Answer:
Medlock will receive $2,940
Explanation:
Credit terms of 2/10, n/30 means there is a discount of 2% is available on payment of due amount within discount period of 10 days after sale with net credit period of 30 days.
According to given data
Sales = $3,000
As the payment is made within discount period, so discount will be availed
Discount = $3,000 x 2% = $60
Now deduct the discount from due balance to calculate the amount received.
Amount Received = $3,000 - $60 = $2,940
Answer:
If Splendid Occasions had recorded their service revenue using the other method, how much service revenue would they have recorded for the year?
Ans: $2,970
The ''other method'' in question is the Cash method which recognizes revenue when cash is paid unlike the Accrual method that recognizes it when earned.
Using the Cash method the Service Revenue would be $2,970 because the cash has been received for it.
If Sweet Catering had recorded transactions using the Cash method, how much net income (loss) would they have recorded for the month of May?
= Cash revenues - Cash expense
= Received cash for meals served to customers - Prepaid rent for three months - Received and paid electricity bill
= 2,530 - 2400 - 60
= $70
If Sweet Catering had recorded transactions using the Accrual method, how much net income (loss) would they have recorded for the month of May?
= Revenue - Expense
= Served a banquet on account + Received cash for meals served to customers - Rent - Electricity - Accrued salary expense - depreciation
= 2,810 + 2,530 - (2,400/3) - 60 - 2,670 - 380
= $1,430
<em>Cash spent on Equipment is not expense but capital expenditure. </em>
Answer:
Earthquakes happen when the boundaries of the Earth's tectonic plates bump and slide past one another; sometimes, they get stuck on jagged edges and cause earthquakes once they are released. These earthquakes are always followed by aftershocks starting from the same epicenter.
Explanation:
The Earth's four main layers are the inner core, outer core, mantle and crust. The crust and the mantle make up a "skin" on the outside of the planet, but is not made of a single piece. The pieces of the mantle and crust are called tectonic plates with the outer edges of each of them called plate boundaries. The section where two plates meet and move is called a fault. As each of the plate boundaries get caught on each other, the rest of the tectonic plate keeps moving and energy begins to store at the point of friction.
When the energy overcomes the friction caused, all of the energy is released and radiates from the epicenter. These waves of energy are called seismic waves and ripple like water on a pond when a stone is dropped in. They often reach the surface of the planet where everything starts to shake. This is why cities or towns that are located near faults are more likely to feel earthquakes than those in the center of a tectonic plate.
Answer:
The correct answer is letter "B": production by U.S. citizens wherever they work in the world.
Explanation:
Gross National Product or GNP is one of a range of indicators economists use to calculate the economic output of a country. GNP is the market value of all goods and services produced by a country's citizens for one year, whether those goods were manufactured inside the country or produced elsewhere.
