Answer:
May 2 No entry is required as the transaction is yet to happen
May 7 DR Accounts Receivable $1,200
CR Tour Revenue $1,200
May 9 DR No entry required
May 15 DR Sales Allowance (1,200 * 30%) $360
CR Accounts Receivable $360
May 20 DR Cash $789.60
DR Sales Discount $50.40
CR Accounts Receivable $840
Working
Accounts Receivable = 1,200 - 360 sales allowance = $840
Sales Discount = 840 * 6% discount = $50.40
Cash = 840 - 50.40 = $789.60
b. Net Revenues
= Revenue - Sales allowance - Sales discount
= 1,200 - 360 - 50.40
= $789,60
c. Partial Income Statement
Tour Revenues $1,200
Less:
Sales Allowance $360
Sales Discount <u> $50.60 </u>
<u> ($410.60)</u>
Net Tour Revenue $789.40
Answer: "e. None of the answers above is correct."
Explanation: 1) If a bond sells for less than par, its yield at maturity is greater than its coupon rate.
2) If a bond sells at par, its current yield will be the same as its yield at maturity.
3) A bond selling for more than par will always have a lower capital gain than a par bond.
4) Both Incorrect.
I belong to a community of young moms and we stick together to prove that just because we are mothers doesn’t mean we are unable
What are the options, sir?
Ethical usually means what is right, or morally right. For example, killing someone isn't ethical, but helping an elderly person up from falling would be the ethical thing to do.
Answer: $39,500
Explanation:
Service Cost for the year = Ending PBO - Opening PBO - Interest cost + Benefits paid
<u>Opening PBO</u>
Opening PBO is the amount that the interest was charged on.
Discount rate of 10% came out to be $7,500.
The opening balance = 7,500/10%
= $75,000
Service Cost = 112,000 - 75,000 - 7,500 + 10,000
Service Cost for the year = $39,500
