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seropon [69]
3 years ago
5

Jupiter Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2019. The goods have a sales price of $6

10,000 (cost of $500,000). The terms are net 30. If Danone pays within 5 days, however, it receives a cash discount of $10,000. Past history indicates that the cash discount will be taken. On January 28, 2019, Danone makes payment to Jupiter for the full sales price. Prepare the journal entry(ies) to record the sale and related cost of goods sold for Jupiter Company on January 2, 2019, and the payment on January 28, 2019. Assume that Jupiter Company records the January 2, 2019, transaction using the gross method
Business
1 answer:
arsen [322]3 years ago
3 0

Answer:

Journal Entry and their narrations is shown below:-

Explanation:

1. Notes receivable Dr,      $610,000

        To Sales revenue              $610,000

(Being Sales revenue is recorded)

2. Cost of goods sold Dr,       $500,000

        To Inventory                         $500,000

(Being cost of goods sold is recorded)

3. Cash Dr,                             $610,000

        To Notes receivable             $610,000

(Being collections of notes receivable is recorded)

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fomenos

The solution for the problem follows:

 

Expense = variable expenses * quantity of produced + fixed expenses

= 14q + 78,490

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= 49000 + 78,490

= $127, 490 is the total expense for 3,500 tennis rackets

 

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3 years ago
Suppose you borrow $10,000 right now to start a business. If the terms of the loan require you to pay back $16,000 in 5 years, w
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Answer:

r = 9.86%

Explanation:

The formula for calculating the future value of an invested amount yielding a compound interest is given by:

FV=PV(1+\frac{r}{n})^{nt}

where:

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PV = present value = $10,000

r = interest rate = ?

n = number of compounding period per year = 1

t = time in years = 5

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dividing both sides by 10,000

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1.6 = (1 + r)^{5}

to remove the power of 5, we have to take the 5th root of both sides:

(1.6)^{1/5} = (1 + r )^{5 * 1/5}

Using your calculator:

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∴ r = 1.09856 - 1 = 0.09856

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Answer:

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Answer:

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