Answer:
The cash paid on May 8 is: $5,880
Explanation:
Credit terms of 2/10, net 30 means that 2% discount for the payment within 10 days and the full amount to be paid within 30 days.
The company purchased $6,500 of merchandise on May 1. On May 6, it returned $500 of that merchandise.
The balance owed for merchandise = $6,500 - $500 = $6,000
On May 8, it paid the balance owed for merchandise, taking any discount it is entitled to.
The company took the appropriate discount:
2% x $6,000 = $120
The cash paid = $6,000 - $120 = $5,880
Answer:
Explanation:
The journal entry is shown below:
Building A/c Dr $312,276
Land A/c Dr $276,924
To Cash A/c $61,900
To Notes payable A/c $527,300
(Being the purchase of building and land for cash and note payable is recorded)
The computation of the notes payable is shown below:
= Total purchase value - cash paid
= $589,200 - $61,900
= $527,300
Answer:
$0.26
Explanation:
diluted earnings per share (EPS) = (net income - preferred dividends) / (weighted average outstanding shares + diluted shares)
net income = $330,000
preferred dividends = 2,000 x $500 x 8% = $80,000. Since the preferred stocks are convertible, they will be considered diluted shares. Therefore, no preferred dividends will be included in the calculation.
weighted average outstanding shares:
- January 1 = 700,000 x 12/12 = 700,000
- March 1 = 200,000 x 10/12 = 166,666.7
- total weighted average = 866,666.7
diluted shares = 2,000 preferred stocks x 200 = 400,000
diluted EPS = $330,000 / (866,666.7 + 400,000) = $0.260526247 ≈ $0.26
<span>machine. She uses a simulative approach to increase the effectiveness and efficiency. If Kelly is at the output stage of the process, then she is identifying the inputs utilized in the process for measuring the productivity.</span>
The correct answer is $380 per unit.
The lower-of-cost-or market rule requires that you report the lower value of either the purchase price or current market price of items in inventory. In this case the current market price is lower, so it should be used when calculating the value of inventory.
