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lina2011 [118]
3 years ago
7

On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received o

n August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received?
a. Cash..........14,700
Sales Discount. 300
Accounts Receivable 15,000
b. Cash.... 15,000
Accounts Receivable. 15,000
c. Cash.... 14,700
Accounts Receivable 14,700
d. Accounts Receivable. 300
Sales Discount Forfeited.. 300
Business
1 answer:
Alchen [17]3 years ago
5 0

Answer:

Entries that were made on August 1 to record the cash received is :

a. Cash..........14,700

Sales Discount. 300

Accounts Receivable 15,000

Explanation:

When the Inventory items were sold the entries are :

Trade Receivables $23,500 (debit)

Sales Revenue $23,500 (credit)

When payment is received on August 1, the payment is made within the discount period and the customer is eligible for the 15% cash discount.Entries would be as follows :

Cash $14,700 (debit)

Discount allowed $300 (debit)

Trade Receivable $15,000 (credit)

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Elan Coil [88]

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The not unusual function of counter-change preparations is that export income to a particular market is made conditional upon undertakings to simply accept imports from that marketplace. for instance, an exporter can also promote machinery to USA X in a situation where he accepts agricultural merchandise from X for a fee.

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8 0
1 year ago
Creble Company reported net income for 2016 in the amount of $40,000. The company's financial statements also included the follo
WITCHER [35]

Answer:

$36,000

Explanation:

Net Cash = Net Income for 2016 - Accounts Receivable + Decrease in inventory + Depreciation expense - Gain on sale of equipment

=> Net Cash = $40,000 - $ 4,000 + $2,000 + $3,000 - $5,000

=> Net Cash = $36,000

3 0
3 years ago
The Super Toy Stores inventory records at December 31, revealed the following: Inventory on hand, December 31 $350,000 Merchandi
enyata [817]

Answer:

The correct answer is $543,000

Explanation:

According to the given scenario, the calculation of the ending inventory is as follows:

= Inventory on hand + merchandise purchased F.O.B shipping point + F.O.B destination

= $350,000 + $118,000 + $75,000

= $543,000

The goods held on consignment i.e. not involved is not relevant

Thus, the  calculation of the ending inventory is $543,000

8 0
2 years ago
Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter’s pro
VLD [36.1K]

Answer:

raw materials    197900

accounts payable   197900

WIP   161830

factory overhead   5270

raw materials   167100

WIP   85500

factory overhead   7600

wages payables   93100

factory overhead   53000

accounts payable   53000

factory overhead   17150

acc. Dep-equipment   17150

dep expense*   14800

acc. Dep- Off Building   14800

WIP**   70965

factory overhead   70965

Finished Goods***   251747

WIP inventory   251747

Explanation:

* as the building is not related to the manufacturing process we cannot capitalized through inventory We will record as cost ofo the period therefore, depreciation expense

** the aplied overhead will be the amount of direct labor added during the period time 83%

85,500 x 83% = 85,500 * 0.83 = 70,965

*** we will have to add up the jobs cost to detemrinate how much of the work in process inventory becomes finished good

Job  Materials // Labor // Overhead

A20 $  37,740  $  19,200 + 19,200 x 0.83

A21  $ 44,320  $ 23,600 + 23,600 x 0.83

A23 $  41,770   $  27,100  + 27,100 x 0.83

Total 251,747

4 0
3 years ago
Ultimately, the study of international business is no different from the study of domestic business. Thus, there is no point in
insens350 [35]

Answer:

Explanation:

Where the culture and the mode of living are completely different, international business is going beyond boundaries.

People of single culture and region are been dealt with in the domestic business, and it is easy to know what the customer needs. Many cultures are been dealt with when it comes to international business, and there is a need for product customization as per the location. This would require a team that manages these issues in each region.

Hence, when compared to domestic business, the business will be in a large mode. Thus, there is a separate course for international business which helps us to reach the heights we require to see the whole world.

Based on the explanation above, the statement given in the question is false.

7 0
3 years ago
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