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tatyana61 [14]
3 years ago
6

Metlock, Inc. sells merchandise on account for $2000 to Morton Company with credit terms of 2/8, n/30. Morton Company returns $6

00 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Metlock, Inc. make upon receipt of the check?
Business
1 answer:
Hatshy [7]3 years ago
6 0

Explanation:

The journal entry is shown below:

Cash A/c Dr $1,372

Sales Returns and Allowances A/c Dr $600

Sales Discounts A/c Dr $28

               To Accounts Receivable A/c $2,000  

(Being the cash is received)

The computation is shown below:

For sales discount

= (Sales value of merchandise - returned goods) × discount rate

= ($2,000 - $600) × 2%

= $28

And, the remaining balance is debited to the cash account

   

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2 years ago
Which person would most benefit from homeowners insurance?
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The person would most benefit from homeowners insurance is D) Fran lives in an assisted living facility.

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3 years ago
Suppose your company needs $13 million to build a new assembly line. Your target debt-equity ratio is .55. The flotation cost fo
natulia [17]

Answer:<em>True cost = \frac{cost of assembly}{1-weighted flotation cost }</em>

<em>=  \frac{13,000,000}{1- 0.049}</em>

<em>= $ 13,669,821.2</em>

Explanation:

Given :

Debt-Equity ratio = 0.55

Flotation cost for new equity = 6%

Flotation cost for debt = 3 %

∴ To compute the weighted flotation cost , we'll use the following formula:

Weighted Flotation cost =\left [ \frac{1}{1+Debt-Equity ratio}\times Flotation cost of equity \right ] + \left [ \frac{Debt-Equity ratio}{1+Debt-Equity ratio}\times Flotation cost of debt \right ]

=  \left [ \frac{1}{1+0.55}\times 0.06 \right ] + \left [ \frac{0.55}{1+0.55}\times 0.03 \right ]

= 0.0387 + 0.0106

= 0.04934 or 4.93%

The true cost of building the new assembly line after taking flotation costs into account is evaluated using the following formula :

True cost = \frac{cost of assembly}{1-weighted flotation cost }

=  \frac{13,000,000}{1- 0.049}

= $ 13,669,821.2

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Emphasizing your qualifications or adding new information.
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