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kow [346]
3 years ago
11

On May 10, 2017, Cosmo Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greig agrees to pay the f

ull contract price of $2,000 on July 15, 2017. The cost of the goods is $1,300. Cosmo delivers the product to Greig on June 15, 2017, and receives payment on July 15, 2017. Prepare the journal entries for Cosmo related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
Business
1 answer:
Lunna [17]3 years ago
4 0

Answer:

June 15th, 2017

accounts receivables      2,000 debit

            sales revenues                   2,000 credit

July 15th, 2017

cash                                    2,000 debit

          accouns receivables               2,000 credit

Explanation:

The contract is perform when Cosmo delvier the goods to Greig than aren't rejected. Greig accepted the good thus, the contract is valid from that date.

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VashaNatasha [74]
<span>This is the situation or case of real estate dealing in which Agent fred fronts his cousin norm money to buy a client's house. shortly after the closing, agent fred flips the house and realizes a substantial profit. agent fred's actions might be describe as Self-dealing.
Self-dealing is not considered good in real estate. In self-dealing you are interested in your own benefit more than the benefit of clients. There are many methods of dealing are used by agents in real estate field.</span>
3 0
3 years ago
Pleasant Hills Properties is developing a golf course subdivision that includes 225 home lots; 100 lots are golf course lots and
Solnce55 [7]

Answer:

Explanation:

This is a question about allocation based on how much the street frontage will be valued in future. That value will then be allocated to the joint cost to see how much to apportion to Street Frontage now.

The total value of the Street Frontage after development is,

= 125 lots * $70,000

= $8,750,000

The total value of Golf lots are,

= 100 lots * $100,000

= $10,000,000

Adding them up,

= 10,000,000 + 8,750,000

= $18,750,000

This is the total amount of the company could make and therefore the lot's value.

Company incurred the following costs.

= 1,850,000 * 1,450,000

= $3,300,000

The amount of joint costs to be allocated to Street Frontage will be,

= 8,750,000/ 18,750,000 * 3,300,000

= $1,540,000

The amount to allocate to Street Frontage based on the total value of the lot is $1,540,000.

3 0
3 years ago
Brendon Walsh wants to borrow $30,000 from the bank. The interest rate is 6% and the term is for 5 years.
mr_godi [17]

Answer:

38,000

explanation:

take 30,00+1,800(interest paid)=$38,000 (yearly payment)

4 0
3 years ago
If the average price that cable subscribers are willing to pay for satellite TV service is $200 but the actual price they pay is
ZanzabumX [31]

Answer:

120$ per subscriber

3 0
3 years ago
Assume Jack is a rational person and has reached the point where the marginal benefit of eating the 8th Krystal burger this week
REY [17]

Answer:

<u>Per additional unit of kystal burger</u>

Explanation:

Remember marginal utility is the additional satisfaction derived from consuming more of a product. A rational person (intelligent) may be defined as someone who uses clear thought and reasoning to make decisions.

However, there's a law called the law of diminishing marginal utility which states that at a particular point, Jack's marginal utility from additional consumption of Krystal burger will begin to decrease.

5 0
3 years ago
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