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Elina [12.6K]
3 years ago
10

Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. The Pound Co. paid the invoice within the disc

ount period. What is the sales amount to be recorded in the above transactions?a. $25,500b. $26,010c. $24,990d. $16,000
Business
1 answer:
Scorpion4ik [409]3 years ago
8 0

Answer:

c. $24,990

Explanation:

The Term 2/15 net 45 mean 2% cash discount is offered if the payment is made within 15 days otherwise the credit period is 45 days. There is no after 15 days of sale.

Amount of Sale = $25,500

Discount Rate = 2%

The Pound Co. paid the invoice within the discount period. They are eligible to receive the 2% discount on sale value.

Discount Amount = $25,500 x 2% = $510

Net Sales amount in this transaction = $25,500 - $510

Net Sales amount in this transaction = $24,990

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On January 2, 2013, Gant Co. purchased a franchise with a useful life of five years for $60,000 and an annual fee of 1% of franc
inysia [295]

Answer:

$48,000

Explanation:

The computation of the amount that should be reported as the intangible asset franchise is shown below

= Purchase value of franchise - amortization per year

= $60,000 - ($60,000 ÷ 5 years)

= $60,000 - $12,000

= $48,000

hence, the  amount that should be reported as the intangible asset franchise is $48,000

6 0
3 years ago
If the company is using the payback period method and it requires a payback of three years or less, which project(s) should be s
algol [13]

Answer: Project X

Explanation:

The Payback period is the amount of time it would take for the cash inflows accruing from an investment to payoff the cost of the investment.

Project X has a constant cashflow of $24,000 for 3 years and a cost of $68,000 for the Payback period is;

= 68,000/24,000

= 2.83 years

Project Y has an uneven cash flow with a cost of $60,000. Payback is calculated as;

= Year before payback + Amount left to be paid/cashflow in year of payback

Year before payback = 4,000 + 26,000 + 26,000

= $56,000

This means that the third year is the year before payback.

60,000 - 56,000 = $4,000

Payback period = 3 + 4,000/20,000

= 3.2 years

Based on a Payback period of 3 years, only Project X should be chosen as it pays back in less than 3 years.

7 0
3 years ago
Milo decides to invest $1,500 in a savings account every year at the beginning of the year for 10 years. Assuming an interest ra
irina1246 [14]

Answer:

$22,175.40

Explanation:

For this question, we use the Future value formula that is shown on the attachment below:

Provided that,  

Present value = $0

Rate of interest = 7%

NPER = 10 years

PMT = $1,500

The formula is shown below:

= -FV(Rate;NPER;PMT;PV;type)

So, after solving this, the future value is $22,175.40

Therefore, the amount at the end of the year is $22,175.40

4 0
3 years ago
Trevor’s peers were surprised when he received a promotion and suddenly became their supervisor. They thought he was rather unre
Illusion [34]

Answer: (D) Poor leader-member relations

Explanation:

 In the poor leader member relationship, the member of the group are poor and the leaders focus are mainly shift away from the task in type specific group. It raises the poor conflicts and behavior in the relations of the group members.

The contingency model is one of the important business contingency theory which focus on the leadership effectiveness in the specific organization. This theory is mainly developed by the Fred fiedler.

Therefore, Option (D) is correct.

3 0
3 years ago
Tom's Textiles shipped the wrong material to a customer, who refused to accept the order. This is an example of a:-Sales revenue
Angelina_Jolie [31]

Answer:

Sales return

Explanation:

Sales return when a customer is not satisfied with a product, refuses to accept the order and expects to receive back the whole amount of money he paid for it.

Tom's Textiles are at wrong here as they shipped the wrong material to a customer. The customer is allowed not to accept the order and all the money he paid must be reimbursed to him. The company should apologize for the mistake in a pleasant manner, as mistakes happen everyday and can be corrected quickly and efficiently.  

3 0
3 years ago
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