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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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Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis.
kkurt [141]

Answer:

Net Zero Products

a) The balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method is $4,300.

b) Adjusting Entry to record bad debt expense:

Debit Bad Debt Expense $1,700

Credit Allowance for Doubtful Accounts $1,700

To record the bad debt expense for the period and bring the allowance to $4,300 credit balance.

Explanation:

a) Data and Calculations:

Aging of receivables analysis:

Total (days)                          0        1 to 30     31 to 60     61 to 90     above 90

Accounts receivable $171,000   $96,000   $34,000     $15,000     $12,000

Percent uncollectible                      1%            4%                 6%            9%

Allowance for doubtful     0          $960        $1,360         $900        $1,080

Total allowance for doubtful = $4,300 (960 + 1,360 + 900 + 1,080)

b) The adjustment in the Allowance for Doubtful Accounts needed for the current period is $1,700 ($4,300 - $2,600).  This amount will be debited to the Bad Debts Expense account and credited to the Allowance for Doubtful Accounts.  It will bring the total for the Allowance for Doubtful Accounts to $4,300 from $2,600.

3 0
3 years ago
In the ethical decision making process, moral imagination is used by decision makers while ________.
lapo4ka [179]

In the ethical decision making process, moral imagination is used by decision makers while they consider available alternatives to make an effective decision.

<h3>Ethical decision-making process</h3>

It is essential that this process is guided by the company's set of policies and requirements, which are in compliance with legal norms and promote the development of organizational systems.

Therefore, decision makers need to identify the nature of the decision and the necessary information that will help to consider the available alternatives for the decision to develop possible resolutions and the assessment of the impact of their decision.

The choice of ethical decision must always be prioritized in favor of maintaining organizational transparency that generates greater reliability and positioning in the market.

Find out more information about decision making process here:

brainly.com/question/24864682

7 0
2 years ago
a county taxes real property at a millage rate of 15. if your customer owns real property in the county and the assessed value i
patriot [66]

$1800

15 x 0.001=0.015

.8 x $150,000=120,000

120,000x.015=$1800

Another way to calculate the number of tax during this example is to multiply your assessed value by 0.0185. Using the millage rate above, a home assessed at $300,000 would have a bill of $5,550. The formula is: Assessed value ($300,000) x millage rate (1.85%, or 0.0185) = land tax ($5,550). To calculate the mileage, or mill rate, a possessor divides the quantity of mills by 1,000.

As an example, say a neighborhood taxing authority encompasses a mill rate of 15 on the assessed value of holding in its jurisdiction. That puts the capital levy rate at 1.5% before any county taxes adjustments or exemptions. To calculate your individual property's effective charge per unit, all you have got to try and do is divide your annual invoice by what you estimate to be the value of your property.

The assessed value estimates the reasonable value for your home. it's based upon prevailing local realty market conditions. Multiply the value of your item or service by the county taxes charge per unit. If you have got a charge per unit as a percentage, divide that number by 100 to induce the charge per unit as a decimal. Then use this number within the multiplication process.

learn more about county taxes: brainly.com/question/25844719

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3 0
2 years ago
Put the following steps in order to indicate how a malignant tumor may develop. a - An environmental mutagen such as UV light mu
oksian1 [2.3K]

Answer:

The answer is B, D, A, C.

Explanation:

The order to indicate how a malignant tumor may develop is:

b - A single mutation of BRCA1 is inherited.

d - An oncogene forms when DNA mistakes are not corrected.

a - An environmental mutagen such as UV light mutates the p53 gene.

c - Mutation that allows invasion of other tissues develops.

4 0
3 years ago
After earning an MBA, a student begins working on an $80,000 per year job on 9/1/18. She expects to receive a 5 percent raise ea
kondor19780726 [428]

Answer:

since there is not enough room here, I prepared a long excel spreadsheet to calculate the present value of her monthly salaries.    

her initial monthly salary is $6,666.67, total salaries earned = 12 salaries x 30 years = 360 salaries

the discount rate = 8% / 12 = 0.667% or 0.00667

the present value of the salaries earned during 30 years = $1,520,375.10

Explanation:

Download pdf
7 0
3 years ago
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