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maks197457 [2]
2 years ago
11

A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $800 of that merchandise

. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:
Business
1 answer:
DedPeter [7]2 years ago
4 0

Answer:

$8,924

Explanation:

the journal entries should be:

June 15, merchandise purchased on account, terms 3/10, n/45

Dr Merchandise inventory 10,000

    Cr Accounts payable 10,000

June 20, defective merchandise returned

Dr Accounts payable 800

    Cr Merchandise inventory 800

June 24, invoice is paid within discount term

Dr Accounts payable 9,200

    Cr Cash 8,924

    Cr Purchase discount 276

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Sales revenue for a sporting goods store amounted to $ 535 comma 000 for the current period. All sales are on account and are su
Serhud [2]

Answer:

Explanation:

The journal entry is shown below:

Account receivable A/c Dr $593,850

         To Sales tax payable A/c      $58,850                 ($535,000 × 11%)

          To Sales revenue A/c          $535,000

(Being sale is made on credit)

The account receivable amount includes both the sales tax payable and the sales revenue amount.

4 0
3 years ago
The impact of increasing, as opposed to constant, costs is to Multiple Choice expand the limits of the terms of trade. intensify
Elden [556K]

Answer:

cause the bases for further specialization to disappear as nations specialize according to comparative advantage

Explanation:

Comparative advantage refers to the advantage while producing the goods and services at a lower cost compared with the competition or rivals in order to gain the maximum share in the market place

Now if there is an increased as compared with the constant so the impact would affect the basis for additional specialization to invisible as the nations specialized as per the comparative advantage

3 0
3 years ago
Julius, a collector and seller of Egyptian relics, hired Brutus to act as his sales agent. Julius later discovered that Brutus,
nekit [7.7K]

Answer: Julius is bound on this contract because Brutus had apparent authority

Explanation:

Based on the scenario and the information given, Julius is bound on this contract because Brutus had apparent authority.

Apparent authority simply refers to a scenario whereby means a principal in this case Julius is bound by the action of the agent that is, Brutus even though Brutus had no authority. Here, Anthony believed that Brutus had an authority to act not knowing that he had been fired.

6 0
2 years ago
Which of the following is designed to partially remedy the problem of excessive insurance? Baumol’s cost disease
IgorC [24]

Answer:

The Cadillac tax

Explanation:

The benefit for health case sponsored by the employer in the case when the defined limits that should be legal will be 40% of excise tax also the taxes are paid by the insurance companies but the same is to be borne by an individual also it determines who has to receive the benefit of the insurance. It also restricts the limit of private health insurance

So here in the given situation, it is a Cadillac tax

7 0
3 years ago
The p/e ratio can be interpreted as ""the number of years’ earnings to pay back purchase price"" True or False
ICE Princess25 [194]

Answer:

True

Explanation:

P/E ratio is the price to earning ratio. Investor look into this ratio before investing or buying share of the company as it shows the market value of the shares or demand of the shares in the market. If ratio is higher then investor anticipate the growth of the company´s earning in the future, it also show investors are willing to pay higher price for each dollar earning of the company.

Price earning ratio= \frac{market\ value\ price\ per\ share}{earning\ per\ share}

7 0
3 years ago
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