You should respect the adults and be very professional around them. Don't act immature or goofing around otherwise you'll get fired
Answer: 1 E, 2 C, 3 A, 4 F, 5 D, 6 B
Explanation:
Purchase requisition - A document used by department managers to inform the purchasing department to place an order with a vendor.
Purchase order - A document used to place an order with a vendor that authorizes the vendor to ship ordered merchandise at the stated price and terms.
Invoice - An itemized statement of goods prepared by the vendor listing the customer's name, items sold, sales prices, and terms of sale.
Receiving report - A document used to notify the appropriate persons that ordered goods have arrived, including a description of the quantities and condition of the goods.
Invoice approval - A checklist of steps necessary for the approval of an invoice for recording and payment; also known as a check authorization.
Voucher - An internal file used to store documents and information to control cash disbursements and to ensure that a transaction is properly authorized and recorded.
The present value of of $6,811 to be received in one year if the discount rate is 6.5 percent will be $6, 395.31.
What does Present Value mean?
A financial concept that calculates the current value of a future sum of money or stream of cash flows is present value. It's used to compare the relative worth of different amounts of money that aren't available at the same time. The inverse of future value. The sum of future investment returns discounted at a specified rate of return is calculated as the present value of money you expect from future income.
What is Financial concept?
Financial concepts are the fundamental principles and theories of finance, which provide guidance on how to assess and manage financial risks, return, and value. These concepts include the time value of money, diversification, risk-return trade-off, capital budgeting, and portfolio selection. Financial concepts are essential for making sound financial decisions and investments.
The procedure to find an present value:
Present Value = FV/ (1+i)^n
6,811/(1+0.065)^1
6, 395.31
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Answer:
a) Valuation of Ending Inventory
The total cost of consignment = $28980
Cost of Freezers= 60 freezers *$470= $28200
Shipment Costs $ 780
Per unit Cost of Consignment= $28980 / 60= $ 483
The inventory value of the units unsold in the hands of the consignee
= (60 units - 30 units )* 483= $ 14490
b) Profit for the Consignor
Sales 30 units at $800 $24000
<u>CGS 30 units at 483 14490
</u>
<u>Gross Profit 9510
</u>
Less
Advertising $200
Total installation costs $350
<u>Commision 6% of 24000= $ 1440 1990
</u>
<u>Net Profit $7520
</u>
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<u>c) Remittance was made of $7520
</u>
