What role do executive agencies play in developing the federal budget?

Tracy Company, a manufacturer of air conditioners, sold 270 units to Thomas Company on November 17, 2021. The units have a list

tiny-mole [99]

Answer:

See explanation section

Explanation:

Requirement 1

November 17, 2021 Merchandise Inventory Debit $81,000 (Note - 1)

Accounts payable - Tracy Company Credit $81,000

Calculation - $270 units × $400 = $108,000

$108,000 × (100 - 25)% = $81,000

To record the purchase of office equipment on account with a trade discount and a credit terms of 3/10, n/30. As the company uses perpetual inventory system, merchandise inventory is debit.

November 26, 2021 Accounts payable - Tracy Company Debit $81,000

Cash Credit $78,570

Merchandise Inventory Credit $2,430

As Thomas gave the payment within 10 days, Tracy Company provided a 3% discount according to the terms.

Calculation - $81,000 - ($81,000 × 3)% = $81,000 - 2,430 = $78,570

Requirement 2

If Thomas paid on December 15, 2021, Tracy company would not give any discount. However, Thomas paid within 30 days.

Therefore, the journal entry to record the payment is as follows:

December 15, 2021 Accounts payable - Tracy Company Debit $81,000

Cash Credit $81,000

This time he did not receive the discount as he failed to pay within 10 days to get discount.

7 0

4 years ago

Primo Corporation acquired 60 percent of Secondo Corporation’s voting common stock. On the date of acquisition, Primo had equipm

Gnesinka [82]

Answer: $250,000

Explanation:

The amount at which buildings and equipment will be reported in consolidated statements immediately following the acquisition will be the value of the book value of Primo's equipment which is $50,000 plus Secondo’s book value of its buildings and equipment which is $200,000.

Therefore, the answer will be:

= $50,000 + $200,000

= $250,000

5 0

3 years ago

Hi-Tek is a young start-up company that is currently retaining all of its earnings. The company plans to pay a $2 per share divi

ziro4ka [17]

Answer:

Option (a) is correct.

Explanation:

Given that,

Dividend pay in year 7, D7 = $2 per share

Growth rate of dividend, g = 2.2 percent per year

Required return, ke = 16 percent

Present value of the future dividend at year 6:

= D7 ÷ (ke - g)

= $2 ÷ (0.16 - 0.022)

= $14.49

Therefore, the present value of dividend now is as follows;

= Present value of the future dividend at year 6 × (1 + ke)^{-6}

= $14.49 × (1 + 0.16)^{-6}

= $5.95

5 0

3 years ago

You are an IT consultant. A small business client wants to explore cloud computing services as a way to save money and space. Th

xxTIMURxx [149]

Answer:

Virtual.

Explanation:

Virtual means not physically existing as such but made by software to appear to do so.

6 0

3 years ago

By separating the value of the actual flight from the services associated with flying, airlines have greatly expanded the profit

son4ous [18]

Answer:

True

Explanation:

This implies the overall cost leadership strategy as a generic firm such as the airlines set to put the low prices and tends to m age the entire value chain network by expanding its base by provisioning of the actual flights. The associated value-added services that combines the advantages of an integrated overall differentiation strategy.

8 0

3 years ago