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faust18 [17]
3 years ago
9

On August 1, Greene Company purchased merchandise inventory on account with a list price of $25,000 and credit terms of 2/10, n/

30. What is the correct journal entry to record the August 1 purchase?
Business
1 answer:
Alekssandra [29.7K]3 years ago
5 0

Answer:

August 1, merchandise purchased on account 2/10, n/30

Dr Merchandise inventory 25,000

    Cr Accounts payable 25,000

Explanation:

If Greene paid within the discount period, the journal entry to record the payment would be:

August 2-11, payment of accounts payable

Dr Accounts payable 25,000

    Cr Cash 24,500

    Cr Purchase discounts 500

If Greene didn't paid within the discount period, the journal entry to record the payment would be:

August 20, payment of accounts payable

Dr Accounts payable 25,000

    Cr Cash 25,000

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Floor plan loan is a type of short-term loan to finance high priced inventory in which the purchased inventory is placed as coll
topjm [15]

Answer:

Consider the following explanation.

Explanation:

1. True. It is generally seen in the automobile market. The purchased inventory serves as the collateral for the loan.

2. True. The higher capital provides support for the continued solvency of these comapanies.

3. False, The federal reserve has the right and authority to regulate finance companies.

4. This statement is true.

5. True. They also charge higher interest rates than banks for bearing the risk of poor credit of these borrowers.

5 0
3 years ago
Assuming a 12% annual interest rate, determine the present value of a five-period annual annuity of $5,000 under each of the fol
Paraphin [41]

Solution :

Annual payment = $\$ 5000$

1. The rate of interest annually = 12%

Present value $=\$5000 \times \text{PVA of} \ \$1(12\%, 5)$

                      $=\$5000 \times 3.60478$

                     = $ 18,023.90

2. The rate of interest annually = 12%

Present value $=\$5000 \times \text{PVAD of} \ \$1(12\%, 5)$

                      $=\$5000 \times 4.03735$

                     = $ 20,186.75

3. The rate of interest annually = 12%

The rate of interest quarterly = 3%

Present value = $\$5000 \times \text{PV of} \ \$1(3\%, 4) + \$5000 \times \text{PV of} \ \$1(3\%, 8) +\$5000 \times \text{PV of} \ \$1(3\%, 12) $ $+\$5000 \times \text{PV of} \ \$1(3\%, 16) + \$5000 \times \text{PV of} \ \$1(3\%, 16)$

$= \$5000 \times 0.88849 + \$5000 \times 0.78941 + \$5000 \times 0.70138 + \$5000 \times 0.62317 + \$5000 \times 0.55368$$=\$ 17,780.65$

4 0
3 years ago
Moody Corporation uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the be
Andre45 [30]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Machine-hours required to support estimated production 155,000

Fixed manufacturing overhead cost $ 653,000

Variable manufacturing overhead cost per machine hour $ 4.70

<u>First, we need to calculate the predetermined overhead rate.</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (653,000/155,000) + 4.7

Predetermined manufacturing overhead rate= $8.91 per machine hour

Job 400:

Direct materials $ 390

Direct labor cost $ 220

Machine-hours used 37

<u>T</u><u>o allocate overhead, we need to use the following formula:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 8.91*37= $329.67

<u>Now, we can calculate the total cost and unitary cost:</u>

Total cost= 390 + 220 + 329.67= 939.67

Unitary cost= 939.67/60= $15.66

<u>Finally, the selling price for Job 400:</u>

Selling price0 939.67*1.2= $1,127.6

5 0
3 years ago
a semiannual interest of 3.5%. Any money he invests would have to be left in the fund for at least five years if he wanted to wi
Lemur [1.5K]

Answer:

Results are below.

Explanation:

Giving the following information:

The semiannual interest of 3.5%.

A) We need to calculate the nominal interest rate:

Nominal interest rate= 0.035/2= 0.0175

B) Real interest rate:

Real interest rate= (1.0175^2) - 1= 0.03531

It compounds interest twice a year. Therefore, is higher

C) Investment= $8,000

We will use the following formula:

FV= PV*(1+i)^n

n= 10

i= 0.175

PV= 8,000

FV= 8,000*(1.0175^10)

FV= $9,515.56

8 0
3 years ago
What were the impacts of the fur trade on society in terms of economics, culture, technology, nature, and the government? Did Ro
Oksi-84 [34.3K]

Answer:

The impacts of the fur trade on society in terms of economics, culture, technology, nature, and the government changed over the time.

Rockefeller never act unethically by the standards of his day or today´s.

There is nocontradiction between his personal and business ethics.

Explanation:

The fur trade was a vast commercial enterprise, which was at its peak for nearly 250 years, from the early 17th to the mid-19th centuries, sustained to satisfy the demand in an intensely competitive trade which opened exploration and settlement, financing missionary work, established social, economic and colonial relationships between Europeans and Indigenous people.

Changing cultural in the fashion industry, has had a drastic evolution over the years, when a woman in the first half of the twentieth century , might be very proud to wear a fox stole with its head and feet intact but today, it would consider  that an ethical faux pas.

Ethics has become a major consideration for young people in their selection of work and career, who demand enshrined values in their business  model, a difference, contributing with their core values, conscience, and personality not just profit.By the standards of his day Rockefeller, a faithful, balanced and devout Christian, was not being unethical as he always followed his-time regulations and laws, although nowadays they are more severe.  He compensated all the things he did, if wrong, with his contributions to help people cope with any damage done. There is no contradiction behe did as he had been taught when he was younger that he should separate business from pleasure.

6 0
3 years ago
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