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
siniylev [52]
2 years ago
10

Expert Computers was started in 2018. The company experienced the following accounting events during its first year of operation

:
1. Started business when it acquired $86,000 cash from the issue of common stock
2. Purchased merchandise with a list price of $70,000 on account, terms 2/10, n/30
3. Paid off one-half of the accounts payable balance within the discount period
4. Sold merchandise on account for $56,900. Credit terms were 1/20, n/30
5. The merchandise had cost Expert Computers $34,100
6. Collected cash from the account receivable within the discount period
7. Paid $10,200 cash for operating expenses
8. Paid the balance due on accounts payable. The payment was not made within the discount period.

Record the events in a horizontal statements model

Business
1 answer:
Nesterboy [21]2 years ago
3 0

Answer:

The events have been explained below while the Horizontal Statement is attached for Expert Computers as of 2018.

Explanation:

Expert Computers

Horizontal statements model

For the year ending 2018

2. It means that if Expert Computers opt to pay for merchandise inventory within 10 days than they can avail the discount of 2%, otherwise they will be paying net amount in 30 days.

3. A/C Payable Balance = $70,000

Paid 1 Half = $70,000 x 1/2 = $35,000

Discount = $35,000 x 2% = $700

Cash Decrease by = $35,000 - $700 = $34,300

4. It means that if the buyer pays the amount within 20 days of the purchase than Expert Computers will give 1% discount, otherwise full amount needs to be paid within 30 days.

5. This is the cost of goods sold.

6. Account Receivables = $56,900

Discount Allowed = $56,900 x 1% = $569

Cash = $56,900 - $569 = $56,331

8. Since the discount is not availed as payment to vendor made within 30 days. Hence, the remaining amount of current liability will balance out with $35,000.

You might be interested in
Conduct a meeting with the client about negotiating. please write a conversation or scenario?
Novosadov [1.4K]

The correct answer to this open question is the following.

Conduct a meeting with the client about negotiating.

I choose to write about the scenario.

In this meeting with my client, I am going to provide him with important tools to improve his negotiation skills so he can get better deals for his company.

I would create the scenario in which I will be the other part he is about to negotiate with. For this to happen, I am going to explain some basic principles about negotiation and put a series of examples so he can grasp the most important ideas.

Secondly, I am going to share a handbook, or better said, a manual with important key principles of negotiation that could serve him as a guide so he can feel more confident during the negotiation process.

Finally, we are going to have at least thirty minutes to practice a real-life negotiation scenario. It is going to be something basic but real so my client can face some adversity since the beginning of the negotiation process so he can have a good idea of the importance of being fully prepared before entering the negotiating table.

8 0
3 years ago
When Casey was promoted to head librarian of a small branch library, she really enjoyed the autonomy she had to hire employees,
Solnce55 [7]

It is an example of an intrinsic reward.

<u>Explanation:</u>

The occurrence given above is a case of AN INTRINSIC REWARD.   There are two types  of remuneration, inborn and extraneous prize. An inborn prize is a sort of remuneration which is by and by picked up when one accomplishes a by and by set objective. An intrinsic reward is close to the individual who is occupied with a specific action.

For example, in the situation given over, the natural prize is the fulfillment and the satisfaction which Casey feels. An extraneous prize is a sort of remuneration that is given to one by a more significant position authority because of good execution.

8 0
3 years ago
___ is how much the market can offer at different prices.
Brrunno [24]

Answer:

B.produksi

Explanation:

my indonesian

6 0
3 years ago
Read 2 more answers
The management of Wyoming Corporation is considering the purchase of a new machine costing $375,000. The company's desired rate
podryga [215]

Answer:

it would be easier if you enter these into a tabular format, so you can then do the calc on excel or copy and paste here for ppl to see it clearly. The presentation of business information is important for the intended audience

Explanation:

6 0
2 years ago
A company has the following budgeted information: Cash receipts: $542,000; Beginning cash balance: $10,000; Cash payments (inclu
yKpoI14uk [10]

Answer:

Company A

In order to maintain the desired cash balance, the company will need to:

borrow $58,000

Explanation:

a) Data and Calculations:

Cash receipts: $542,000

Beginning cash balance: $10,000

Cash payments (including interest payments): $560,000

Outstanding loan balance: $100,000

Desired ending cash balance: $50,000

Beginning cash balance: $10,000

Cash receipts:              $542,000

Cash available             $552,000

Cash payments (including

interest payments):   $560,000

Cash balance                 ($8,000)

Desired ending balance 50,000

Amount to borrow =     $58,000

6 0
2 years ago
Other questions:
  • A dairy producer has determined that almost all grocery consumers are potential customers for its products. Which type of market
    10·1 answer
  • What is importing?<br> HELP FAST PLS THX
    11·2 answers
  • Suppose Congress passes legislation that offers subsidies to orange farmers. The impact on the market for orange juice will be a
    5·1 answer
  • Judy's Boutique just paid an annual dividend of $2.77 on its common stock. The firm increases its dividend by 3.50 percent annua
    7·1 answer
  • A software firm has an opening for a software programmer. Jason, the HR manager, is making a list of all the tasks, duties, and
    6·1 answer
  • PLEASE ANSWER SOON!!!!
    6·2 answers
  • I always feel like throwing up in school. I tried chewing gun and having mints, but nothing is helping. Does anyone have and sug
    11·2 answers
  • You are employed by Company A, which makes motorcycles. You have been asked to write a brief report (following a report format)
    6·1 answer
  • Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: Sales are budgeted
    13·1 answer
  • A _____________ team is made up of employees from the same hierarchical level but different work areas. They are typically broug
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!