Answer:
July 24 Cash $1470 Dr
Discount allowed $30 Dr
Account Receivable $1500 Cr
Explanation:
The receipt of payment for accounts due will cause a credit to accounts receivable for that particular debtor along with a debit to cash as payment is received. However, as there were some sales returns, the outstanding amount in the accounts receivble account was sales less sales returns that is 3100 - 1600 = 1500.
The terms state 2/10, n/30 which means 2% cash discount is allowed if payment is made within 10 days of sale. The payment is made within 10 days, as July 24 falls under this period so cash received will be 1500 * 98% = 1470.
While Accounts recevables will be reduced by 1500. The difference of 30 is discount allowed and it is an expense and will be debitted.
Answer:
Capitation
Explanation:
Capitation should be selected. Capitation payments can be explained to be defined, periodic as well as per-patient payments that are usually on a monthly basis for every person who has entered into a capitated insurance plan. Such that, a provider can get paid per-month or per-patient, irrespective of the number of times that the patient came in for treatment or required service.
Answer:
d) information utility
Explanation:
Based on the information provided within the question it can be said that the type of utility created by the efforts of the employees is information utility. This refers to individuals moving information about the good and bad features that the company sells in order to provide utility to the store and hopefully garner more customers to increase sales.
Answer:
If the museum engages in price discrimination and decides to take both "contracts" (adults and students), the profit the museum will earn is $800.
And it goes like this:
Adults: 100 x $12 = 1.200
Students: 200 x $8 = 1.600
Income: 1.200 + 1.600 = 2.800 total incomes if both contracts happens in the same day.
Profit: 2.800 (Income) - 2.000 (costs) = 800 profit
Answer:
He needs to deposit each year $747.38
Explanation:
Giving the following information:
To help you reach a $5,000 goal in five years from now, your father offers to give you $500 now. You plan to get a part-time job and make five additional deposits, one at the end of each year for 5 years. Your first deposit will be made at the end of the first year. The money is deposited in a bank that pays 7% interest.
First, we need to calculate the final value of the first $500 that the father gave him:
FV= PV*(1+i)^n
FV= 500*(1.07)^5=
FV= 701.28
Now, we have to calculate the annual deposit required:
Difference= 5,000 - 701.28= 4,298.72
We need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (4,298.72*0.07)/[(1.07^5)-1]
A= $747.38
