Answer:
$12,285
Explanation:
Term 1/10, means if the buyer pays the seller within 10 days, the buyer will receive 1% sales discount. However, n/eom means the payment must be paid within a certain number of days of the month according to the agreement.
Accounting explanation:
Here, Merchandise price = $12,000
Sales return = $500
Total Sales = $11,500
Since the invoice is paid within the discount period, and the discount is 1%
Sales Discount = $11,500 x 0.01 = $115
Net Sales = $(11,500 - 115) = $11,385
FOB shipping point means buyer has to pay the freight cost. Therefore,
Total amount of cash to be paid by the customer (or, to be received by the seller) = $11,385 + $900 = $12,285
Answer:
$70,248
Explanation:
Calculation for the amount at which Field should record the note receivable and corresponding sales revenue on June 30, 2016
Using financial calculator to determine the PV of Note
Using this formula
PV of Note = Future value x PVF (i%, n)
Where,
Future value=85,000
n=2 year(2016-2018)
i= 10%
Let plug in the formula
PV Note= 85,000 x PVF (10%, 2)
PV Note= 85,000 x 0.82645
PV Note= $70,248
Therefore the amount at which Field should record the note receivable and corresponding sales revenue on June 30, 2016 is $70,248
Answer:
Under US GAAP, the 12/31/2020 year ending preferred stock balance is $120 million
Explanation:
The computation of year ended preferred stock is shown below:
= Beginning balance of preferred stock + new issuance of preferred stock
= $100 million + $20 million
= $120 million
The preferred dividend and market value of the original amount of preferred shares are not considered in the computation part. Thus, it is ignored.
Hence, Under US GAAP, the 12/31/2020 year ending preferred stock balance is $120 million
True
As the name suggests, convenience products are made for people's convenience, and so it is not surprising to note that they must be in relatively high demand. This high demand for the product means that there is the possibility of running low in supply if the current available stock is not enough to meet the demands. Therefore, having these products in stock regularly and consistently can become a primary distribution concern indeed.
Answer:
by the government's ability to control the supply of money and therefore to keep its value relatively stable.
Explanation:
The gold standard monetary system refers to a system where paper money can be converted into a certain amount of gold. It was used by the federal reserve until 1971, when it changed for the current monetary system.
The monetary system was never based on bonds, since bonds represent money that the government owes to private or public investors.