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nordsb [41]
3 years ago
9

Hernandez Company expects credit sales for January to be $100,000. Cash sales are expected to be $60,000. The company expects cr

edit and cash sales to increase 10% for the month of February. Credit sales are collected in the month following the month in which sales are made. Based on this information the amount of cash collections in February would be:
Business
1 answer:
madreJ [45]3 years ago
5 0

Answer:

The correct answer is $166,000.

Explanation:

According to the scenario, the given data are as follows:

Credit sales for Jan. = $100,000

Cash sales for Jan. = $60,000

cash sales to increase in Feb = 10%

So, we can calculate the cash collection in Feb by using following method:

Cash collection in Feb = Cash Sales for Feb + Credit sales for Jan.

= ( $60,000 × 110%) + $100,000

= $66,000 + $100,000

= $166,000

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Perle, a dentist, billed Wood $600 for dental services. Wood paid Perle $200 cash and built a bookcase for Perle’s office in ful
Naddika [18.5K]

Answer:$600

Explanation:

The full amount of$600 will be credited to Perle as his service income on completion of the dental services and debited to wood account as a debtor.

The $200 will reduce the debt to $400 , the $400 which will be recorded through a journal by debiting bookcase and crediting Wood.

Narration. Recognition of bookcase built as debt payment.

7 0
3 years ago
Choose the statement about ITQs that is correct.
melomori [17]

Answer:

D.  When ITQs are​ used, no one has an incentive to cheat and exceed the quota.      

Explanation:

As ITQs (individual transferable quotas) were initially created by the government to regulate an above all, social affair, which is related to the share in the total allowable catch of fish (species).

Since some of the fishermen have lower and some have higher marginal costs of "producing" fish, they trade ITQ's between themselves, with those who have high marginal costs selling ITQs to those that have low marginal costs. Also, the marginal private cost now becomes determined by the initial marginal private cost of the fish, plus the <u>price of the ITQ</u>. Then, it becomes known as the marginal social cost.

The equilibrium for the ITQ price is the difference between the <em>marginal social benefit</em> and the marginal cost. With the base marginal private cost becoming the marginal social cost, no one has the incentive to exceed the quota, as that would make the marginal cost go higher than the price, and the marginal profit lower. This notion creates the equality between self-interest and social interest.

4 0
3 years ago
The strength of the economy depends on the balance of production and consumption of goods and services true or false
34kurt
The answer is True because it depends on both 
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3 years ago
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Disparate treatment could be legal if the discrimination: a. results in increased efficiency. b. is performed by a governmental
marta [7]

Answer:

The correct answer is D

Explanation:

Disparate treatment is the treatment which differing conduct or performed toward the individuals, where the differences are grounded on the individual age, colour, national origin, race, disability or religion status.

This treatment would be legal if the discrimination would be BFOQ (termed as bona fide occupational qualification), the courts must have held that in few situations that the factor like sex or religion might be BFOQ, which is important qualification for performing a job.

7 0
4 years ago
Why might a person decide to take advantage of a non-installment credit offer?
Korolek [52]
A person would take advantage of a non installment credit offer if there was no interest charged on on the loan. Many of these offers will not charge interest on the loans if the loan is paid off in a short amount of time. Usually within 3 to six months of the time the loan is started. These offers are usually for appliances and furniture. You can always ask the store you are visiting if they have these offers available. If you don't pay the loan off within the amount of time, you are then charged the interest and have a longer amount of time to pay the loan off. 
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