. of the credit sales, 35% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 5% are not collected. compute the amount of cash received from credit sales during the month of may. multiple choice $676,000. $774,000. $912,000. $712,000. $984,000.
Business
1 answer:
mr_godi [17]1 year ago
5 0

The amount of cash received from credit sales during the month of may  $676,000. In general credit sales is equals to total sale multiply by credit sales ratio.

What is credit sales?

Credit sales = Closing debtors + Receipts - Opening debtors.

Credit sales are transactions in which the debt will be paid in full at a later time. In other words, credit sales are transactions in which customers make purchases but do not pay in full, in cash, at the time of the transaction.

A manual for bookkeeping. Recognition of Revenue. Sales are recorded as a credit since the journal entry's opposite, which is typically a debit to either the cash or accounts receivable account, is a credit. In essence, the credit raises shareholders' equity while the debit increases one of the asset accounts.

To know more about credit sales, refer:

brainly.com/question/4974216

#SPJ4

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A(n) ________ underwrites new issues of securities for corporations, states, and municipalities needed to raise money in the cap
xxMikexx [17]

Answer:

Non Banking Institutions (Investment Bank)

Explanation:

Non Banking Institutions (Investment Bank) do not have a full banking licence and are not usually supervised by a national or international banking regulatory agency.

NBIs facilitate investment, market brokerage, contractual savings and risk pooling.

Non Bank Institutions provide avenues for transforming an economy's savings to capital investment.

One way they do this is by underwriting new issues of securities for corporations, states, and municipalities needed to raise money in the capital markets.

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3 years ago
If you had a million dollars what would you buy and why? 2 sentences please!!
Mekhanik [1.2K]
I would buy a Chromebook. I would buy a Chromebook because I would be able to do stuff like school work and it would be very helpful so that way I wouldn’t have to narrow my moms Chromebook. That is what I would buy with a million dollars.
5 0
2 years ago
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Brock Company makes candy. During the most recent accounting period Brock paid $3,000 for raw materials, $4,000 for labor, and $
LenaWriter [7]

Answer:

A. $ 1.800

Explanation:

The total manufacturing costs for the period are:

Raw materials                                         $  3,000

Labor                                                       $  4.000

Overhead costs                                      <u>$  2,000</u>

Total cost of goods manufactured       <u>$  9,000</u>

Units started and completed                   10,000

Cost per unit $ 9,000 / 10,000 units    $     0.90 per unit

Units inventory at end of period               2,000

Inventory value at period end $ 0.90 * 2,000 = $ 1,800  

7 0
3 years ago
The commercialization of the electric car was supported by the need for a vehicle that polluted less and ____ Select one: a. cos
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Answer:

did not rely on foreign oil

Explanation:

An electric car is considered as the latest advancement in the field of the automobile industry. The main focus behind introducing the electric car is pollution and dependency on foreign oil.

Both the above factors are important for any developing country. The pollution is  main cause of polluting the environment globally hence it is a vital need to introduce something that produce less pollution. As we know when the oil burns it releases the carbon monoxide in the atmosphere which is the main cause behind raising the average temperature of earth atmosphere

On the other side, we have a dependency on foreign oil. We know that the government pays a huge amount of money in purchasing oil from foreign land thus by introducing an electric car we can save this amount of money and can be used for a different purpose

4 0
2 years ago
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mr. morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. he has a mortgage of $910 a month and pay
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The mortgage is a liability.

A mortgage is an agreement between you and a lender that gives the lender the proper to take your house if you fail to pay off the money you've borrowed plus interest. loan loans are used to buy a home or to borrow money in opposition to the price of a domestic you already personal. Seven things to search for in a mortgage.

An instance of a mortgage is the loan you took out when you bought your property. To mortgage is whilst you take a loan and use your home as collateral. An example of a mortgage is when you visit a financial institution and borrow money in opposition to your home.

The mortgage existence cycle starts whilst a man or woman makes a decision to purchase a residence and techniques a financial group for the loan. It continues until the borrower repays the final charge to the loan issuer.

Learn more about mortgage here brainly.com/question/1318711

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7 0
1 year ago
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