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Liono4ka [1.6K]
3 years ago
13

On April 30, 2015, Zono Electronics, Inc. made a payment of $3,500 to Imperial Distributors, a supplier. Choose the statement th

at best describes the recording of this financial transaction by Imperial Distributors.
Business
1 answer:
pav-90 [236]3 years ago
3 0

Answer:

A) Debit cash, credit accounts receivable

Explanation:

As the statement said, Zoono electronics made a payment which means they are debiting cash amount of $3,500 to imperial distributor who is a supplier. So the best statement that best describes the recording of this financial transaction by imperial distributor is their account receivable has been credited and cash is debited. All the other options are wrong except this.

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sattari [20]

Answer:

option D - $22,000 gain

Explanation:

the gain can be calculated by using the following relation

Face Value + Unamortized Premium - Purchase Price = gain

where,

Face Value - $1,000,000

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Purchase Price - 99% x $1,000,000

putting all value to get gain or loss on the retirement

= $1,000,000 + (60% x $20,000) - (99% x $1,000,000)

=  $22,000 gain

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3 years ago
A store puts everything on sale for 20% off. If the sales tax is 8%, what percent of the original marked price is the final cost
iogann1982 [59]

Answer:

86.4%

Explanation:

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then with a sales discount of 20%

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Therefore the final cost (i.e. the post-tax price) is

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2 years ago
A manager at Blue Cross asks Office Supply, Inc. (OSI) if it will provide 500 boxes of letter size paper. OSI agrees, arranges f
BigorU [14]

Answer:

Invalid, because under the UCC the acceptance must mirror the offer

Explanation:

§ 2-207 of the Uniform Commercial Code (UCC) enforces the mirror image rule. The mirror image rules states that in order for a valid contract to be formed, the offeree (Office Supply) must accept all the terms included in the offer (by Blue Cross) and cannot modify or add any terms. Any term that changes the original offer results in no contract.

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Angel Corporation reported pretax book income of $1,000,000. During the current year, the net reserve for warranties increased b
Licemer1 [7]

Answer:

The hypothetical tax expense =$340,000 with assumption that tax rate is 34%.

Explanation:

The above figure is worked out like this=$1,000,000*34%=$340,000

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Please note that 34% tax rate is assumed as the said rate is not given in question.

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3 years ago
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