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Deffense [45]
3 years ago
13

Pharoah Company on July 15 sells merchandise on account to Sarasota Co. for $3100, terms 2/10, n/30. On July 20 Sarasota Co. ret

urns merchandise worth $1600 to Pharoah Company. On July 24 payment is received from Sarasota Co. for the balance due. What is the amount of cash received
Business
1 answer:
pickupchik [31]3 years ago
4 0

Answer:

July 24  Cash                      $1470 Dr

              Discount allowed  $30 Dr

                    Account Receivable     $1500 Cr

Explanation:

The receipt of payment for accounts due will cause a credit to accounts receivable for that particular debtor along with a debit to cash as payment is received. However, as there were some sales returns, the outstanding amount in the accounts receivble account was sales less sales returns that is 3100 - 1600 = 1500.

The terms state 2/10, n/30 which means 2% cash discount is allowed if payment is made within 10 days of sale. The payment is made within 10 days, as July 24 falls under this period so cash received will be 1500 * 98% = 1470.

While Accounts recevables will be reduced by 1500. The difference of 30 is discount allowed and it is an expense and will be debitted.

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Strike441 [17]

Answer:

One possible revision suggestion for the previous follow-up letter is to:

c. Identify the position he applied for and the date of the interview.

Explanation:

Stating clearly the position that Enrique interviewed for and the the date of the interview will enable the interviewer to reconsider the candidacy of Enrique for the copy-editor position.  However, the wording of his first draft of the follow-up email sounds too condescending.  Enrique should not display some desperation in his job-search effort.

3 0
2 years ago
"A customer has purchased 1,000 shares of ABC stock at $44 per share, paying a commission of $1.00 per share for the transaction
ikadub [295]

Answer:

1,200 shares held at a cost basis of $37.50

Explanation:

Since there are 1,000 shares are purchased

and the stock dividend is 20%

So the number of shares after the dividend is  

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= 1,000 × (1 + 0.20)

= 1,000 × 1.20

= 1.200

And, the price per share is

= $44 + $1

= $45

So, the cost basis would be

= $45 ÷ 1.20

= $37.50

hence, the tax status of the investment is 1,200 shares held for cost at $37.50 basis

5 0
3 years ago
Can someone help me to fix this BAFS question?
Tanya [424]

Mr.Cheung lives in China

5 0
3 years ago
All of the following statements about decision style are true EXCEPTA) autocratic styles are authority-based.B) decision styles
notka56 [123]

Answer:

B. decision styles are consistent among top managers

Explanation:

Decision making styles differ between managers.  Many managers exercise autocratic style which is authoritative wherein very limited inputs from the subordinates are taken and there is little scope for constructive advises.

In heuristic style, the strategies help managers to take clear cut decisions in a prompt manner. In such a form, decisions are arrived at quickly.

Managerial decision making methods differ from manager to manager and are an outcome of managers own judgement and demeanor.

Hence it is evident from above points that decision styles are not consistent among top managers.

5 0
3 years ago
James borrows $300,000 for a home from Bank A. Bank A resells the right to collect on that loan to Bank B. Bank B securitizes th
sattari [20]

Answer:

D) AIG

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We went back in time to 2008 and we are in the middle of the subprime mortgage crisis. This is an example of how mortgage backed securities and collateralized debt obligations worked.

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6 0
3 years ago
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