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
Anvisha [2.4K]
3 years ago
7

Swifty Corporation records purchases at net amounts. On May 5 Swifty purchased merchandise on account, $85000, terms 2/10, n/30.

Swifty returned $5400 of the May 5 purchase and received credit on account. At May 31 the balance had not been paid. The amount to be recorded as a purchase return is $5400. $5508. $5292. $4860.
Business
1 answer:
Alina [70]3 years ago
6 0

Answer:$5400

Explanation:

In sales merchandise a seller can give a trade or a cash discount. A trade discount is giving based on the volume of sales, while a cash discount is giving to encourage prompt cash payment and it will be accorded the buyer once the conditions of payment is met.

The above scenario is a cash discount which means 2% cash discount will be giving if payment is made whithin 10 days and it should be made within 30 days. The amount of cash discount is there after deducted from the income statement as an expenses, though for the trade discount this is deducted directly to the sales journal.

Swift only return goods of $5400 and this is the amount to be recognized as purchase return.

You might be interested in
The features of a product or service that most, if not all, customers prefer are called_________blank.
r-ruslan [8.4K]

We, consumers, favor products or services that perform well or prefer the "<u>performance attributes</u>" of what we want to consume. This feature is most, if not all, customers prefer.

The dimension of the utility function for the customer is the performance attributes of a product, good or service. Performance quality, attributes and characteristics distinguish the goods or services from those of rival brands or businesses, which the buyer may find to be very important.

If we ask a firm what their product or service is to be given and we can relate to its features or performance characteristics, the strategic activities correspond to the performance attributes subcomponent of the market utility function.

Find out what appeal is a creative strategy that elaborates on product or service attributes or benefits: brainly.com/question/28348246

#SPJ4

7 0
1 year ago
Currently the U.S. Olympic Committee (USOC) pays Olympic athletes $25,000 for each gold medal, $15,000 for a silver medal, and $
Mkey [24]

Answer:

Option A                  

Explanation:

In simple words, Valence is individuals mental attitude towards result in second order. In this situation, the consequence of the first requirement is title earning and the consequence of that same second order is really the monetary support the competitors receive from either the USOC. Motivational Force (MF) = Survival rate * Instrumentality * Valence as according to Vroom's expectation principle.

7 0
3 years ago
Situation 1: A company offers a one-year warranty for the product that it manufactures. A history of warranty claims has been co
mr_godi [17]

Answer:

Please find the detailed explanation below.

Situation 1 and 2 have disclosure while situation 3 does not require any disclosure.

Explanation:

Situation 1. Accrual. The one-year warranty has created what is known as contingent liability. Contingent liability is a type of liability that is dependent on the outcome of some specific actions which has happened in the past. The eventual liability may or may not happen. But since the probable claim from the one-year warranty has been determined, it should be disclosed. But if the claim cannot be determined, it shouldn't be disclosed.

Situation 2. Since this contract happened before the issuance of financial statement and the amount of loss from this contract can be reasonably estimated or determined, then it must be disclosed and the likely amount must also be disclosed. This disclosure will be under 'note to the financial statement'.

Situation 3. This is a self insurance and self insurance is not an insurance. There is no contingent liability in this situation. Also, there is no accident, no injury. Hence, this is no disclosure here.

4 0
3 years ago
Darwin Inc. sells a particular textbook for $20. Variable expenses are $14 per book. At the current volume of 50,000 books sold
Ksenya-84 [330]

Answer:

Fixed costs= $300,000

Explanation:

Giving the following information:

Selling price per unit= $20

Variable expenses= $14

Break-even point in units= 50,000

<u>To calculate the fixed costs, we need to use the following formula:</u>

Break-even point in units= fixed costs/ contribution margin per unit

50,000= fixed costs / (20 - 14)

50,000*6= fixed costs

Fixed costs= $300,000

7 0
3 years ago
Name and briefly describe the three essential principles of test construction
Alika [10]
Three essential <span>principles of test construction are:
1. consistency. It refers  to the consistency </span><span>between the goal of the subject, course, and the methods of teaching goals. Also consistency between the methods and what the test measures. </span><span>
2. validity. Validity refers to t</span>he ability of a test to measure what it was designed to measure. It can be material od skill.
3. reliability. The <span>test must be constructed in such a way that it will produce reliable, consistent results .</span>
7 0
3 years ago
Other questions:
  • The ____, which said broadcasters must operate in the "public convenience, interest or necessity," became the foundation for all
    6·1 answer
  • Would you be interested in subscribing to 100 mbps ftth for a monthly price of $75? why or why not?
    12·1 answer
  • Karen and Jay need a larger home. They have two large dogs and a baby on the way. One day in the real estate section, they see t
    7·1 answer
  • Which of the following is a disadvantage of surveys interviewer errors; respondent errors data is lacking in terms of content, q
    11·1 answer
  • If a firm produces 10 units of output, total costs are $1,030, and average fixed costs are $10, then total variable costs are
    12·1 answer
  • An investment project provides cash inflows of $1,225 per year for eight years. a. What is the project payback period if the ini
    9·1 answer
  • Which of the following accurately describes the process of currency
    10·1 answer
  • GDP is not a perfect measure of well-being; for example, a. GDP incorporates a large number of non-market goods and services tha
    5·1 answer
  • A stock you own earned: $200, $500, $100, and $700 over the last four years. What was the mean annual gain in value over the fou
    7·1 answer
  • Effective sales management begins with _______. determining sales goals to be met by the sales force determining the most effici
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!