Answer:
c. Accountability
Explanation:
This is known as accountability. In other words its making sure that you are holding yourself accountable for doing what you need to do and making sure that your efforts are not for nothing. This is done by staying on top of your choices and adjusting your decisions so that the money and time you invest are paying off with and pushing you towards the goals that you have set forth.
Answer:
c. inferior good.
Explanation:
Inferior goods are items purchased buy a consumer as a result of his limited income such that when that consumer's purchasing power increases, he purchases other commodities in place of the one initially purchased.
Hence the purchase more T-bone steak and less hamburger is an indication that hamburger is an inferior good to the consumer.
Answer:
d. $9,000; $9,000
Explanation:
As cash received on January 1 in advance to provide service in one year which is completed on December 31. So all the Unearned revenue is recognized because service for 12 month has been performed so whole amount will be reported in Income statement for the year ended December 31. Only cash received is from the service revenue activity so, it is also reported as $9,000. correct option is d. $9,000; $9,000.
Answer:
I) Days sales outstanding (DSO) for all customers? 48.7days
= (53*0.9)+(10*0.1) = 48.7 days
II) Net sales? $166.600
The Net sales = Gross sales - sales allowance
The discount amount due for the 10% discount customers = 2% of the 10% of 170 mn ==> 0.02 * 0.1 * 170 ===> 0.34 mn
∴ The Net sales = 17 - 0.34 mn = 16.66 mn
Amount paid by discount customers? $13.600
Explanation:
I. General Credit Policy Information
Credit stamps 2/10 Net 30
Days sales outstanding (DSO) for all customers 48.7days
DSO for customers who take the discount (10%) 10days
DSO for customers who forgo the discount (90%) 53days
II. Annual Credit Sales and Costs ($ millions)
Gross sales $170.000
Net sales? $166.600
Amount paid by discount customers $13.600
Amount paid by non discounted customers $153.000
Variable operating costs (82% of gross sales) $139.40
Bad debts $0.0
Credit evaluation & collection costs (10% of gross sales) $17.00
