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
olga55 [171]
3 years ago
12

The LaGrange Corporation had the following budgeted sales for the first half of the current year:

Business
1 answer:
Liono4ka [1.6K]3 years ago
8 0

Answer:

The total cash collected during January by LaGrange Corporation would be: $192,000

Explanation:

Total Credit Sales in December of the current year = $63,000/45% = $140,000

The total cash collected during January = Cash sales of January + 55% x Credit sales of January + 40% x Credit sales of December + uncollected November sales

The LaGrange Corporation has Cash sales of January of $40,000 and Credit sales of January of $140,000, uncollected November sales of $19,000

The total cash collected during January = $40,000 + 55% x $140,000 + 40% x $140,000 + $19,000 = $192,000

You might be interested in
Traditional home mortgage underwriting is said to rest on three elements, the "three C's." The housing expense ratio is one tool
Tresset [83]

Answer:

The three C's are Collateral, Creditworthiness, Capacity

Explanation:

The underwriters take a risk to loan you for the mortgage for this purpose they need to verify your paperwork so as to determine your eligibility to get a mortgage, which is based on;

  1. Creditworthiness: It is your credit score and your account and payment history. It also includes your previous loans and purchases.
  2. Capacity: It is a check on your ability to repay the loan. It is basically a debt-to-income ratio. The lender goes through your salary, income, expenditure and debts to confirm that you can actually repay the loan.
  3. Collateral: Literally it means an asset of the borrower kept by the lender as a security of safe return of the loan. in case of house mortgage collateral is mostly 20% down payment of the mortgage being received. If the borrower fails to repay the loan the lender seizes collateral to recover the loss.
3 0
3 years ago
Adidea Corp. Estimates that $5,670 of its accounts receivables are uncollectible. How will the company record the transaction? T
muminat

Answer and Explanation:

The journal entry to record the given transaction as follows:

Uncollectible account expense or bad debt Dr $5,670

        To Account receivable $5,670

(being uncollectible account expense is recorded)

Here the expense is debited as it increased the expenses and credited the account receivable as it decreased the asset

5 0
3 years ago
You are a U.S.-based treasurer with $1,000,000 to invest. The dollar-euro exchange rate is quoted as $1.50 = €1.00 and the dolla
Verdich [7]

Answer:

The correct answer is (B) Buy euro at $1.50/€, buy £ at €1.25/£, sell £ at $2/£

Explanation:

The dollar- euro exchange rate is quoted as $1.50 = €1.00

the dollar-pound exchange rate is quoted at $2.00 = £1.00

To calculate the actual cross rate we use; S(euro divided by pounds) =  S(dollar/pounds) ÷ S(dollar/euro).

Using symbols to denote this, we have S(€/£) = S($/£) / S($/€)

S(€/£) = S(2/1) ÷ S(1.50/1)

= (2 / 1.5)

= €1.33.

Consequently, from this result we now know that the euro is undervalued with respect to pounds under the cross rate being offered by the bank. This implies that you should first buy the euro, convert to pounds, and eventually convert back to dollars, this would enable you make money as an investor.

3 0
3 years ago
Read 2 more answers
Under __________ requirements, the union must apply the terms of contract equally to all bargaining-unit employees. question 15
aksik [14]

Under mandatory bargaining requirements, the union must apply the terms of contract equally to all bargaining-unit employees. There are different subjects that are available and open for bargaining. Salary, benefits, contract and employment terms are all types of subjects that an employee can bargin to get what they want even if it's not initally offered. All mandatory subects directly impact an employees terms and conditions in a company.

3 0
2 years ago
In October of the current year, Jasmine received a $15,520 payment from a client for 32 months of rent. The rental period begins
serg [7]

Answer:

Jasmine recognize $1,940 this year if she uses the accrual method of accounting.

Explanation:

The Accrual or Matching Concept in accounting requires revenues and expenses to be recorded in the period i which they occur or incur.

The entry to record the receipt of payment is :

Cash $15,520 (debit)

Unearned Rental Income $15,520 (credit)

By the end of the year on 31 December, 4 months rent income starting September will have been earned and entries are as follows :

Unearned Rental Income $1,940 (debit)

Rental Income $1,940 (credit)

Rental Income calculation = $15,520 × 4 / 32

                                           = $1,940

5 0
3 years ago
Other questions:
  • True or false: savings accounts generally offer a higher yield than money markets.
    11·2 answers
  • Manny wants to be involved in a business but is not sure which type of business to join or create. He has capital to invest. He
    9·1 answer
  • A debit may signify a(n) a. decrease in a liability account b. decrease in an asset account c. increase in the retained earnings
    14·1 answer
  • Answer the question on the assumption that the legal reserve ratio is 20 percent. Suppose that the Fed sells $500 of government
    13·1 answer
  • Which of the following priority rule will minimize the average flow time of jobs and also perform well in other measures such as
    9·1 answer
  • in 2006, selected automobiles had an average cost of $16,000. The average cost of those same automobiles is now $28,000. What wa
    14·1 answer
  • What is CUSTOMER VALUE? How it can be created? Discuss.
    13·1 answer
  • Summerlin Company budgeted 4,000 pounds of material costing $5.00 per pound to produce 2,000 units. The company actually used 4,
    7·1 answer
  • When aggregate demand falls, to avoid a(n) and return to the long-run equilibrium, we must increase aggregate demand.
    14·1 answer
  • On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the not
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!