Answer:
a) $1,000
Explanation:
Early Settlement Discount
This form of quotation is common with suppliers offering their customers deferred payment arrangement in a sale contract. Usually, under this arrangement customers are allowed to purchase goods on credit and settle their acccount at a specified later date.
However, to encourage customers to pay up their outstanding earlier than expected, suppliers do offer early settlement discount as incentives to induce prompt payment.
A quotation of 2/10, n/30
This implies that the customer is a given a 30-day period from the date of purchase within which he is expected to settle his account. However, if he does so within the next 10 days of purchase he will be given a 2% discount.
<em>Applying this to the question, the purchase date is August 1, the the latest date for which account is settle to qualify for early settlement discount will be 11 days i.e (1+10) .</em>
Since the payment will be made on August 12, no cash discount will received. Therefore, a payment of gross amount of $1,000 would be credited to the cash account.
Answer: Price Ceilings
Price Ceilings are usually controlled by the Government and their main use is to keep prices up. Sometimes a customer will switch to other goods and that person that wants there item bought the price will get lower to attract more customers. In this case, they want to keep the prices from falling - therefore, it would be Price Ceilings.
Answer:
accrued interest owed at the end of the year = $400 x interest rate x 6/12 months
the interest rate was not given, but we can assume that it was 5% just as an example:
total accrued interest expense = $400 x 5% x 6/12 = $10
the journal entry would be
December 31, 2021
Dr Interest expense 10 million
Cr Interest payable 10 million
Answer:
The correct answer is the option C: Conducting the job analysis.
Explanation:
To begin with, the term of <em>"Job Analysis"</em> refers to a method used in the organizations with the purpose of generating job descriptions and specifications in order to establish a better communication inside the organization and also to know better who the best candidates will be for future jobs. Therefore that this analysis focus on the correct comprehension from the analyst regarding the job that is being under analysis. When the analysis has began the person in charge of it will have to planned carafully the way that she will get the information for later transform it into the job description and that is why that once that the planning has been done the person needs to conduct the job analysis in order to obtain the results expect that are the proper description of the job and all of its specifications for future employees.
Answer:
Direct material price variance= $29,120 unfavorable
Explanation:
Giving the following information:
Standard: Direct materials 6 pounds $4.30 per pound $25.80
Actual= Jackson purchased 145,600 pounds of direct material at a total cost of $655,200.
<u>To calculate the direct material price variance, we need to use the following formula:</u>
Direct material price variance= (standard price - actual price)*actual quantity
Actual price= 655,200/145,600= $4.5
Direct material price variance= (4.3 - 4.5)*145,600
Direct material price variance= $29,120 unfavorable
