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AlekseyPX
3 years ago
15

Buffalo Corporation purchased warehouse shelving for $96,000, terms 1/10, n/30. At the purchase date, Buffalo intended to take t

he discount. Therefore, it made no entry until it paid for the acquisition. The entry was:
Business
1 answer:
Murrr4er [49]3 years ago
4 0

Answer:

Office Equipment (Debit)                  96,000

Accounts Payable (Credit)                96,000

Explanation:

Buffalo Corporation should have made the above stated entry. As the equipment is supposed to start depreciation from the date of purchase (when the asset is available for use as intended by management). Since the corporation intended to take the discount by paying early within the number of days allowed so upon payment the following entry should be made.

Accounts Payable (Debit)                             96,000

Purchase Discount Income (Credit)                9,600

Cash (Credit)                                                  86,400

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Answer:

1. To encourage various groups to come forward and report fraud, Dodd-Frank extended whistle-blowing privileges and rewards to which of the following?

D. <u>All of these are correct.</u>

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Explanation:

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3 years ago
The electric utility rate for a facility during the months of May through October is 4.5 cents per kilowatt-hour for energy, $11
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Answer: $11564

Explanation:

Total units consumed for August = 96000

There's a peak demand of 624kw

Also, the May through October is 4.5 cents per kilowatt-hour for energy.

The August electric bill will then be:

= 96000 × 4.5/100 + 624 × 11.50 + 68

= (96000 × 0.045) + (624 × 11.50) + 68

= 4320 + 7176 + 68

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2 years ago
On January 1, 2019, Sheffield Corp. had the following stockholders' equity accounts. Common Stock ($12 par value, 81,300 shares
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6 0
3 years ago
She has decided to use some of her profits to open a furniture store specializing in furniture made from sustainably sourced woo
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This is an example of market development growth.

<h3>What is market development?</h3>
  • Market segmentation for existing products is identified and developed as part of a growth plan.
  • A development plan focuses on non-buying clients in the segments that are already targeted.
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<h3>What is custom?</h3>
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<h3>What is market penetration?</h3>
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  • The sales volume of an existing good or service in relation to the overall target market for that good or service is used to measure it.
<h3>What is product development?</h3>
  • New product development in business and engineering refers to the entire process of launching a brand-new product, updating an already-available product, or launching a product in a new market.
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Therefore, this is an example of market development growth.

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6 0
2 years ago
Audits of financial statements are designed to obtain reasonable assurance of detecting misstatement due to?
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Errors, fraud, and noncompliance with laws with a direct effect on financial statement amounts.

<h3>How does the auditor obtain reasonable assurance?</h3>
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To learn more about it, refer

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