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Bingel [31]
3 years ago
12

Item 12Item 12 On April 1, Snell Company made a $50,000 sale giving the customer terms of 3/10, n/30. The receivable was collect

ed from the customer on April 8. How does the collection of cash from the customer affect the company's financial statements
Business
1 answer:
aivan3 [116]3 years ago
8 0

Answer:

See explanation section

Explanation:

We know, 3/10, n/30 means the customer will get 3% discount if he/she gives the payment within 10 days, however, he/she has to pay the money within 30 days.

As Snell company sold the products on April 1, and received the payment on April 8, the company gave a 3% discount to customer. As there is discount, the financial statements will be as follows:

Income statement

Sales   =                        $50,000

Less: Sales discount =     (1,500)

<u>$50,000 × 3%                              </u>

Net sales                       $48,500

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Kay [80]

Answer:

D. All of the Above

hope this helps!

6 0
3 years ago
TopChop sells hairstyling franchises. TopChop receives $62,000 from a new franchisee for providing initial training, equipment,
Molodets [167]

Answer:

$65,332

Explanation:

The computation of revenue in 2021 is shown below:-

Revenue for the year 2021 = New franchisee received + Received by Top chop × (From July 1 to Aug 1 ÷ 2)

= $62,000 + $40,000 × 1 ÷ 2

= $62,000 + $40,000 × 0.5

= $62,000 + $20,000

= $82,000

Therefore, the revenue recognized for its arrangement is $82,000 and the new franchisee fee instantly recorded as an income

4 0
3 years ago
A client reporting recent right eye discomfort is diagnosed with chalazion of the right eye. The nurse reinforces instructions t
STatiana [176]

Answer:

"I should apply warm packs to my eye"

Explanation:

First and foremost what kind of infection is a Chalazion

A chalazion represents a cyst or lump usually found to be growing slowly within one's eyelid. The characteristic of this cyst is that it does not last for long, usually goes away after a few weeks and it is not usually accompanied by pain. Although there are occasions where it would warrant more urgent measures and treatments

One very effective way of treating or caring for the eye during the infection is to apply warm compresses to it. To do this the person should put a cloth into a bowl of warm water, wring out the water from the cloth and then apply it over the eye for a 10 to 15 minutes period.

Therefore, an understanding of the need to apply warm packs to the eye indicates an understanding of the necessary measures to be taken by the client.

5 0
3 years ago
Achieving high product quality lowers operating costs because of the effect of quality on:___________.
denpristay [2]

Answer:

Option C, corporate-level planning, is the right answer.

Explanation:

Option C, “corporate-level planning” is the correct answer because it is the corporate planning according to which every employee has to work. If the quality of planning is good then the firm will produce higher output with lower operating cost and if the planning is not good or suitable then the firm can increase the productivity but operating cost may go very high. Therefore, option C is right.

5 0
4 years ago
Capital budgeting is concerned with making and managing expenditures on:________
vovangra [49]

Answer:

on your goal or achievement

7 0
3 years ago
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