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Zinaida [17]
3 years ago
15

The General Fund of the City of Snake River operates on a calendar year basis. It sends bills to property owners on January 2. T

axes are due March 1, but taxpayers are allowed until March 31 to make payment without penalty. Taxpayers who pay before March 1 are allowed to deduct a 1 percent discount. Taxpayers who fail to pay by April 1 are declared delinquent, and notice is sent to them that they owe a penalty of 4 percent of the unpaid taxes. Prepare journal entries to record the following Snake River transactions:
Business
1 answer:
nadezda [96]3 years ago
6 0

Answer:1) Debit to receivable $994,000.00

Debit to discount allowable $6,000.00

Credit to Tax Revenue $1,000,000

2) Debit to cash $693,000.00

Credit to receivable $693,000.00

Explanation: A revenue is an amount earned and brought into a business by its operations or amount earned by the government.

Discounts are allowable in fund generation inorder to encourage prompt payment. This discount is seen as an expense to the business or government which is matched against the revenue generated.

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During 2004 Elway Corporation transferred inventory to Howell Corporation and agreed to repurchase the merchandise early in 2005
Svet_ta [14]

Answer:

d. Product financing arrangement.

Explanation:

A business transaction in which an organization sells and agrees to repurchase inventory with the repurchase price equal to the initial or original sales price plus the carrying and financing costs is known as the Product financing arrangement.

A product financing arrangement is more likely to exist when the seller commits to having a third party client purchase the item and then agrees to repurchase the item from the third party client.

It's noteworthy to know, that the seller controls how the item sold under either of the above mentioned situations is analysed and disposed of.

6 0
3 years ago
In general, business writing should be _____.
Dmitrij [34]

In general, business writing should be _____.

a.

Easy to read quickly

9 0
3 years ago
What is the term for goods that
m_a_m_a [10]

The term for goods that your business ships to another country is known as <u>Exports</u>.

Export/ Exporting:

  • The process by which companies from one country sell their goods and services to companies or consumers in a different country is known as Exporting.
  • The exports, along with imports, make up international trade.
  • They are incredibly important to modern economies as they offer people and firms many more markets for their goods.
  • Exporting into foreign markets can reduce per-unit costs by expanding operations to meet increased demand.
  • Also, the companies that export into foreign markets gain new knowledge and experience that may allow the discovery of new technologies, marketing practices, and insights into foreign competitors.

7 0
1 year ago
Need helpppp asapppp!
geniusboy [140]

Banks are for-profit, meaning they are either privately owned or publicly traded, while credit unions are nonprofit institutions. ... This means members generally get lower rates on loans, pay fewer (and lower) fees and earn higher APYs on savings products than bank customers.

hope this helped

5 0
3 years ago
Caroline needs information from a coworker in another office about an upcoming salespromotion. What is the best communication ch
horsena [70]

Answer:

E-mail

Explanation:

Text messages, instant messages, and social networking are all generally considered as informal methods of communication which are used to  communicate informal information, such as a the change in a meeting time if schedules have been adjusted during a factory tour.

Secondly such informal means of communication might not be ideal for use to a colleague in another office as the relationship would not be very personal but official.

Since Caroline needs information from a coworker in another office about an upcoming salespromotion, she is better off sending her request via e-mail

6 0
3 years ago
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