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
Kipish [7]
3 years ago
11

Platen purchased inventory on August 17 and received an invoice with a list price amount of $5,900 and payment terms of 4/10, n/

30. Platen uses the net method to record purchases. For what amount should Platen record the purchase
Business
1 answer:
ch4aika [34]3 years ago
7 0

Answer:

$5,664

Explanation:

Calculation of the amount that Platen should record the purchase.

Using this formula

List price -(Percentage of payment term × list price)

Let plug in the formula

$5,900 -(4%×5,900 )

=$5,900-$236

=$5,664

Therefore Platen should record the purchase on August 17 as a:

Debit to Purchases (periodic system) and a Credit to Accounts Payable for $5,664

Therefore the amount that Platen should record the purchase will be $5,664

You might be interested in
Afghntyjnytnjtyjnmtymtumtumumyumyumjm
EastWind [94]

Answer:

Afghntyjnytnjtyjnmtymtumtumumyumyumjm

Explanation:

4 0
3 years ago
Which business is exempt from using the accrual basis for accounting? A clothing manufacturer that has average gross annual rece
AnnZ [28]

Answer:

A home improvement store that just began business last year and had $2.7 million in gross receipts.

Explanation:

The IRS allows only a limited number of businesses to use cash basis accounting and in order to do so, the business must be:

  1. Partnership or C corporation with less than $5 million in total sales revenue per year
  2. Sole proprietorship or S corporation with less than $1 million in total sales revenue
  3. Cannot be a publicly traded corporation
  4. Personal service businesses with more than 95% of revenue specifically related to services.
  5. Family owned farms with total annual sales revenue less than $25 million.
3 0
3 years ago
What does an accountant analyze to gather the relevant information for adjusting entries? A. Accruals B. Transactions C. Ledgers
laila [671]

Answer:

transactions

Explanation:

the accountant analyzes transactions before financial information is represented in reports

5 0
3 years ago
A division sold 230000 calculators during 2020: Sales $2300000 Variable costs: Materials $437000 Order processing 172500 Billing
lakkis [162]

Answer:

the unit contribution margin is 65%

Explanation:

Unit contribution margin = Contribution / Selling Price × 100

                                         =($2300000-$805000) / $2300000 × 100

                                         = $1,495,000 / $2,300,000 × 100

                                         = 65%

6 0
3 years ago
Read 2 more answers
Sheridan Company makes and sells widgets. The company is in the process of preparing its selling and administrative expense budg
iren [92.7K]

Answer:

$1,080,000

Explanation:

Calculation to determine how much is the total budgeted selling and administrative expenses for October

October Total budgeted selling and administrative expenses=

[($1 + $3 + $4 + $2) x 94,000] + ($10,000 +

$120,000 + $4,000 + $6,000)

October Total budgeted selling and administrative expenses=(10*94,000)+$140,000

October Total budgeted selling and administrative expenses=$940,000+$140,000

October Total budgeted selling and administrative expenses=$1,080,000

Therefore the total budgeted selling and administrative expenses for October is $1,080,000

5 0
3 years ago
Other questions:
  • And currency risks are to key country success factors as land costs and​ ________ are to key region success factors.
    11·1 answer
  • A company completes 21,000 units this month and has ending goods in process inventory of 3,000 units which are estimated to be 4
    12·1 answer
  • Logan is a midlevel manager at Oranges Inc. When she turns 60, her company forces her to take mandatory retirement in exchange f
    13·1 answer
  • What is economic studies
    6·2 answers
  • Advertising revenues support the majority of the content we see in the media today. What professions and businesses does adverti
    10·1 answer
  • "In 2020, a customer buys a 3% U.S. Government bond maturing in 2024 at 102. The customer elects to amortize the bond premium fo
    5·1 answer
  • When a salesperson calls on a new business prospect, A) the salesperson may have trouble identifying all of the buying center me
    11·1 answer
  • If a firm offers a service that is valuable, rare, and costly to imitate, but a substitute exists for the service, the firm will
    6·1 answer
  • A company purchased a van at a cost of $42,000 and expects it can be sold for $6,000 after 120,000 miles of service. Assuming th
    12·1 answer
  • Personalized products is a small manufacturing firm specializing in custom-order tool and die work. a computerized accounting sy
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!