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ollegr [7]
3 years ago
5

Jake’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $60000, terms 2/10, n

/30. Returned $1200 of the shipment for credit. Paid $300 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s inventory increased by $57924. $59100. $57624. $57918.
Business
2 answers:
castortr0y [4]3 years ago
3 0

Answer:

$57924

Explanation:

(60000- 1200 x.98) + 300= $57924

Assoli18 [71]3 years ago
3 0

Answer:

$57,924

Explanation:

The discount will be computed and calculated on the sum of inventory which would exclude the freight paid Calculate the merchandise inventory increase as follows:

Inventory increase = (60,000 — 1200) x (I — 0.02)+300

= (58,800 x 0.98)+300

57624+300 = $57,924

The merchandise inventory will inure by $57,924.

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If the United States Supreme Court decided a similar case, would that decision be binding on the Nebraska court? Explain. at lea
Stolb23 [73]

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A lot of information is missing, but the answer is the same whether we are told about a specific case or not. If the US Supreme Court decided on a similar case that is under trial in Nebraska, the Nebraska court must follow the decision and guidelines of the US Supreme Court.

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The Supreme Court does not create laws, but it decides on how they should be enforced.

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3 years ago
The banking crisis of 2008 is quite interesting to analyze. The factors that led to this near banking collapse are intriguing to
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3 0
2 years ago
How physical assets valuation and development and research pose risk.<br>​
Alex Ar [27]

Answer:

The differences between US GAAP and IFRS pose an extra cost because international corporations must prepare two separate accounting statements. But besides that, other potential risks include paying higher taxes than what the companies should pay int their home countries and the uncertainty generated by changing rules.

Not only do current tax rates affect potential investments, e.g. currently companies in the US pay relatively low corporate taxes (Tax Cuts and Jobs Act of 2017) but these benefits end on 2025. But also different methods for valuating physical assets and R&D costs can represent higher than expected taxes. E.g. depending on a company's needs, it may be beneficial to expense all R&D costs right away, or maybe it would be better to capitalize some of them after technical feasibility is achieved (IFRS).

The main advantage of having uniform rules (e.g. UCC) is that all the companies know exactly what to expect and how to act. Certainty decreases risk, and less risk reduces costs.

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In the US, the vast majority of firms use US GAAP as their accounting method, but around the world the IFRS method is used.

Physical asset valuation is the process of determining the value of your physical assets including P, P & E, and also inventories.

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7 0
2 years ago
The preparation of a bank reconciliation is an important cash control procedure. If a company deposits cash receipts daily and m
castortr0y [4]

Answer & Explanation :

Bank Reconciliation Statement is prepared to reconcile (match) the differences between bank balance as per cash book & bank balance as per pass book, at end of an accounting period.  

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BRS involves starting with balance as per any book - cash book or passbook. Then, the adjustments for mismatch are done, to arrive at correct balance as per the other book.

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