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aalyn [17]
3 years ago
11

Syfy Company on July 15 sells merchandise on account to Eureka Co. for $5,000, terms 2/10, n/30. On July 20 Eureka Co. returns m

erchandise worth $2,000 to Syfy Company. On July 24 payment is received from Eureka Co. for the balance due. What is the amount of cash received
Business
1 answer:
3241004551 [841]3 years ago
3 0

Answer:

The amount of cash received is $2940

Explanation:

The cash received by Syfy on July 24 will be for the amount due after accounting for sales return by Eureka and after deducting the sales discount / discount allowed.

The balance in accounts receivable account of Syfy after sales return by Eureka on July 20 will be,  5000 - 2000 = $3000

The payments terms allow a 2% discount if payment is made within 10 days of purchases. Eureka paid within the discount period thus it availed a discount of,

3000 * 0.02  =  $60

The amount of cash received by Syfy is = 3000 - 60  =   $2940

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In 2020, Neighbor Co-Op Inc. sells 1,000 beverages in glass bottles and receives a $1.00 deposit for each returnable bottle sold
strojnjashka [21]

Answer:

a.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Cash                                              $1,000

                             Customer Deposits                                                  $1,000

b.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Customer deposits                          $800

                             Cash                                                                         $800

c.

Date                      Account Title                                    Debit                Credit

Dec, 31. 2020       Customer deposits                          $120

                             Breakage Revenue                                                   $120

                            Cost of goods sold(0.8 * 120)         $  96

                            Inventory                                                                   $  96

7 0
3 years ago
What can a cover letter explain that a résumé cannot?
DENIUS [597]

Answer:

Cover letters can also provide insight and explanation into sensitive information that your resume cannot, such as lapses in employment, career changes and layoffs.

Explanation: I put this as my answer and got it right. :)

6 0
3 years ago
In April of the current year, Freeman Steel Company transferred Herb Porter from its factory in Nebraska to its plant in Michiga
lilavasa [31]

Answer:

A. $96

B. $228

C. $42

Explanation:

A. Calculation to determine the Amount of SUTA tax the company must pay to Nebraska on Porter's wages

SUTA tax =$3,000 x 3.2%

SUTA tax = $96

Therefore the Amount of SUTA tax the company must pay to Nebraska on Porter's wages is $96

B. Calculation to determine the Amount of sUTA tax the company must pay to Michiganion Porter's wages

SUTA tax =($9,000 - $3,000 )x3.8%

SUTA tax =$6,000 x 3.8%

SUTA tax = $228

Therefore the Amount of SUTA tax the company must pay to Nebraska on Porter's wages is $228

C. Calculation to determine the Amount of the net FUTA tax on Porters wages

Net FUTA tax=$7,000 limit) x 0.6%

Net FUTA tax = $42

Therefore the Amount of SUTA tax the company must pay to Nebraska on Porter's wages is $42

3 0
3 years ago
You have been asked to advise the Akawini management team how they should promote and monitor the transformation of risk managem
Temka [501]

Answer with Explanation:

To transform the risk management and promote the transformation process, Akawini must:

  • Implement Corporate Governance policies and enforce compliance with these guidelines.
  • Consistent Internal Control Reviews by conducting internal audits.
  • Compliance with the Sarbanes Oxley Act and Foreign Corrupt Practice Act will enable the risk management team to consider a wider aspect of its operation which includes domestic and foreign export policies enforcement.
  • Continuous Professional Development and advanced training will help them to act very efficiently and effectively minimize the level of risk the company is facing.

The progress is the process of movement towards achievement of goals and performance is the better movement towards achievement of goals.

To measurements that can be used to monitor progress and performance would be use of Key Performance Indicators and comparing the results with the actual results of company. This would help in understanding the under-performing areas and hurdles to progress. Some KPIs that the risk management team can consider are Value at risk reduced, risk threshold set, Risk to Rewards Ratio, etc.

Cost and Benefits of risk mitigation analysis will also be beneficial here because it helps the risk management team to consider the financial aspect of the decision making and thus helps in adding value to the business operation.

6 0
3 years ago
The price-demand and cost functions for the production and sales x BBQ grills are given as p ( x ) = 410 − x / 6 C ( x ) = 5900
snow_tiger [21]

Answer:

(a)   R(x)=410x-\frac{x^{2}}{6}

(b) profit = 95,683.33

Explanation:

Price:p(x)=410-\frac{x}{6}

C(x) = 5900 + 130 x

(a) Revenue, R(x) = Price × Quantity

                    =410-\frac{x}{6}\times x

                    =410x-\frac{x^{2}}{6}

(b) profit = R(x) - C(x)

              =410x-\frac{x^{2}}{6}-5900 - 130x

                       At x = 1150

=410(1150)-\frac{1150^{2} }{6}-5900-130(1150)

= 471,500 - 220,416.67 - 5,900 - 149,500

= 95,683.33

7 0
3 years ago
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