The entry to record the receipt of payment is $2,590 in accounts receivable.
What is Trade discount?
Trade discounts, also known as functional discounts, are payments made to distribution channel participants in exchange for completing a task. Storage and shelf stocking are two examples of these tasks. Trade discounts are sometimes bundled to cover a variety of services. For instance, 20/12/5 may stand for 20% off for storing the merchandise, 12% more off for shipping, and 5% more off for keeping the shelves filled.
Terms 2/10, n/30 state that payments must be made within 10 days of the date of purchase to receive a 2% discount, and payments must be made in full within 30 days to avoid a discount.
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a. The amount of land on the balance sheet will be $36,000 which is historical cost of the land. Land is not subject to depreciation so it is recorded at historical cost and not carrying value.
b. The amount of rent expense reported on Income statement will be $5,500 [ $ 6,000 * 11 /12 months ]
c. The total amount of liabilities reported on the balance sheet will be $43,800. This includes the contingent liabilities and warranties.
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Answer:
d. A 24/7 technical support hotline with a team that is knowledgeable about the product and business goals of the company's customers.
Explanation:
The other software companies are already selling their product as a one off sale at retail stores. The president of the software company wants to sell his product as SaaS (software as a service) where customers will pay monthly subscription.
Customers are going to be paying more to use his product so he needs to get a competitive edge and give value that his competitors are not delivering to the customer.
Setting up a 24/7 customer support line with a team that can help the customer meet their business goals will give his product an edge.
Answer:
exculpatory clause
Explanation:
Exculpatory clause in contracts is a clause that protects the person issuing it from liabilities of damages to an asset that may not be in their possession or out of their control. It prevents one party from the holding the other liable for damages to an asset during the execution of a contract. This is what Jack has done to protect himself from the liabilities that may result from any damages during the contract.
Answer:
B. Minus 2.63%
Explanation:
Increase in consumption = Change in consumption × Household wealth
= $0.05 × $45billion
= $2.25billion
Total output = Potential GDP ÷ Multiplier effect
= $120 billion ÷ 1.4
= $85.71
Total change in output = Increase in consumption ÷ Total output
= $2.25 ÷ $85.71
= $0.0263 or 2.63%
