1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
marin [14]
3 years ago
12

On April 2, KLV sold $30,000 of inventory items on credit with the terms 1/10, net 30. Payment on $18,000 sales was received on

April 8 and the remaining payment on $12,000 sales was received on April 27. Assuming KLV uses the net method of accounting for sales discounts, the entry recorded on April 27 would include a:a. debit to Cash and credit to Accounts Receivable for $11,880.b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120.c. debit to Accounts Receivable and credit to Sales Revenue for $30,000.d. debit to Cash and credit to Sales Discount Forfeited for $300.
Business
1 answer:
yuradex [85]3 years ago
7 0

Answer:

b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120

Explanation:

The last payment of $12,000 it's without discount because was not made within the 10 days, so it's necessary to Debit Cash by $12,000 and reverse the accrual for the remaining $120 discount offered not applied.

The it's necessary to record this entry:

b. debit to Accounts Receivable and credit to Sales Discount Forfeited for $120

You might be interested in
Assume that a consumer has a given budget or income of $24 and that she can buy only two goods, apples or bananas. The price of
Sindrei [870]

Answer:

12 bananas or 8 apples are needed to purchased

Explanation:

The computation of the number of bananas or the apples is shown below:

Since the income is $24

And, the price of an apple and the price of banana is $3 and $2 respectively

So, the number of bananas is

= $24 ÷ $2

= 12 bananas

And, the number of apples is

= $24 ÷ 3

= 8 apples

Therefore 12 bananas or 8 apples are need to purchased

7 0
3 years ago
In the Frankfurt market, Aldi stock closed at €5 per share. On the same day, the euro-U.S. dollar spot exchange rate was €.625/$
Molodets [167]

Answer:

B) $15.63

Explanation:

Calculation for the no-arbitrage U.S. price of one ADR

First step is to calculate the Equivalent amount of one ADR in euro

Equivalent amount of one ADR in euro = 5 ×€5

Equivalent amount of one ADR in euro = €25

Now let calculate the Dollar value of one ADR

Dollar value of one ADR = €25* €625/1,000

Dollar value of one ADR=€15,625/1,000

Dollar value of one ADR=$15.63

Therefore the no-arbitrage U.S. price of one ADR is:$15.63

7 0
3 years ago
Lorenzo Company applies overhead to jobs on the basis of direct materials cost. At year-end, the Work in Process Inventory accou
Sergio039 [100]

Answer and Explanation:

1. The computation of the predetermined overhead rate is shown below:

= Overhead applied ÷ direct material cost

= $846,000 ÷ $1,800,000

= 47%

2. The direct labor and overhead cost assigned to the job is shown below:

Total cost $89,000

Less: direct material cost $32,000

Less: overhead cost  $15,040 ($32,000 × 0.47)

Direct labor cost $41,960

7 0
3 years ago
Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). However, an exception occur
o-na [289]

Answer:

The future value of a 18-year annuity of $2,000 per period where payments come at the beginning of each period is $59,078.

Explanation:

We apply the formula to calculate future value of annuity to find the future value of 18-year annuity as at the beginning of year 18 ( because payment comes at the beginning of the year):

2,000/5% x (1.05^18 -1) = $56,264.77.

We further compound the future value of 18-year annuity as at the beginning of year 18 for one period to come up with the future value of this annuity as at the end of 18 year time:

56,264.77 x 1.05 = $59,078.

So, the answer is $59,078.

3 0
3 years ago
Assume the bid rate of an Australian dollar is $0.60 while the ask rate is $0.61 at Bank Q. Assume the bid rate of an Australian
jarptica [38.1K]

Answer:

$16,393.44

Explanation:

Calculation for what would be your gain

Gain=$1,000,000/($0.61 per AUD)*$0.62 per AUD - $1,000,000

Gain=1,639,344*$0.62 per AUD - $1,000,000

Gain=$16,393.44

Therefore what would be your gain if you use $1,000,000 and execute locational arbitrage will be $16,393.44

3 0
3 years ago
Other questions:
  • A can of soda costs $0.75 in the United States and 12 pesos in Mexico.
    15·1 answer
  • Suppose the Fed carries out an open market sale of $100m and simultaneously decreases the minimum required reserve ratio from 10
    11·1 answer
  • The term trompe l'oeil refers to work that
    5·1 answer
  • Joseph runs a skateboard shop. Recently, he's had some employees who
    9·2 answers
  • When recording transactions in two or more accounts and the totals of the debits and credits are equal, it’s called A. debiting.
    9·1 answer
  • Olde manufacturing, a parts supplier to the auto industry, has been using the behavioral approach to management for over 100 yea
    6·1 answer
  • Joe decided to quit his computer-programming job (where he was earning $48,000 per year) to start his own software business. For
    5·1 answer
  • Individual visits to college campuses usually provide opportunities for all the following except
    13·2 answers
  • "A company offers ID theft protection using leads obtained from client banks. Four employees work 40 hour a week on the lead, at
    5·1 answer
  • Which of the following statements about investing is
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!