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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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During the Reagan administration, the Laffer curve was used to argue that: a. lower income tax rates could increase tax revenues
solniwko [45]

Answer:

A) lower income tax rates could increase tax revenues.

Explanation:

The laffer curve is a theoretical model which argues that there a tax rate that theoretically produces the most revenue for the government. Said tax rate is between 0% and 100%.

President Reagan used this model to argue that a lower tax rate would actually increase government revenue. The logic behind this claim was that lower tax rates increases both public and private saving, which in turn increases investment, resulting in more economic growth, and more taxable income.

The validity of these claims is dispute and is subject to debate among economists.

6 0
3 years ago
You are offered a chance to buy an asset for $4,500 that is expected to produce cash flows of $750 at the end of Year 1, $1,000
zzz [600]

Answer:

<em>a. 22.64%</em>

Explanation:

At first we are going to need to compute the Internal rate of return(IRR) (in which the current value of inflows = the current value of outflows)

Let's let the IRR be <em>x percent</em>

Therefore $4,500 = $750 / (1.0x)

+ $1,000 / (1.0x) <em>power 2</em> + $850 / (1.0x) <em>power 3 </em>

+ $6,250 / (1.0x) <em>power 4</em>

Thus, x = approximate return rate = <em>22.64 percent</em>

6 0
3 years ago
Suppose that Jacob's assets include a motorcycle worth $12,000 and a checking account with a $3,000 balance, while his liabiliti
Sonbull [250]
Answer is A






Explanation:
7 0
2 years ago
(tco 3) techpoint, a technical writing and business documentation firm, finds it difficult to handle its training requirements.
kotykmax [81]

<u>This is an example of "outsourcing".</u>


Outsourcing is the business routine with regards to procuring a gathering outside an organization to perform benefits and make products that generally were performed in-house by the organization's own representatives and staff. Generally done as a cost-cutting measure, it can influence occupations going from client support to assembling to the back office.  

Outsourcing can enable organizations to lessen work costs essentially by outsourcing certain assignments. Organizations can likewise dodge costs related with overhead, gear and innovation.  

4 0
3 years ago
Knowledge Check 02 On February 28, the Jewelry store remits $975 of sales tax collected from its customers to the government. Pr
kodGreya [7K]

Answer:

Please refer to the below

Explanation:

Journal entry as seen below

Feb 28 Sales tax payable Dr $975

Cash Cr $975

Since Jewelry store collected the sales tax from its customers, sales tax account will be debited because it reduces the balance in the account while cash account will be credited because the balance therein increases due to the sales tax collected.

7 0
3 years ago
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