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
aksik [14]
3 years ago
14

Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $58000. Credit te

rms were 2/10, n/30. The inventory was sold on account for $170000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Which statement is correct?
There is not enough information available to answer this question.

Cash flows were affected on January 14 and January 21.

Gross profit percentage is 60%.

On January 30, 2022, customers should remit cash in the amount of $168300.

Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $58000. Credit terms were 2/10, n/30. The inventory was sold on account for $170000 on January 21, 2022. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2022, and the accounts receivables were settled on January 30, 2022. Which statement is correct?

There is not enough information available to answer this question.

Cash flows were affected on January 14 and January 21.

Gross profit percentage is 60%.

On January 30, 2022, customers should remit cash in the amount of $168300.

Financial information is presented below:

Operating expenses $ 26000
Sales revenue 238000
Cost of goods sold 147000

The gross profit rate would be

0.11.

0.27.

0.62.

0.38.

Financial information is presented below:

Operating expenses $ 28000
Sales revenue 214000
Cost of goods sold 139000

The profit margin would be

0.22.

0.35.

0.65.

0.78.

Financial information is presented below:

Operating expenses $ 20000
Sales returns and allowances 5000
Sales discounts 3000
Sales revenue 140000
Cost of goods sold 85000

The profit margin ratio would be

0.34.

0.20.

0.19.

0.36.
Business
1 answer:
Westkost [7]3 years ago
3 0

Answer:

On January 30, 2022, customers should remit cash in the amount of $168300. This is the correct statement for the Rains company.

Explanation:

a.Cash flows were affected on January 14 and January 21. This statement is wrong because cash flows are affected when the actual payment or receipt of cash is involved.

b.Gross profit percentage is 60%. this is even wrong because on calculation the Gross profit percentage is above 65%.

Gross profit percentage= ( Gross profit / Sales ) * 100

=  ($ 170,000-58,000/ 170000 )*100= (112,000/ 170000 )*100= 65.88%

c.On January 30, 2022, customers should remit cash in the amount of $168300. This is correct because applying 1% discount on $ 170,000 gives

1% of $ 170,000= $ 1,700

Subtracting this amount from actual = $ 170,000- $ 1700= $ 168,300

2.a. Gross profit rate= ( Gross profit / Sales )

Gross profit rate= (Sales-COGS  / Sales )

                              = (238000 -147000/ 238000)= 0.38

2.b. Profit margin= ( Gross profit / Sales )

Profit margin= (Sales-COGS  / Sales )

                              = (214000 -139000/ 214000)= 0.35

2.c. Profit margin= ( Gross profit / Sales )

Net Sales = Sales revenue -Sales returns and allowances -Sales discounts

Net Sales =  140000- 5000- 3000= 132,000

Profit margin= (Sales-COGS  / Sales )

                              = (132000 -85000/ 132000)= 0.3566= 0.36

You might be interested in
See Hint If your income increases by 8%, and your quantity demanded of vanilla ice cream decreases by 18%, then vanilla ice crea
xz_007 [3.2K]

Answer:

The correct answer is B

Explanation:

Inferior goods are those goods or kind of goods whose demand declines or decrease when the income of the person or customer increases or rises. In other words, it means that the inferior goods demand is inversely associate to the customer or consumer income.

So, in this case, the income rises by 8% and the quantity demanded for the ice cream declines or falls by 18%, then the vanilla ice cream would considered as the inferior good.

3 0
3 years ago
4)which of the following is correct when bad debt expense is recorded at year-end? b) net accounts receivable will decrease.
fiasKO [112]

Bad debt expense is an operating expense. An increase in operating expenses decreases income from operations.

When a receivable is no longer collectible as a result of a customer's inability to pay an outstanding debt due to bankruptcy or other financial issues, a bad debt expense is recorded. Companies that offer credit to their customers record bad debts as an allowance for doubtful accounts, also referred to as a provision for credit losses, on their balance sheet.

The basic idea behind bad debt expense is the same as that behind all accounting principles: it enables businesses to completely and accurately report their financial position. Almost every business will encounter a customer who is unable to pay at some point, and they will need to record a bad debt expense.

Learn more about bad debt here:

brainly.com/question/29343346

#SPJ4

5 0
1 year ago
Which statement describes what happens to the carbon dioxide produced in cellular respiration?​
Rama09 [41]

Answer:

The right answer is B.

Explanation:

The equation is glucose + oxygen ==> carbon dioxide + water and energy is produced in the form of ATP.

Cellular respiration is a complete breakdown of glucose in the presence of oxygen, allowing a total release of its energy.

Glucose is "burned" in the presence of oxygen in the cells of animals and plants.

Breathing releases energy stored in glucose (during photosynthesis). The majority of this energy is transferred to ATP which can be used by all cells.

And the waste of respiration is carbon dioxide and water, which are precisely the raw materials of photosynthesis in chloroplasts (= closed circuit).

7 0
3 years ago
Which of the following is an explanation of the capture theory​? A. When products have too many warning labels comma consumers m
seropon [69]

Answer: B. People who have been in an industry are most likely to be asked to be regulators of the industry.

Explanation:

The Capture Theory or Regulatory Capture refers to a situation where the agencies that are supposed to be regulating an industry come under the influence of the companies they are meant to be regulating.

This leads to a situation where the Agencies make regulations that favour these companies instead of the consumer.

One key way this occurs is the REVOLVING DOOR. This is known as the tendency of professionals to move between Government and Private jobs. Simply put, a professional could work in an industry and then go on to work in an Agency regulating that industry. Once this happens, the once private citizens could start influencing the Agencies in favour of their previous bosses.

7 0
3 years ago
what department manages functions such as recruitment promotions and payrolls and performance appraisals
Stells [14]
They compensate as well as check on job performance for companies, so I would definitely choose HR. aka Human Resources.

4 0
3 years ago
Other questions:
  • Darden owns both family oriented casual restaurants such as Olive Garden and more sophisticated upscale places such as Capitol G
    9·1 answer
  • money that is provided by the defendant to ensure his or her appearance in court is reffered to as----------------.
    9·1 answer
  • Opportunities and advancements in the technological environment during the past 20 years have opened the doors for a number of p
    15·1 answer
  • The following information is available for Marin Inc. for three recent fiscal years. 2022 2021 2020 Inventory $565,000 $572,000
    11·1 answer
  • Keisha is giving a speech on the planets in the solar system, starting with the planet closest to the sun and ending with the fa
    11·1 answer
  • Logistics Trucking Company operates a fleet of fuel trucks. When one of the trucks is positioned to receive a load of biofuel, i
    9·1 answer
  • As a financial manager for WillPower, Inc, you have the following information: a) The company follows a residual dividend policy
    13·1 answer
  • 2 points Time Remaining 5 minutes 36 seconds00:05:36 eBookItem 2 Time Remaining 5 minutes 36 seconds00:05:36 Brad proposed the p
    7·1 answer
  • Which of the following is a characteristic of a public good?
    11·1 answer
  • The amount of reserves that a commercial bank is required to hold is equal to?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!