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kotegsom [21]
4 years ago
5

Exercise 7-6 (Algo) Cash discounts; the gross method [LO7-3] Harwell Company manufactures automobile tires. On July 15, 2021, th

e company sold 1,100 tires to the Nixon Car Company for $60 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2021.
Business
1 answer:
babymother [125]4 years ago
5 0

Answer and Explanation:

1. Journal Entries

July 15                    Accounts Receivable                             $66,000

                                                Sale Revenue                                    $66,000

July 23                   Cash                                                          $64,680

                              Sales discount                                            1320

                                           Accounts Receivable                              66,000

2. Journal Entries

July 15                     Accounts Receivable                             $66,000

                                                Sale Revenue                                    $66,000

August 15                   Cash                                                          $66,000

                                           Accounts Receivable                              66,000

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a firm reports a net profit margin of 10% on sales of $3 million when ignoring the effects of financing. if taces are $20000 how
irina1246 [14]

Answer:

$320,000

Explanation:

EBIT is earnings before interest and tax.

This case in point ignores the financing impact of interest expense, EBIT is the same as the net income  plus taxes

net profit margin=net income/sales

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10%=net income/$3,000,000

net income=10%*$3,000,000=$300,000

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3 years ago
What is a brand promise?
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3 years ago
At GetHelp Inc., after customer service representatives complete training, their phone calls are monitored to determine if they
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Answer:

This evaluation best exemplifies a "behavior-level" measure.

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The behavior level of Kirkpatrick's model is the third stage and it comes after employees have undergone learning/training. At this stage, the behavior is measured through monitoring and observation to determine if they are implementing what they have learnt.

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Tedd E. Bear has an annual salary of $48,000 with no other loans outstanding. Using the 25% guideline from class and with a 20%
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Answer:

The total loan value would be of $261,825

Explanation:

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