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Mariulka [41]
3 years ago
10

Crane Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $52,200 with terms 3/15, n/45.

On June 12, 2017, Crane received full payment for the June 1 sale.
1. Prepare the required journal entries for Crane Co.
Business
2 answers:
Artist 52 [7]3 years ago
8 0

Answer:

Explanation:

Crane Co

June 1. Credit: Sales $52,200

Debit: Acc receivable $52,200

Being sales on account

June 12 Debit: Bank. $ 50,634

Debit: Discount Allowed $1,566

Credit: Acc receivable. $52,200

Being payment received on sales

Andrews [41]3 years ago
7 0

Journal entries for Crane Co.

June 1

Dr Accounts Receivable 52,200

Cr Sales Revenue 52,200

June 12

Dr Cash 50,634

Dr Sale Discounts1,566

Cr Accounts Receivable 52,200

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Eddie's company is using a forced ranking performance review system.

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The correct question is given below:
Eddie was surprised to learn that not everyone would receive a bonus this year. Instead, management planned to rank all of the employees in Eddie's division and award bonuses only to the top 20 percent in terms of sales. Eddie's company is using a(n) ______ performance review system.

6 0
2 years ago
The current USD/euro exchange rate is 1.4000 dollar per euro. The six month forward exchange rate is 1.3950. The six month USD i
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Answer:

the six month euro interest rate is 1.36%

Explanation:

Spot exchange rate: 1.4 USD/ EUR

6 month forward rate: 1.3950 USD/EUR

Domestic interest rate: 1% pa

Foreign interest rate: the six month euro interest rate?

We have the formula:

Forward rates =  Spot rate * (1+domestic interest rate)/(1+foreign interest rate)

⇔ 1.3950 = 1.4 *(1+1%)/(1+foreign interest rate)

⇔ 1+foreign interest rate = 1.4 *(1+1%)/1.3950

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7 0
3 years ago
Your company has completed an audience analysis for the manual you are writing for users of a new accounting system. The manual
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A

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3 years ago
Read 2 more answers
Suppose disposable income increases by $2,000 . As a result, consumption increases by $1,500 . Answer the questions based on thi
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Answer:

The increase in savings resulting directly from this change in income is $500

The marginal propensity to save (MPS) is 0.25

Explanation:

In order to calculate The increase in savings resulting directly from this change in income we would have to make the following calculation:

increase in savings resulting directly from this change in income= increase in income - increase in consumption

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8 0
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