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Bess [88]
3 years ago
5

On May 10, 2020, Crane Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the f

ull contract price of $1,840 on July 15, 2020. The cost of the goods is $1,170. Crane delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Crane related to this contract. Either party may terminate the contract without compensation until one of the parties performs.
Business
1 answer:
belka [17]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

1. Accounts receivable a/c Dr $1,840

            To Sales revenue a/c Cr  $1,840

(Being the sales is recorded)

2. Cost of goods sold a/c Dr $1,170

                  To Inventory a/c Cr $1,170

(Being the cost of goods sold is recorded)

3. Cash a/c Dr $1,840

          To Accounts receivable a/c Cr $1,840

(Being the payment received is recorded)

Only these three entries are recorded

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2. Which of the following is NOT considered as a characteristic of an entrepreneur?
Viktor [21]

Answer:

Dependent

Explanation:

Analyzing the given options one after the other.

- Cope with failure: As an entrepreneur, one should be able to cope with failure. One should see failure as a setback but rather as a stepping stone to bounce back.

- Persistent: A person who is to be called an entrepreneur has to be determined to succeed and never relent.

- Dependent: An entrepreneur is an independent person and never relies on others for survival.

-Opportunity Seeker: An entrepreneur constantly seek for opportunities and immediately grasp it whenever he sees one

So, the odd one out of the given options is <em>Dependent</em>

3 0
3 years ago
Williams Manufacturing uses scrap metal to produce various tools, such as drill bits, hammer heads, saw blades, and nails. The C
telo118 [61]

Answer:

3 times per year

Explanation:

ROI = Profit/Sales * Sales/Asset

30% = 1,050,000/10500000 * Asset Turnover

30% = 10% *  Asset Turnover

Asset Turnover = 30%/10%

Asset Turnover = 3 times per year

7 0
2 years ago
what is the population doubling time in years for a country with an annual growth rate of 3.5 percent?
tensa zangetsu [6.8K]

"The rule of 70" refers to a significant relationship between the percentage growth rate and its doubling time:Simply divide the number 70 by the percentage growth rate to estimate the doubling time for a constant growing quantity.

How is the time it takes for a nation's population to double?

To sort out what amount of time it would require for a populace to twofold at a solitary pace of development, we can utilize a straightforward recipe known as the Standard of 70.Simply divide 70 by the annual growth rate to determine the doubling time in years.

The number of years required for a nation's economy to double in size is equal to 70 divided by the percent growth rate. For instance, if an economy expands by 1% annually, it will take 70 / 1 = 70 years for the economy to double in size.

Learn more about growth rate here:

brainly.com/question/25849702

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4 0
11 months ago
Suppose executives at an art museum know that 100 adults are willing to pay $12 for admission to the museum on a given weekday.
e-lub [12.9K]

The museum will earn $600 on a weekday.

<h3>What is an art museum?</h3>
  • A structure or area designated for the exhibition of art, typically from the museum's own collection, is known as an art museum or gallery.
  • It may be owned by the government or a private individual, and access may be open to everyone or subject to limitations.
<h3>Who are executives?</h3>
  • An executive manages operational activities for their company or organization and is typically in charge of developing policies and strategies to achieve organizational objectives.
  • Executives frequently travel to conferences, meetings, and local, regional, national, and worldwide offices.
<h3>Solution -</h3>

Adults willing to pay = 100 and their fees = $12.

Students are willing to pay = 200 and their fees = $8.

Operating cost of museum = $2,200.

To find the profit, do the following:

(100 * 12) + (200 * 8) = 1200 + 1600 = 2800\\2800 - 2200 = 600

Therefore, the museum will earn $600 on a weekday.

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5 0
1 year ago
Raugust-Mathwig, Inc., a corporation, was the sole general partner of a limited partnership. Calvin Raugust was the major shareh
shusha [124]

Answer:

Explanation:

Base on the scenario been described in the question, Molander can only recover against the assets of the limited

partnership and its corporate general and limited partners. He cannot recover against Calvin

Raugust personally. Under limited partnership law, a limited partnership is liable on its own

contracts; in addition, the general partner is individually liable for the debts and obligations of a

limited partnership. Limited partners may be held liable for the obligations of the limited

partnership if the limited partnership has been defectively formed. Otherwise, limited partners’

liability is limited to their capital contribution to the limited partnership.

6 0
3 years ago
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