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andreyandreev [35.5K]
3 years ago
14

On Feb 10, Amara Inc. sold goods to a customer for $8,000 with credit terms 2/10, n/30. The company uses the net method of accou

nting for sales discounts. What entry would the company make on Mar 10, assuming the correct payment was received on that date?
Business
1 answer:
UNO [17]3 years ago
3 0

Answer:

The answer is given below;

Explanation:

March 10

Bank       Dr.$8,000

Accounts Receivable       Cr.$7,840

Sales Discount (8,000*2%)                 Cr.$160

As the payment was not received within 10 days from the date of sale, therefore 2% discount will be reversed and full payment will be received.

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Au Sable Corporation reported taxable income of $800,000 in 20X3 and paid federal income taxes of $272,000. Not included in the
podryga [215]

Answer:

The corporation's current earnings and profits for 20X3 would be $603,000

Explanation:

The computation of the current earnings and profits are shown below:

= Taxable income - federal income taxes - disallowed penalty + insurance proceeds

= $800,000 - $272,000 - $25,000 + $100,000

= $603,000

The federal income tax refund would not be considered in the computation part. Hence, it is ignored.

7 0
3 years ago
10) At the beginning of the year, Lucy company estimated that the total annual fixed overhead costs would amount to $25,000. Fur
adoni [48]

Answer: A. Products were overcosted during the year.

Explanation:

At the budgeted figures of $25,000 fixed overhead costs and the 2,000 units of production, the predetermined fixed overhead rate is:

= 25,000 / 2,000

= $12.50 per unit

However, the company then produces 2,200 units at the same cost of $25,000 making the actual predetermined fixed overhead rate:

= 25,000 / 2,200

= $11.36 per unit

<em>The actual rate is less than the predetermined rate which means that the products had originally be overcosted by being apportioned higher expenses.  </em>

4 0
3 years ago
Which has a higher flow rate? 10 customers arriving over two hours or 10 customers arriving over three hours?
Tcecarenko [31]

The one that gives a higher flow rate is: 10 customers over 2 hours. The flow rate is 5 customers per hour.

Flow rate is defined as the number of flow units that pass through the business process per unit time.

The flow unit can be money, customers, products, parts, services, etc.

Example of flow rate is number of customers serviced per hour, number of parts produced per minute, etc.

From the definition, the flow rate can be expressed as:

             Flow rate = number of flow unit / time interval

There are 2 scenarios in the given problem.

  • Scenario 1:

Flow unit = 10 customers

Time interval = 2 hours

Hence, the flow rate in scenario 1 = 10/2 = 5 customers per hour

  • Scenario 2:

Flow unit = 10 customers

Time interval = 3 hours

Hence, the flow rate in scenario 2 = 10/3 = 3.33 customers per hour

By comparing the above scenarios, the one that gives higher flow rate is scenario 1, 10 customers over 2 hours.

Read more about flow rate here:

brainly.com/question/14896563

#SPJ4

4 0
2 years ago
What is the significance of price elasticity of demand to a producer​
Bumek [7]

Answer:

See the explanation below

Explanation:

Significance of price elasticity of producers:

  • useful in pricing decisions
  • when demand is elastic, firms have to reduce their price to earn more revenue
  • when demand is inelastic firms need to raise prices to earn more revenue
5 0
3 years ago
Due to ____, market forces should realign the relationship between the interest rate differential of two currencies and the forw
dalvyx [7]

Taxed market forces are destroying the industries

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4 years ago
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