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AlladinOne [14]
3 years ago
13

Tamarisk, Inc. sells merchandise on account for $7400 to Cheyenne Corp. with credit terms of 2/15, n/30. Cheyenne Corp. returns

$1700 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check
Business
2 answers:
serg [7]3 years ago
7 0

Answer:

   Bank                                                       $5586  

Explanation:

In the books of Tamarisk Inc

Sr. No                Particulars                          Debit          Credit

1                        Accounts Receivable        $ 7400

                             Sales                                                $ 7400

2              Sales                                 $ 7400

                     Sales Returns                                       $ 1700

                     Sales Discount                                         $ 144

                      Bank                                                       $5586  

WORKING:

The amount of Check

Credit Sales Less Sales Returns= $ 7400- $ 1700= $ 5700

Sales Discount =2% of Credit Sales= 2% of $ 5700= $ 114

Bank Amount = Credit Sales less Sales Discount= $ 5700- $ 114= $ 5586

Vera_Pavlovna [14]3 years ago
5 0

Answer: $5,586

Explanation:

Tamarisk, Inc. sells merchandise on account for $7,400 to Cheyenne Corp. with credit terms of 2/15, n/30

Returned goods worth $1700 of merchandise that was damaged.

Total purchase. $7,400

Less: Return. ($1,700)

Net purchases. $5,700

Made pmt within the discount period of 15 days at 2% discount

Purchases of $5,700 x 2%. = $114

Total amount paid for the purchase is $5,700 - $114 = $5,586

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Sorin Inc., a company that produces and sells a single product, has provided its contribution format income statement for Januar
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Answer:

Total Contribution Margin= $50,388

Explanation:

Giving the following information:

Sales (3,400 units) $ 88,400

Variable expenses 43,316

We need to calculate the selling price and unitary variable cost:

Selling price= 88,400/3,400= $26

Unitary variable cost= 43,316/3,400= $12.74

Now, we can calculate the total contribution margin for 3,800 units.

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Variable cost= 12.74*3,800= (48,412)

Contribution margin= 50,388

3 0
3 years ago
on January 1, 2017, anodel, Inc. acquired a machine for 1,010,000. the estimated useful life of the asset is five years. residua
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Answer:

Annual depreciation= $189,600

Explanation:

Giving the following information:

On January 1, 2017, anodel, Inc. acquired a machine for 1,010,000. the estimated useful life of the asset is five years. residual value at the end of five years is estimated to be 62000.

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Annual depreciation= (1,010,000 - 62,000)/5= $189,600

6 0
3 years ago
Assume lawyer services are priced by the hour and elasticity of demand for a particular lawyer is 0.6. If she were to increase h
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Answer:

C. Fall, 30%, Rise

Explanation:

  • Price Elasticity of Demand is responsive change in demand, due to change in price.

P.Ed = % change in demand / % change in price.

Given : Price rise by 50% , P.Ed = 0.6

So, % change in demand = P.ed x % change in price

% change in demand = 0.6 (50)

% change in demand = 30%

Law of demand states negative relationship between price & demand, so P.ed is negative. Price rise 50% reduces demand by 30%.

  • P.Ed can be : Elastic ( > 1 ), or Inelastic ( < 1 ).  If P.Ed is Elastic, price & total revenue are inversely related. If P.Ed is Inelastic, price & total revenue are directly related.

So, Given PEd = 0.6 (i.e < 1 ) : Inelastic Demand implies price & total revenue are directly related related to each other. So, price fall lead to TR fall & price rise lead to TR rise.

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ABD common stock is selling for $36.08 a share. The company has earnings per share of $.34 and a book value per share of $12.19.
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Answer:

The market-to-book ratio is: $2.96

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The market-to-book ratio compares the market value of an organization with its book value. The formula to calculate market-to-book ratio is equal to the market price per share divided by the book value per share. So,

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