The purchase amount that Icon Co. would record on April 2 would be: <u>c. $4,000</u>.
<h3>What is the purchase amount to be recorded?</h3>
The purchase amount that should be recorded on the date of purchase is the amount of the transaction. This does not take into account the return and discount which happened later.
This implies that Icon Co. will reduce the purchase amount on April 4 when half of the goods were returned with a contra entry. And discount will be based on the balance of $2,000 instead of $4,000.
<h3>Data and Calculations:</h3>
Purchase on April 2 = $4,000
Purchases Return on April 4 = $2,000
Thus, the purchase amount that Icon Co. would record on April 2 would be: <u>c. $4,000</u>.
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Answer:
c. Work in Process (Debit) 23,000
Factory Overhead (Credit) 23,000
Explanation:
This would be the journal entry to record the factory overhead applied to production.
Answer:
C)Increase Net Cash from Operations on the Cash Flow Statement
Explanation:
If there is an increase in depreciation so this declines the net profit as the depreciation is an expense and shown in the debit side of the income statement. Ultimately it fall the earnings of the company. In the cash flow statement, this depreciation expense is added back to the net profit to determine the net cash flow from operating activities also it is a non cash expense
Therefore the option C is correct
Answer:
Investment = 20,000
Return 2 = 5,000
Payment y3 = 8,000
Initial Investment = 20,000
NPV = -$5,881.89
Explanation:
The implicit interest based on the information given is $165.
<h3>How to calculate the interest?</h3>
It should be noted that the implicit interest is calculated as:
= Inventory worth × Discount rate
= $16500 × 1%
= $165
Therefore, the implicit interest based on the information given is $165.
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