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3 years ago

A party who agrees to act on behalf of another person or party is called a( n ) ________.

Business

1 answer:

IceJOKER [234]3 years ago

6 0

A party who agrees to act on behalf of another person or party is called an agent.

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Riverbed Company sells goods that cost $320,000 to Ricard Company for $407,000 on January 2, 2020. The sales price includes an i

Alecsey [184]

Answer:

a) Journal entries to record the sale on January 2, 2020:

Debit Accounts Receivable with $407,000

Credit Sales Account with $368,500

Credit Deferred Revenue (Installation Fee) with $38,500

Being sales of goods and installation services.

b) Income Statement for 1st Quarter of 2020

Sales - $368,500

Installation Fee - $19,250

Total Income - $387,750

less cost of sales - $320,000

Net Income - $67,750

c) The revenue Shaw should recognize in relation to the sale to Ricard is $387,750 (goods and accrued installation fee). The installation fee to be recognized is for 3 months only.

Explanation:

The installation fee is for 6 months. Therefore, 3 months' worth of fee will be recognized in the income statement ending on March 31, 2020.

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3 years ago

During a certain four-month period, the consumer price index (CPI) increased by only 5%. But during the next four-month period,

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I think you forgot to give the options along with the question. I am answering this question based on my research and knowledge. The condition that must have existed during the second four-month period can be described as depression. I hope that this is the answer that has actually come to your great help.

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3 years ago

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A supermarket places its store brand of blackberry jam priced at $5 per jar in the fruit preserves aisle, alongside the jam jars

soldier1979 [14.2K]

Raising the prices of their jam after people start buying it because they will want that jam no matter the price if they even relize it has gotten more expensive

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3 years ago

Receive cash from customers, $15,000. Pay cash for employee salaries, $9,000. Pay cash for rent, $3,000. Receive cash from sale

Alexeev081 [22]

Answer:

Part 1

Cash Account

Debit :

Receive cash from customers 15,000

Sale of Equipment 8,000

Bank Loan 4,000

Totals 27,000

Credit :

Pay cash for employee salaries 9,000

Rent 3,000

Utilities 1,000

Advertising 7,000

Ending Balance 7,000

Totals 27,000

Part 2

Ending Balance is $7,000

Explanation:

Only Cash related purchases and receipts are posted to Cash Account. Thus ignore non-cash related transactions.

The Cash Account : Receipts are posted at the Debit side of this Account and Payments at the Credit Side.

The Balance : After determining the Totals of the Debit and Credit, the shortfall of any of that side represents the Balance.

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3 years ago

At its height, what percentage of american workers were employed in an automotive-related industry?

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The percentage of American workers that were classified as employed in the industry that is automotive-related is only 20%. There were only 2 out 10 Americans who are working on this job. Automotive jobs cover auto dealerships, and manufacturing plants.

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