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3 years ago

Omega.com sold 25 jet skis for $7000.which cost$5000 The entry to record the sale would be

1 answer:

5 0

If the company sold 25 jet skis at $7,000 each the total value of the sale is $175,000. The correct way to record this transaction would depend on how the sale was paid for.

If the jet skis were paid for with cash the entry is going to be a debit to Cash for $175,000 and a credit to Sales for $175,000. If they were sold on account the entry is going to be a debit to Accounts Receivable for $175,000 and a credit to Sales for $175,000.

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The upper class makes up about 25 percent of the population in the United States. True or False

jeyben [28]

Yes that is correct :)

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3 years ago

Read 2 more answers

Which incentives do interest groups engage in to overcome the free rider problem?

slava [35]

Answer:

The correct answer is letter "D": All of these are correct.

Explanation:

The Free Rider Problem refers to someone being able to gap for less or even for free what others pay more for. The problem arises when individuals are unwilling to pay their fair share for something that most others pay for. The problem is more often while talking about public goods. To avoid this issue, some sort of special must be given to consumers such as discounts, promotions for subscriptions or special information online.

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2 years ago

Which of the following is an example of a financial asset?

Margaret [11]

Answer:

A. cash

Explanation:

cash is used in finance

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2 years ago

The primary purpose of managerial accounting is to prepare financial statements in accordance with a reporting framework (e.g. G

Contact [7]

Answer:

False.

Explanation:

There is no specific rule for managerial accounting like GAAP. GAAP is the accounting principles set for financial accounting and not managerial accounting. The main and primary purpose of managerial accounting is to help the managers of an organization to analyze the exact cost that is incurred in the production of sale-able goods and services. This accounting is done completely as per the convenience and discretion of the managers of a company and not by any specified rules and norms.

3 0

3 years ago

During the last year, Exeter Enterprise Inc. generated $702.00 million in cash flow from operating activities and had negative c

kakasveta [241]

Answer:

a.) -$254.00 million

* The option given in the question is inconsistent with question's data so that the answer is not matched. Following Question is the correct. Please refer my following solution to this question

During the last year, Len Corp. generated $936 million in cash flow from operating activities and had negative cash flow generated from investing activities (-$512 million). At the end of the first year, Len Corp. had $160 million in cash on its balance sheet, and the firm had $330 million in cash at the end of the second year. What was the firm's cash flow (CF) due to financing activities in the second year?

a.) -$254.00 million

b.) -$127.00 million

c.) $317.50 million

d.) $190.50 million

Solution based on above data:

Cash Balance at the end of Year 2 = Cash Balance at the start of Year 2 + net cash flow for year 2

Cash Balance at the end of Year 2 = Cash Balance at the start of Year 2 + ( Cash flow from operating activities + cash flow from Investing activities + cash flow from Financing activities

$330 million = $160 million + ( 936 million + (-$512 million ) + cash flow from Financing activities )

$330 million = $160 million + ( 936 - $512 million + cash flow from Financing activities )

$330 million = $160 million + 424 million + cash flow from Financing activities

$330 million = $584 million + cash flow from Financing activities

Cash flow from Financing activities = $330 million - $584 million

Cash flow from Financing activities = - $254 million

Explanation:

According To given data:

Cash Balance at the end of Year 2 = Cash Balance at the start of Year 2 + net cash flow for year 2

Cash Balance at the end of Year 2 = Cash Balance at the start of Year 2 + ( Cash flow from operating activities + cash flow from Investing activities + cash flow from Financing activities

$305 million = $120 million + ( 702 + (-$384 million ) + cash flow from Financing activities )

$305 million = $120 million + ( 702 - $384 million + cash flow from Financing activities )

$305 million = $120 million + 318 million + cash flow from Financing activities

$305 million = $438 million + cash flow from Financing activities

Cash flow from Financing activities = $305 million - $438 million

Cash flow from Financing activities = - $153 million

8 0

3 years ago