1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ivanshal [37]
3 years ago
5

merchandise costing 1200 is sold for 2200 on term 2/30,n/60. If the customer pays within the discount period. Prepare the journa

l entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the gross method of recording sales discounts.
Business
1 answer:
spin [16.1K]3 years ago
3 0

Answer:

The journal entries are as follows:

(a) Accounts receivables [$2,200 - 2%] A/c Dr. $2,156

             To Sales revenue                                              $2,156

(To record the sale)

(b) Cost of Goods Sold A/c Dr. $1,200

          To inventory                                $1,200

(To record the cost of goods sold)

(c) Cash A/c Dr. $2,156

       To Accounts receivables  $2,156

(To record payment within discount term)

You might be interested in
Ethan is a young salesperson who has conversations with his customers in an attempt to establish and maintain good relationships
Alecsey [184]
In this scenario, Ethan<span> is engaging in a sales dialogue. Sales dialogue is a series of talks between the buyers and sellers. This would usually take place over time in order to build relationships. The purpose of this dialogue is to determine whether the prospect customer should b</span>e targeted. This dialogue would also help to clarity the prospect's situation. It would also help the seller to discover the prospect's needs and requirements in transacting the business. <span> </span>
7 0
3 years ago
Which one of the following is common between optimization using total value and optimization using marginal​ analysis?
Temka [501]

Common between optimization using total value and optimization using marginal​ analysis is:

Both techniques require the conversion of all costs and benefits into a common unit of measurement.

What is the principle of optimization at the margin?

The Principle of Optimization at the Margin states that an optimal feasible alternative has the property that moving to it makes you better off and moving away from it makes you worse off.

Optimization using total value:

calculates the change in net benefits when switching from one. alternative to another.

optimization using marginal analysis:

calculates the net benefits of. different alternatives.

Total Value analysis :

has a wide range of applications. The analysis can be used to assess an organization's key impacts, or provide more detailed information such as an assessment of the life cycle impacts of a product.

marginal​ analysis:

is an examination of the additional benefits of an activity compared to the additional costs incurred by that same activity. Companies use marginal analysis as a decision-making tool to help them maximize their potential profits.

Learn more about optimization:

brainly.com/question/24788378

#SPJ4

5 0
2 years ago
1. Which of the following is not characteristic of a corporation?
Oxana [17]
<span>1. Which of the following is not characteristic of a corporation?

d. Corporations are required to file federal income tax returns.

2. Characteristics of a corporation include

d. Shareholders who have limited liability

3. One of the main disadvantages of the corporate form is the

b. Double taxation of dividends


4. Under the corporate form of business organization

a. Ownership rights are easily transferred.


5. Those most responsible for the major policy decisions of a corporation are the

b. Board of directors.


6. Stockholders' equity

d. Is shown on the income statement

7. The price at which a stock can be sold depends upon a number of factors. Which statement below is not one of those factors?

b. Investor expectations of the corporation's earning power


8. Which of the following accounts below is reported in the paid-in capital/stockholders' equity section of the corporate balance sheet?

b. Stock Dividends


9. The excess of issue price over par of common stock is termed a(n)

d. Premium


</span>
8 0
3 years ago
Read 2 more answers
Lincoln, Inc., which uses a volume-based cost system, produces cat condos that sell for $90 each. Direct materials cost $15 per
pogonyaev

Answer:

The gross profit margin for the cat condo is 50%

Explanation:

Since the gross profit per unit is not given, so first we have to find it. The calculation is shown below:

= Selling price per unit - Direct materials cost per unit - direct labor costs per unit - Manufacturing overhead per unit

= $90 per unit - $15 per unit - $10 per unit - $20 per unit ( $10 per unit × 200%)

= $45 per unit

Now apply the Gross profit formula which is shown below:

= (Gross profit per unit ÷ selling price per unit) × 100

= ($45 per unit ÷ $90 per unit) × 100

= 50%

7 0
3 years ago
The daily demand for parts from a machining workcell JMB to an assembly workcell is 1,600 units. The average processing time is
Karolina [17]

Answer:

Daily demand for parts = 1600 units

Avg processing time = 25 seconds.

Capacity of a container = 250 units

Waiting time of a container before the JMB = 6 hours

Number of containters currently deployed = 10

Solution:

Total number of parts carried by the containter = 10 x 250 = 2500 parts.

Total numbers carried in excess as safety stock = 2500-1600 = 900

Percentage of safety stock = (900/1600) x 100 = 56.25%

If one container is removed total parts carried = 2250 units

Processing time at machine for 250 parts after loading in JMB = 250 x 25 seconds = 1.736 hours, but it has to wait for another 4.26 hours for the next container to be loaded because of the waiting time of the containter is 6 hours.

Processing time at machine for 1600 parts = 1600 x 25 seconds = 11.11 hours

Number of containers required for 1600 parts = 1600/250= 6.4 ~ 7 containters

Waiting time of 7 containers = 7 x 4.26 = 29.82 hours.

If one of the containers has to be removed 1600 parts has to be carried in 6 containers ie., 29.82hours - 6 hours = 23.82hours

Waiting time per container before loading = 23.82/6 = 3.97 hours.

Reduced Total waiting time of the container = 3.97 hours + the processing time of 250 parts = 3.97 + 1.736 =5.7hours ~ 5 hours and 42 minutes

4 0
3 years ago
Other questions:
  • Spectrum Inc., an automobile manufacturer, is interested in measuring the customer satisfaction of car owners. It decides to col
    12·1 answer
  • As a result of the rising interest rates in this example, Businesses choose to reduce their Investment Spending by $_________ bi
    5·1 answer
  • Wiser Pharmaceutical has received a utility patent from the US Patent and Trademark Office. It sold this patent to another pharm
    15·1 answer
  • Pasha Company produced 50 defective units last month at a unit manufacturing cost of $30. The defective units were discovered be
    6·1 answer
  • A machine was purchased for $35,500, having a useful life of 10 years, and a residual value of $6,000. Compute the annual deprec
    15·1 answer
  • What is the distinguishing feature of a market structure with monopolistic competition?
    15·1 answer
  • Which of the following is not a characteristic of advances in order pick technology
    13·1 answer
  • Bond X is a premium bond making semiannual payments. The bond has a coupon rate of 9.7 percent, a YTM of 7.7 percent, and has 14
    9·1 answer
  • Cain Components manufactures and distributes various plumbing products used in homes and other buildings. Over time, the product
    10·1 answer
  • The key to successfully competing is understanding what customers want and then __________ satisfy those wants.
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!