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sashaice [31]
2 years ago
11

Morgan Company uses the perpetual inventory system and the gross method of recording sales discounts. Morgan Company sold $60,00

0 of merchandise to Jameson Inc. on May 10, 20Y8, with credit terms of 2/10, n/30. The cost of the merchandise sold was 45,000. Assume Jameson pays within the discount period on May 19. When recording the journal entry to record the payment received, what amount is credited to Accounts Rece
Business
1 answer:
o-na [289]2 years ago
6 0

Answer:

$60,000

Explanation:

Given that

Sale value of the merchandise = $60,000

Credit terms =  2/10, n/30

The cost of the merchandise sold = $45,000

So by considering the above information

The amount which is credited to account receivable is $60,000 as under the gross method the sale is recorded at the actual value of the inventory sold without considering the discount adjustment

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Which of the following will not be a consequence of an import tariff?
Sholpan [36]

Answer:

B. Reduced competitive pressure by foreign firms on the domestic producers

Explanation:

An import tariff is a protectionist measure that enables domestic producers to keep a major share of the national market and lower the competition with imports.  

6 0
3 years ago
Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of Septembe
Degger [83]

Answer:

lLIFO-option B is correct ,$750

FIFO-option A is correct,$800

Explanation:

In using LIFO, each item sold is from the last inventory received while the FIFO is of the opinion that item sold is the oldest stock of inventory.

Under LIFO, cost of ending merchandise is as follows:

10 units (20-10) at      $20=$200

10 units (30-20) at     $25=$250

10 units at  $30                =$300

Total value of inventory  =$750

The correct option is B,$750

Under FIFO, cost of ending inventory is as follows:

20 units at  $25                 =$500

10 units at $30                   = $300

total value of inventory      =$800

The correct option is A,$800

6 0
2 years ago
Renata has a home loan for $150,000 at 7.5% interest for 30 years and her payment is $987.00 per month (including principal and
Katena32 [7]

Answer:

First payment=$149,950.50

Second payment=$149,901

Explanation:

Annual amount of interest paid=$150,000×7.5%

=$150,000×0.075

=$11,250 per annum

monthly interest= annual interest /12

=$11,250/12

=$937.50

As given,

Principal & interest payment=$987

Monthly principal payment= principal & interest payment - monthly interest

=$987-$937.50

=$49.50

First month payment= original loan - monthly principal payment

=$150,000-$49.50

=$149,950.50

Second month payment= first month payment- monthly principal payment

=$149,950.50-$49.50

=$149,901

8 0
3 years ago
Procter & Gamble makes Tide, Cheer, Ivory Snow, and Bold detergents as well as PertPlus, Rejoice, and Vidal Sassoon shampoos
MissTica

Answer:

Individual

Explanation:

Individual strategic plan: It is a plan created for achieving personal goal. These plan define how important is the goal to individual and what all sacrifice that each can bear to achieve that personal goal. Before developing an individual strategic plan, it is important to evaluate personal strength and weakness.

In the given case, Procter & Gamble have produced different products with unique and separate brand name as they are using Individual strategy, so that each brand should be clear with its usage and can be helful in penetrating in market.

4 0
3 years ago
Material requirements plus an allowance for normal inefficiencies are added together to determine the.
gulaghasi [49]

Material requirements plus an allowance for normal inefficiencies are added together to determine the Quantity Standard of a direct material per unit of output.

<h3>What is direct material ?</h3>

The cost of direct materials, which may be easily recognised with the unit of production. In the manufacture of light bulbs, for example, the cost of glass is a direct material cost. Material was required as the primary component in the creation of items or goods.

Direct material refers to the physical components of a product. A baker's direct materials, for example, include flour, eggs, yeast, sugar, oil, and water. The direct materials concept is utilised in cost accounting, where this expense is categorised independently in various types of financial analysis.

Direct materials are those that are essential to the manufacturing process and can be traced back to the specific product manufactured.

To know more about direct material  follow the link:

brainly.com/question/26245657

#SPJ4

3 0
2 years ago
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