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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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madreJ [45]

Answer:

revenue streams, cost structure, and financing/funding

Explanation:

4 0
3 years ago
You want to have $66,000 in your savings account 9 years from now, and you're prepared to make equal annual deposits into the ac
mixer [17]

Answer:

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Explanation:

The computation of the amount that should be deposited each year is shown below:

Given that

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The formula is shown below:

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5 0
3 years ago
A baker is interested in buying 5000 bushels of wheat on September 2020. He has a target price of $3.15/bushel and wants to hedg
Alborosie

Answer:

Long 5 November fates for wheat today, counterbalance position on September 2020, purchase wheat in the spot showcase in September 2020.

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3 0
4 years ago
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8 0
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According to Porter, the generic competitive strategy that reflects the ability of the corporation or its business unit to desig
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According to Porter, every company has a strategy, whether planned or unplanned, being directly influenced by the environment in which it operates and by the industries and competitive sector. For him, companies should use the generic strategies mentioned by him so that they can survive the five competitive forces of the industry. Porter's generic strategies are: cost leadership, differentiation and focus.

The most appropriate generic strategy for the above question is cost leadership, whose central objective is to achieve total leadership in a given sector, using appropriate policies and procedures for that purpose.

The objective is achieved when a company develops a quality structure that brings together efficient equipment, qualification of personnel and control of expenses in order to maintain a low cost that generates greater returns for the company than those of its competitors.

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