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lord [1]
3 years ago
7

Presented below is information related to Cheyenne Corp., which sells merchandise with terms 2/10, net 60. Cheyenne Corp. record

s its sales and receivables net. July 1 Cheyenne Corp. sold to Warren Harding Co. merchandise having a sales price of $17,000. 5 Accounts receivable of $14,800 (gross) are factored with Andrew Jackson Credit Corp. without recourse at a financing charge of 8%. Cash is received for the proceeds; collections are handled by the finance company. (These accounts were all past the discount period.) 9 Specific accounts receivable of $14,800 (gross) are pledged to Alf Landon Credit Corp. as security for a loan of $6,300 at a finance charge of 7% of the amount of the loan. The finance company will make the collections. (All the accounts receivable are past the discount period.) Dec. 29 Warren Harding Co. notifies Cheyenne that it is bankrupt and will pay only 20% of its account. Give the entry to write off the uncollectible balance using the allowance method. (Note: First record the increase in the receivable on July 11 when the discount period passed.)

Business
1 answer:
Anastasy [175]3 years ago
8 0

Answer:

Detailed solution is given in the tabular form below:

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The benefits of belonging to professional organizations include the development of professional contacts and the opportunity to
ziro4ka [17]

Answer:

True

Explanation:

Belonging to a professional organizations provides opportunity to share knowledge and experience and learn from others. It also avails one opportunity to share contacts with other professionals who may be of help in   securing business opportunities and resolving business issues .

7 0
3 years ago
Read 2 more answers
Buster Evans is considering investing $20,000 in a project with the following annual cash revenues and expenses: Cash Cash Reven
Lady bird [3.3K]

Answer:

Accounting rate of return= 20%

Explanation:

<em>The accounting rate of return is the average annual income expressed as a percentage of the average investment.  </em>

<em>The simple rate of return can be calculated using the two formula below:  </em>

Accounting rate of return  

= Annual operating income/Average investment × 100  

Average investment = (Initial cost + scrap value)/2  

Average profit = Total profit over investment period / Number of years

Total revenue = 8000+12000+ 15000 + 20,000+ 20,000 = 75000

Total expenses= 8000 + 8000 + 9000 +10,000 + 10,000 = 45000

Cash profit = 75,000 - 45,000 = 30,000

Depreciation = 4000× 5 = 20,000

Accounting profit = Cash profit - Depreciation = 30,000- 20,000 = 10,000

Average profit = 10,000/5 = 2,000

Accounting rate of return = 2,000/20000× 100 = 20%

Accounting rate of return= 20%

6 0
3 years ago
The_______of the strategic sourcing process, which is sometimes kicked off in response to an entirely new need within an organiz
VladimirAG [237]

The supply chain Management of the strategic sourcing process is sometimes kicked off in response to an entirely new need within an organization.

Explanation:

The main purpose of strategic sourcing is to save money, acquisition process, supplier performance, and minimizing risk.

Based on the seven steps the strategic source processing is performed. They are profile the category means that it defines the categories and commodities in it.

The second step is supply market analysis describes about the cost components of the products or service. Develop the strategy is the next step in which decides where to buy while minimizing risk and cost and how to develop sourcing strategy. The next step is selecting source process which is used as a request for proposal process.

Then negotiate and selection suppliers is used to conduct multiple rounds of negotiation to get a shortlist.

The sixth step is implement and integrate are used for implementation process. The final step is benchmark and track results is the key element for sourcing process.

5 0
3 years ago
Jean and Tom Perritz own and manage Happy Home Helpers, Inc. (HHH), a house-cleaning service. Each cleaning (cleaning one house
aev [14]

Answer:

$532,500

Explanation:

The question is to compute the Statement of Cost of Services Sold for Happy Home Helpers Inc.

To compute this statement, the approach is to sum all direct costs associated with the service provided by the firm.

Particulars                                                     Amount            Amount

Opening Inventory Of Materials                  $4,000

Add: The Purchase of Direct Materials       $<u>25,600</u>

Direct Material available                               $29,600

Subtract: Closing Inventory of materials    <u>   ($2600)</u>

The Direct Material Used for the year                                $27,000

Add:

Direct Labour Cost                                          $472,500

Variable Overhead Cost                                    $15,000

Fixed Overhead cost                                          $18,000

                                                                                               $505,500

The Cost of Services of HHH Inc                                          $532,500

7 0
3 years ago
Allstar Exposure designs and sells advertising services to small, relatively unknown companies. Last month, Allstar had sales co
Aloiza [94]

Answer: The answer is Net income $180,000

Explanation:

All star Exposure

Monthly income Statement

$ $

Sales. 475,000

Less: Expenses

Sales commission 42,000

Technology cost 71,000

Research & Development cost 140,000

Selling Expenses 12,000

Administrative Expenses 30,000

---------------------

(295,000)

---------------------

Net income. 180,000

-----------------------

The All star income statement has no line item for cost of good sold because cost of good sold is a direct cost incurred by All star Exposure on the goods sold. it does not appear as part of the expenses in the income statement.

5 0
3 years ago
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