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Vaselesa [24]
3 years ago
7

David Company uses the gross method to record sales made on credit. On June 10, 2017, it sold goods worth $250,000 with terms 2/

10, n/30 to Charles Inc. On June 19, 2017, David received payment for 1/2 of the amount due from Charles Inc. David's fiscal year end is on June 30, 2017. What amount will be reported in the financial statements for the accounts receivable due from Charles Inc?
Business
1 answer:
Alenkinab [10]3 years ago
7 0

Answer:

$125,000

Explanation:

Good worth $250,000-$125,000

=$125,000

The amount that will be reported in the financial statements for the accounts receivable due from Charles Inc is $125,000 due to the fact that On June 10, 2017 goods worth $250,000 where sold to Charles Inc and On June 19, 2017, David received payment for 1/2 of the amount due from Charles Inc which makes us to arrived at $125,000 which is the 1/2 of $250,000 then less the actual amount which is $2,50,000 which in turn make us to arrived at $125,000 as the answer.

(1/2×$250,000)=$125,000

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2. Skip and Peggy are brother and sister and they fight about everything. Skip says that perfectly competitive firms maximize pr
finlep [7]

Answer: They are both right.

Explanation:

Firms in every market will always maximise profit where their Marginal Revenue equals Marginal Cost because at this point, resources are being fully utilized. This is therefore no different in a Perfectly competitive market so Skip is correct.

Peggy is also correct however because in a Perfectly Competitive market, the demand curve is perfectly elastic. This creates a situation where the Price, Marginal Revenue and Average Revenue are all the same and represent the demand curve as well.

With the Price being the same as the Marginal Revenue in a Perfectly competitive firm, that means that where the Price equals Marginal Cost is where the Marginal Revenue equals Marginal Cost as well so indeed perfectly competitive firms maximize profit where price equals marginal cost.

5 0
4 years ago
Canoe Company's manufacturing accounting system uses direct labor costs to apply overhead to goods in process and finished goods
sasho [114]

Answer:

Estimated manufacturing overhead rate= $0.2 per direct labor dollar

Explanation:

Giving the following information:

Direct labor, $30,000

Factory overhead applied $6,000.

<u>To calculate the predetermined overhead rate, we need to use the following formula:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

6,000= Estimated manufacturing overhead rate*30,000

6,000 / 30,000 = Estimated manufacturing overhead rate

Estimated manufacturing overhead rate= $0.2 per direct labor dollar

4 0
3 years ago
Courts use a two-prong test to determine whether it has personal jurisdiction over an out-of-state defendant. Which of the follo
Klio2033 [76]

Answer:

D) Does the defendant have some level of minimum contacts with the state?

Explanation:

In law, a state court will have jurisdiction over an out of state citizen if the defendant complies with one of the minimum contacts requirements:

  • having direct contact with the state
  • have a valid contract with a citizen of the state
  • sell products within the state limits
  • attempt to provide goods or services to citizens of the state
  • have a website that is viewed within the state
  • Calder's effects test

5 0
4 years ago
__________Also called front-office processes, it results in a product or service received by an organization’s external customer
3241004551 [841]

Answer:

The reception office

Explanation: In the reception office, the work performed in the front- office desk of an organization of receiving customers is done by the receptionist.

8 0
3 years ago
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VikaD [51]

Answer:

The correct answer is letter "C": 15-20.

Explanation:

Different researches have helped businesses concluded that around <em>15% to 20%</em> of them lose their customers year after year. From them, almost 60% goes to the business's competitor and the other 40% substitute the good or service in reference. The main reason why individuals break up their relationship with companies is because of the treatment they received while others are dissatisfied with the good or service.

So, <em>customer service is a key feature at the moment of determining clients' loyalty to the firm.</em>

5 0
3 years ago
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