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dolphi86 [110]
4 years ago
15

On January 15, Cheyenne Corp. sells merchandise on account to Flounder Associates for $4500 with terms 2/10, n/30. On January 20

, Flounder returns merchandise worth $1100 to Cheyenne. On January 24, payment is received from Flounder for the balance due. What is the amount of cash received?
Business
1 answer:
Leni [432]4 years ago
6 0

Answer:

The amount of cash received on January 24 is $3332

Explanation:

The amount of cash received will be for the net amount of receivable after adjusting for sales returns and the sales discount as the payment is received within the discount period of 10 days as stated by the term 2/10 which means a 2% discount if payment is received within 10 days of sale.

The accounts receivable at January 15 after sale were $4500. Out of this amount, $1100 of returns are made. Thus, the remaining balance of accounts receivables after return is $4500 - $1100 = $3400

The discount received will be = 3400 * 2% =  $68

Thus, the cash received on January 24 will be 3400 - 68  =  $3332

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Green Corporation hires six individuals on January 4, 2019, all of whom qualify for the work opportunity credit. Three of these
ivann1987 [24]

Answer: $4,650 Tax Credit

Explanation: Green Corporation is entitled to file for a work opportunity credit as it has given work opportunities to workers with significant barriers to employment.

Green Corporation is entitled to get 40% on wages paid per year on workers who worked for at least 400 hrs and 25% for at least 120 hrs

Green Corporation had 2 sets of workers in this category and they are:

Set 1 worked 400 hrs and are paid $8,500

Set 2 worked 300 hrs and are paid $5,000

to get the work opportunity credit for 2019:

$8,500 * 40%+ $5,000 *25% = $3,400+$1,250= $4,650

3 0
4 years ago
Vance has a vested account balance in his employer-sponsored qualified profit-sharing plan of $40,000. He has two years of servi
Maurinko [17]

Answer: $5,000

Explanation:

Per the requirements of qualified plans that permit loans, the maximum amount that an individual can withdraw is whichever is lesser between $50,000 and 50% of their Vested Account Balance.

Vance in this scenario has a vested account balance of $40,000.

50% of that would be $20,000.

That means that he can be loaned $20,000. However, he already has an outstanding loan balance that must be accounted for of 15,000.

Subtracting those figures we have,

= 20,000 - 15,000

= $5,000

The maximum loan that Vance can take from the qualified plan is $5,000

7 0
3 years ago
When a country that imports shoes imposes a tariff on shoes, buyers of shoes in that country become worse off.
blondinia [14]
It is true because a country that imports a tariff on shoes buyers of shoes in that country don’t do well so the answer would be True
7 0
3 years ago
Sales total $320,000 when variable costs total $200,000 and fixed costs total $60,000. the sales volume is 5,000 units. the brea
sesenic [268]

Income Total $320,000 whilst variable expenses overall $2 hundred,000 and glued prices general $60,000. the sales volume is 5,000 gadgets. the breakeven point in income bucks is Sale 200000$

   

working

sale=400000$

VC= 300000$

Contribution=one hundred thousand/0.25

Contribution % to sales is 25%

BEP= Contribution = FC

FC=50000

Contribution % to sales is 25%

assume Sale is = X$ then

BEP= Contribution = FC

BEP= 25% of X$ = 50000$

X = 50000$/25%

X = 200000

The breakeven point is the point at which overall value and general sales are the same, meaning there's no loss or benefit to your small enterprise. In other words, you have reached the extent of production at which the charges of production equal the sales for a product.

The breakeven point in economics, business—and mainly price accounting—is the factor at which overall cost and overall revenue are the same, i.e. "even". there's no net loss or gain, and one has "broken even", even though possibility expenses have been paid and capital has received the risk-adjusted, expected return. This discernment is crucial as it's the most effective manner for an enterprise to decide if what it costs for its products and services will cover what it charges to make the products or provide the one's offerings.

Learn more about the breakeven point here: brainly.com/question/21137380

#SPJ4

8 0
2 years ago
A tax on gasoline that is applied at the point of purchase, like a sales tax, would likely cause an increase in the
Mademuasel [1]

The correct option is C. The consumer will have to pay more because the supply of gasoline will decrease, which would put upward pressure on the price.

<h3>What is Gasoline?</h3>

Gasoline, or petrol, is a transparent, volatile, flammable liquid hydrocarbon mixture used as a fuel, especially for internal combustion engines, and usually blended from several products of natural gas and petroleum.

Thus, the tax on gasoline at the point of purchase would increase the price consumers have to pay for gasoline.

Learn more about Gasoline here:

brainly.com/question/13402652

#SPJ1

8 0
2 years ago
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