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Basile [38]
3 years ago
12

Piper Company sells merchandise on account for $1,800 to Morton Company with credit terms of 2/10, n/30. Morton Company returns

$600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Piper Company make upon receipt of the check?
Business
1 answer:
NNADVOKAT [17]3 years ago
3 0

Answer:

The journal entry is as follows:

Cash A/c Dr. $1,176

Sales returns and allowances A/c Dr. $600

Sales discounts A/c Dr. $24

       To accounts receivable                $1,800

(To record the receipt of the check)

Workings:

Sales discount = 2% of ($1,800 - $600)

                        = 0.02 × $1,200

                        = $24

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Procter & Gamble’s June 30, 2016, financial statements reported the following (in millions): Cash, beginning of year $ 6,836
lina2011 [118]

Answer:

(9,594)

Explanation:

The net cash movement during a period the sum of cashflow from operations (CFO), cashflow from investing activities (CFI) and cashflow from financing (CFF) activities. On the other hand, that net cash movement is also calculated as the difference between end of year cash position and start of year cash position. Given that, we have the equation as below:

End of year cash position - Start of year cash position = CFO + CFI + CFF

Putting all the number together, we have:

7,102 - 6,836 = 15,435 - 5,575 + CFF

Solve the equation, we have CFF = (9,594)

5 0
3 years ago
A tax on imported goods is called…
frutty [35]
Tariff C
Taxes took the test before
5 0
3 years ago
Quick-service restaurants are likely to spend __________ percent of their income on advertising, more than is spent by the casua
DENIUS [597]

Answer:

The correct answer to the following question will be "4 to 5".  

Explanation:

Fast-service restaurants are inclined to spend 4 or 5 percent of their sales on ads, almost as much as the casual, fast-casual, or family restaurant, or dining room, does.

Ways to attract further friends to Hotel Streamline Booking procedures:

  • Manage the deals and prices.  
  • Customize Hotel Experience.
  • Harnessing Internet Energy.
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With your friends, log in Evaluate Chambers.

Therefore, 4 to 5 is the right answer.

8 0
3 years ago
On January 15, Cheyenne Corp. sells merchandise on account to Flounder Associates for $4500 with terms 2/10, n/30. On January 20
Leni [432]

Answer:

The amount of cash received on January 24 is $3332

Explanation:

The amount of cash received will be for the net amount of receivable after adjusting for sales returns and the sales discount as the payment is received within the discount period of 10 days as stated by the term 2/10 which means a 2% discount if payment is received within 10 days of sale.

The accounts receivable at January 15 after sale were $4500. Out of this amount, $1100 of returns are made. Thus, the remaining balance of accounts receivables after return is $4500 - $1100 = $3400

The discount received will be = 3400 * 2% =  $68

Thus, the cash received on January 24 will be 3400 - 68  =  $3332

6 0
3 years ago
You found your dream house. It will cost you $300000 and you will put down $30000 as a down payment. For the rest you get a 30-y
Andrews [41]

Answer:

$1,282.80

Explanation:

The PMT formula is used for this question. The attachment is shown below:

The NPER shows the time period

Given that,  

Present value = $300,000 - $30000 = $270,000

Future value = $0

Rate of interest = 4% ÷ 12 months = 0.33%

NPER = 30 years × 12 months = 360 months

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after solving this, the answer is $1,282.80

5 0
3 years ago
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