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elena55 [62]
3 years ago
5

Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sale

s. DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,500 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30. 6 Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.

Business
1 answer:
skelet666 [1.2K]3 years ago
8 0

Given :

Apr-02  :

Cash = 2700

Sales  = 2500

Sales Tax Payable  = 200  

Apr-03 :

Sales returns and allowances  = 250

Apr-04:

Accounts receivable  = 1134

Apr-06:

Sales returns and allowances  = 150

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Assess your individual capability for project teamwork. Tell why you feel you are strong in certain capabilities, and give strat
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my individual capabilities in project teamwork include tolerance, respect for difference in values, objectivity

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A couple thinking about retirement decide to put aside $2,100 each year in a savings plan that earns 7% interest. In 10 years th
Marina86 [1]

Answer:

310,588.5

Explanation:

As is not said we can assume the 2,100 each year to be paid at the end of the year, and the 7% to be used as a compunded anually rate. So let´s first think just about the 2,100, as they are regulary payments, they can be seen as an anuity inmediate, the formula is as follows:

s_{n}=p*\frac{(1+i)^{n}-1 }{i}

where sn is the future value of the regular payments, i is the interest rate and n is the number of payments and p is the amount of regular payment so in this particular case we have:

s_{n}=2,100*\frac{(1+0.07)^{30}-1 }{0.07}

s_{n}==198,367.65

So now let´s think on the gift of 29,000 as it is paid on 10 years, there will remain 20 years with an investment rate of 7% compounded anually. so there we have the classic formula of future value

FV=VP*(1+i)^{n}

where FV is the future value, PV is the present value, i is the interest rate per period, and n is the number of periods. Again in this particular case we have:

FV=29,000*(1+0.07)^{20}

FV=112,220.85

so the total amont will be:

total=198,367.65+112,220.85

total=310,588.5

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