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rjkz [21]
3 years ago
9

Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of $50,000 with terms 3/15, n/45

. On June 12, 2017, Restin received full payment for the June 1 sale.Prepare the required journal entries for Restin Co.
Business
1 answer:
Tasya [4]3 years ago
4 0

Explanation:

June 1

                 Accounts Receivable                  50,000

                    Sales Revenue                          50,000

June 12

                      Cash                                      48,500*

                Sales Discounts                           1,500

             Accounts Receivable                   50,000

= $50,000 - ($50,000 X 0.03)

= $48,500

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The Tolar Corporation has 400 obsolete desk calculators that are carried in inventory at a total cost of $26,800. If these calcu
Allushta [10]

Answer:

$53

Explanation:

Tolar Corporation

Price per calculator × 400 calculators > $10,000 + $11,200

Price per calculator × 400 calculators > $

$21,200

Price per calculator = $21,200 ÷ 400 calculators

= $53 per calculator

8 0
4 years ago
Which of the following describes the financing activities section of the statement of cash flows?A) It reports on activities tha
olga_2 [115]

Answer:

C) It includes cash inflows and outflows related to long-term liabilities and equity.

Explanation:

Basically there are three types of activities:

1. Operating activities: It includes those transactions which affect the working capital, and it records transactions of cash receipts and cash payments.

2. Investing activities: It records those activities which include purchase and sale of the fixed assets

3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance.  

In the above option, option C is a match with the meaning of the financing activities.  

Hence, all other options are incorrect.

5 0
4 years ago
At a decision point in a decision tree, which machine would you select when trying to maximize payoff when the anticipated benef
MrMuchimi
We have to calculate the benefit of every machine and to multiply it by its probability:
Machine A: $45,000 with a probability of 90%.
$45,000 * 0.9 = $40,500.
Machine B: $80,000 with a probability of 50%.
$80,000 * 0.5 = $40,000.
Machine C: $60,000 with a probability of 75%.
$60,000 * 0.75 = $45,000.
C > A > B.
Answer: We would select machine C.  
6 0
3 years ago
A bakery famous for its cupcakes opens its doors at 9 a.m. and allows each customer to purchase up to 2 cupcakes until the day's
algol [13]

Answer:

1) The cupcakes are being sold below their equilibrium price

3) The customers who receive cupcakes are the customers with the highest willingness to pay for cupcakes.

4) The bakery is not using price as the only means of allocating cupcakes to its customers.

.Explanation:

at equilibrium price, quantity demanded equals quantity supplied and there would be no excess demand as in the case of the bakery.

The customers who receive cupcakes are the customers with the highest willingness to pay for cupcakes because these consumers are willing to lineup for these cupcakes.

the bakery also allocates the cupcakes by time. the cupcakes are usually only available within a specific time

8 0
3 years ago
Required information (The following information applies to the questions displayed below.) A+T Williamson Company is making adju
otez555 [7]

Answer:

The insurance expense for the period is $ 510

Explanation:

The insurance premium paid in advance for 2 years period is $ 4,080 and debited to prepaid insurance

The monthly insurance expense for insurance would be $ 4,080/ 24 months

$ 4,080 / 24 = $ 170 per month

The period of benefit for the insurance is from October to December so it is 3 months.

the insurance expense for the period is $ 170 per month * 3 months = $ 510

3 0
4 years ago
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