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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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Suppose that a chicken farm uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream
NeTakaya

Answer:

d. Charities

Explanation:

From the question, we are informed about the Supposed chicken farm which uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream into a lake that has become thick with algae and polluted due to the minerals in the waste matter. The local office of a nonprofit environmental organization successfully lobbies state regulators to stop the farm's pollution. In this case, the types of private solutions to the externality of pollution that has occurred is charity. Private solutions to externalities can varies from charities, business mergers as well as moral codes, all working at self interest of the relevant parties. according to Coase theorem, at low transaction cost two parties can reach efficient outcome after bargaining when externality are present. Charity can be regarded as generosity as well as helpfulness towards those that are less privilege or that are needy and cannot raise their voice.

7 0
3 years ago
In regard to management prowess, two of the most important factors in this area are the passion that the solo entrepreneur or th
stealth61 [152]

Answer:

True

Explanation:

There are two features that the management prowess have understanding of the market sensitive variables & customers. And the second one is the passion of the leaders of the firm who are going to make a very important decision which might change the fortune of the company.

5 0
4 years ago
The government banned running of an industry near a famous monument Taj Mahal, but ABC limited does not go by order of the court
notka56 [123]

Answer:

No

Explanation:

Taj Mahal is one of the greatest monument in the world. It is very beautiful. It is located in India. It is made up of white marble. Many people from all parts of the world come to visit Taj Mahal.

But recently the color of the marble changes its color to light yellow due to pollution. The companies near by are emitting harmful gases to the atmosphere for which the color of the white marble changed its color and became light yellowish brown.

In the context, company ABC Limited still operating near the Taj Mahal is not fulfilling its responsibility as it is destroying the beauty and existence of the world famous Taj Mahal.

3 0
3 years ago
All of the following would be classified as product costs except:
Tasya [4]

Answer:

C. Sales of marketing staff

Explanation:

Marketing staff expenses are not directly part of product costs. They are administrative expenses

6 0
3 years ago
In order to start a small business, a student takes out a simple interest loan for $8,000 for 9 months at a rate of 7.50%. How m
anygoal [31]

Answer:

$450

Explanation:

To calculate simple interest, we apply the formula

I= P x r x t

Where I = interest

P= principal

r= interest rate

t= time in years

In this case, p=$8,000, r= 7.50% or 0.075, t= 9 months or 9/12 years which is 0.75 years

I =$8000 x 0.075 x 0.75

I= $600 x 0.75

I=$450

Interest is  $450

6 0
3 years ago
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