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dolphi86 [110]
3 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]3 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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Austin always saves 65% of the money he earns from mowing lawns. find the expression that represents the amount of the money Aus
kotykmax [81]

Answer:

y=.65x

Explanation:

this is for if its a x/y statement in which the value of y is 65% of the amount he earns in total which is the amount he saves total so that would be .65 of x

6 0
2 years ago
Read 2 more answers
The following account balances were taken from the adjusted trial balance of Kendall Company: Revenues $ 22,400 Operating Expens
dsp73

Answer:

Retained earnings-Closing = $19,900

Explanation:

Given that,

Revenues = $22,400

Operating Expenses = $15,000

Dividends = $4,500

Retained Earnings(opening) = $17,000

Net Income = Revenues - Operating expenses

                    = $ 22,400 - $15,000

                    = $7,400

Statement of Retained Earnings:

Retained earnings-Closing:

= Retained earnings -opening + Net Income - Dividends

=  $17,000 + $7,400 - $4,500

= $19,900

7 0
3 years ago
Which of the following government offices help individuals fund their college education?
Doss [256]
D. office of student federal aid
7 0
3 years ago
The city of New Orleans has 200 advertising companies, 199 of which employ designers of normal ability at a salary of $80,000 a
mezya [45]

Answer:

Jacobs will earn $1,080,000

Explanation:

The earnings of the work factor are made up of two factors: Transfer Earnings + Economic Rents.

Transfer earnings are defined as the minimum required amount that a company must pay its workers to keep them in the workplace. Below this amount, the worker will leave his job. In this case, the Transfer Earnings are $ 80,000, which is the base salary of every designer.

On the other hand, the Economic Rents are the additional income that the worker receives and that is above the minimum level they need to supply his work (In this case, the additional income is given by Jacobs' special ability). In numerical terms, the Economics Rents amount is equivalent to the difference between the earnings obtained by the Jacobs company and the earnings obtained by the other companies.

That is: 1,500,000 - 500,000 = 1,000,000.

Therefore Jacobs salary is equivalent to 80,000 + 1,000,000 = 1,080,000.

From this, it can be deduced that approximately 92% of Jacobs' salary is equivalent to Economic Rents. From the theoretical point of view, this makes sense, because the demand for designers (which is a highly qualified profession) is very inelastic, and the more inelastic the greater the proportion of Economic Rents as part of the salary. In the annexes, I show it graphically.

8 0
3 years ago
True or false: in situations where an annual budget deficit exists, cutting expenses from the budget is optimal.
My name is Ann [436]

The statement in situations where an annual budget deficit exists, cutting expenses from the budget is optimal is True.

<h3>What is budget deficit?</h3>

Budget deficit tend to occur when the expenses or expenditure is higher then the revenue.

Cutting down expenses from the budget is most desirable if we want to  have budget surplus. Budget surplus is when revenue is higher than expenditure.

Therefore the statement in situations where an annual budget deficit exists, cutting expenses from the budget is optimal is True.

Learn more about budget deficit here:brainly.com/question/26010226

#SPJ1

5 0
1 year ago
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