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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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Lagyan ng angkop na bilang ang
Liono4ka [1.6K]

Answer:

which language is this? or is it just nonsense?

5 0
3 years ago
Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that job and started working as a p
Ivan

Answer:

$34,000

Explanation:

Accounting profit = Total revenue - Explicit costs

i.e Total revenue = $50,000

     Explicit costs = $12,000 + $1,000 + $3,000 = $16,000

Therefore; $50,000 - $16,000 = $34,000.

6 0
3 years ago
The following U.S. Treasury bond is listed in the The Wall Street Journal: Rate Mo/Yr Bid Asked 9.50 Oct 38 135:30 136:04 This $
STatiana [176]

Answer:

6.35%

Explanation:

If you purchase this bond you will need to pay $1,000 x 136.04% = $1,360.40

the coupon rate is 9.5% / 2 = 4.75% or $47.50 every six months

the bond matures in 18 years or 36 semiannual periods

yield to maturity = {coupon + [(face value - market value)/n]} / [(face value + market value)/2]

YTM = {47.5 + [(1,000 - 1,360.4)/36]} / [(1,000 + 1,360.4)/2]

YTM = 37.49 / 1,180.2 = 0.031766 x 2 (annual yield) = 0.06353 = 6.35%

8 0
4 years ago
____ management encourages managers to make facts and logic the foundation of their approach to decision-making.
Gemiola [76]

Evidence based management encourages managers to make facts and logic the foundation of their approach to decision-making.

<h3>What is meant by evidence based management?</h3>

This s the term that has to do with the type of management that is more likely involved with the ability of a person to engage in critical thinking. It is the type of management that lays aside feelings and relies instead on the ability of people to think and come up with facts.

Hence we can ay that Evidence based management encourages managers to make facts and logic the foundation of their approach to decision-making.

Read more on evidence based management here; brainly.com/question/24847839

#SPJ1

7 0
2 years ago
Pratt Company has old inventory on hand that cost $15,000. Its scrap value is $20,000. The inventory could be sold for $50,000 i
Yuri [45]

<u>Answer:</u>

<u>Pratt Company should incur additional manufacturing cost of $15,000, since they stands to gain more.</u>

<u>Explanation:</u>

Note that every company usually place more importance to profit first, and tries to reduce losses. if Pratt Company goes with the option of selling for the scrap value, it's profit amounts to only $5,000 ($20,000-$15,000). However, <em>manufacturing further despite the additional cost gives Pratt Company a profit from the transaction of $35,000 ($50,000-$15,000).</em>

So, profit wise, Pratt should incur additional manufacturing cost of $15,000, since they stands to gain more.

5 0
3 years ago
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