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3 years ago

On March 11, Jangles Corporation received a $20,000 invoice dated March 8.

Business

1 answer:

Dafna11 [192]3 years ago

3 0

Answer:

a. What credit should Jangles receive?

8333,33

b. What is Jangles' outstanding balance?

11666,67

Explanation:

a. What credit should Jangles receive?

Invoice 20000

Discount rate 100%-4%

received 8000_________96%

x___________100%

Received 8333,333333

b. What is Jangles' outstanding balance?

20000-8333,33=Oustaning balance

Oustandind balance 11666,67

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Answer:

$20,000

Explanation:

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3 years ago

Exercise 2-15 Computing net income LO A1 A corporation had the following assets and liabilities at the beginning and end of this

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Answer:

a. $32,039

b. $19,439

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d. $9,639

Explanation:

We will use accounting equation to solve the above question.

Assets = Liabilities + Equity

Also;

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$71,500 = $30,652 + Equity

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= $32,039

b. $72,887 - $40,848 + $1,050 × 12 - 0

= $19,439

c. $72,887 - $40,848 + 0 - $45,000

= -12,961

d. $72,887 - $40,848 + $1,050 × 12 - $35,000

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= $9,639

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3 years ago

McGregor Company allows customers to pay with credit cards. The credit card company charges McGregor 3% of the sale. When a cust

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Answer:

C. Debit Service Fee Expense for $6

Explanation:

McGregor only uses the services of the Credit Card company for their own activities, therefore, aside from the income of the service provided of $200, the credit card company will charge McGregor for the use of credit card services by the customer.

As such, since it is the decision of the customer to pay with a credit card, then the customer must bear the service fee expense of 3% of the cost of the service which is $6. Hence, Option C is correct. It means aside the $200 for the service, there is a need to debit service fee expense for $6

Option D is wrong because only $200 is service revenue, it has to be clearly stated that the 3% of $6 is different from the service revenue and should be debited as service fee.

If the customer is reluctant to make the payment, then there is an allowance to pay cash instead of using the credit card service.

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3 years ago

Ms. Towne is buying a home for $250,000 and is putting down 20% cash on the purchase. She is financing the rest with a 30-yr, fi

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Answer:

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3 years ago

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Answer:

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3 years ago