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3 years ago

Difference between hire purchase and credit sales

1 answer:

5 0

Answer: A hire purchase is a system by which one pays for a thing in regular instalmentsinstallments while having the use of it.

A credit sale is a purchases made by customers for which payment is delayed.

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A common type of partnership that involves a managing partner and a financial partner is known as a(n):________

balandron [24]

A general partnership is a partnership when all partners share in the profits, managerial responsibilities, and liability for debts equally.

<h3>What is general partnership?</h3>

A general partnership, the most basic type of partnership under common law, is an organization of people or an unincorporated company that has the following major characteristics: Agreement, proof of existence, and estoppel must all be used to create it.

Two conditions must be met in order to form a general partnership: The company must have at least two owners. All partners must agree to accept unlimited personal responsibility for any debts or legal liabilities incurred by the partnership.

Unless otherwise stated in the agreement, all partners in a general partnership have equal standing and the authority to participate in the management of the business. When a decision must be made, each partner is usually given one equal vote.

To know more about general partnership follow the link:

brainly.com/question/25641198

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7 0

1 year ago

The infographic suggests making small payments on your student loans even before they’re due, yet that won’t automatically get y

dem82 [27]

The benefit that a student can obtain by paying off his student loan before the due date is that his debt is diminishing.

<h3>What is a student loan? </h3>

A student loan is an aid offered by some public and private entities to those students who are going to start their university studies to lend them the money that their degree is worth.

These entities then establish fees that the student must pay from time to time. However, several of these entities charge interest and other percentages for lending this money to students.

<h3>What is the benefit of making small advance payments? </h3>

The benefit of paying in advance is that the student will pay off his loan more quickly, which will free him/her from paying higher interest in the future.

Note: This question is incomplete because the infographic is missing. However I can answer it based on my prior knowledge.

Learn more about infographics in: brainly.com/question/14267721

7 0

3 years ago

At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts:

kvv77 [185]

Answer:

Cash Accounts receivable

debit credit debit credit

42,000 25,000

c. 140,000 a. 185,000

d. 120,000 <u>c. 140,000</u>

<u>e. 31,400 </u> 70,000

30,600

Service revenue Accounts payable

debit credit debit credit

a. 185,000 8,400

<u>185,000 </u> b. 45,800

0 0 <u>e. 31,400 </u>

22,800

Common stock Retained earnings

debit credit debit credit

<u> 24,000</u> 34,600

24,000 f. 10,000

43,800

Operating expenses Salaries expenses

debit credit debit credit

b. 45,800 d. 120,000

0 0 0 0

in order to determine the balance of the retained earnings account at the end of the year, we must first close all the temporary accounts:

Dr Service revenue 185,000

Cr Income summary 185,000

Dr Income summary 165,800

Cr Operating expenses 45,800

Cr Salaries expense 120,000

Dr Income summary 19,200

Cr Retained earnings 19,200

6 0

3 years ago

Net credit sales for the year are $750,000. The end of year accounts receivable balance is $160,000. The allowance for doubtful

alexandr402 [8]

Answer: $3000

Explanation: Allowance for doubtful accounts is the contra account to accounts receiveable when all the bad debts need to be accounted for. The bad debts reduces the accounts receivable line but all bad debts are actually deducted from the allowance for doubtful accounts.

The allowance for doubtful accounts for that year is calculated as 5% of the accounts receivable balance. This amounts to $8000 (160000 x 5%) before bad debts have been accounted for. Allowance for doubtful accounts moves in the opposite direction as accounts receivable because it is a contra account to this line item. At the end of the year before year end closing entries are done, and after the bad debts have been accounted for, the balance on the allowance for doubtful accounts is $5000.

This means that bad debts for that year is:

8000 (balance before bad debts have been accounted for)

- 5000 (balance after bad debts have been accounted for)

= $3000.

5 0

3 years ago

Relevant costs for target costing include:

Firdavs [7]

Answer:

Correct answer is D. All future costs, both variable and fixed

Explanation:

In target costing, all future costs both variable and fixed costs are relevant. This is for us to clearly determine the desired profit that the company wants to attain. The process of costing is to determine all future costs that the company will possibly incur in the production and add it to the desired profit margin to know the unit sales price of the product.

5 0

3 years ago