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PSYCHO15rus [73]
3 years ago
15

Glastonbury Inc. began operations in April of this year. It makes all sales on account, subject to the following collection patt

ern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $66,000, $86,000, and $76,000, respectively, what were the firm's budgeted collections for April?
Business
1 answer:
Yuliya22 [10]3 years ago
6 0

Answer:

The firm's budgeted collections for April were $19,800

Explanation:

As given that firm collects 30% of the sale in the month of sale, there is no prior month's data, so the first month is April and its collections are as follow.

Collection = $66,000 x 30% = $19,800

Cash Schedule is made in a MS Excel file which is attached with this answer, Please find it.

Download xlsx
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On July 10, Boogie Footware agrees to a contract to sell 800 pair of flapper shoes for $16,000 to Twenties, Inc. On September 1,
atroni [7]

Answer:

$2,000

Explanation:

Revenue is the income generated from normal business activities. This includes allowances, discounts and deductions for sales returned.

Since Boogie and Twenties modify the agreement to reduce the price of the remaining 300 pair of flapper shoes to $10 a pair, it means that revenue to be recognized from the date of the change will be recognized at a unit price of $10.

As such if Boogie delivers 200 pairs of shoes in September,

Revenue to be recognized in the Month of September

= 200 * $10

= $2,000

5 0
3 years ago
M1 includes more than just currency because
MariettaO [177]

Answer: Option (A) is correct.

Explanation:

Correct Option: Other assets can also be used to make transactions to buy goods and services.

M1 = Currency with public + check-able/Demand deposits + other deposits with RBI

It includes more than just currency with public because there are some other assets as well which are highly liquefied and helps people in buying goods and services.

Check able deposits is one of the component of M1, other than currency with public. People can withdraw these deposits at any point of time which people generally used make transactions for buying goods and services.

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3 years ago
The primary purpose of an ethics audit is to ____.
il63 [147K]

Answer:

c. evaluate a company's ethical culture

Explanation:

Ethics auditing is used to systematically evaluate an organization's effectiveness when it comes to performance ethics and programs. This will determine both the internal and external impacts of ethical performance. It also helps in identifying the problems and  risks  in outgoing activities. This way the company can take necessary measures to correct, adjust or eliminate  any ethical concerns that may arise.

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3 years ago
Many private individuals invest in promising business​ start-ups. About 12.4 million people in the United States are considered​
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Answer:

l

Explanation:

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3 years ago
Explain the short and long term significance of the mcnary-haugen bill and the boulder canyon project.
Semmy [17]

Answer and Explanation:

The short and long term significance of the mcnary-haugen bill and the boulder canyon project was that the plan was to relieve American agriculture by raising prices of all farm products. Although this was for the government to buy wheat but it would negatively affect farmers, so Coolidge went ahead to vetoed the bill.

The Boulder Canyon Project was to effectively construct a dam and provide hydroelectric power as well as to provide flood control which is why The dam which is also known as the Hoover dam, helps to provided lots of scientific information needed.

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3 years ago
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