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nadya68 [22]
3 years ago
13

Sunland Company made a $24700 sale on account with the following terms: 2/10, n/30. If the company uses the gross method to reco

rd sales made on credit, what is/are the debit(s) in the journal entry to record the sale?
Business
1 answer:
nydimaria [60]3 years ago
7 0

Answer:

The debit in the journal entry to record sale is Accounts receivable debit by $24700.

Explanation:

The gross method requires a company to record the sale at the gross value i.e. without deducting the discount allowed. Thus, under Gross method, the sale is recorded at its actual value. The entry to record this sale is:

Accounts Receivable    24700 Dr

       Sales revenue              24700 Cr

Thus, in this entry under gross method, the debit is Accounts receivable by $24700.

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Yao decides to place a $2,000 deposit at the end of each year into a bond fund that earns 6% annually. Find the amount of the in
Luden [163]

Answer:

$6,414.271

Explanation:

Principal ( Initial deposit) = $2,000

Interest rate = 6% annually = 6/100 = 0.06

Period (Time ) = 20 years.

Number of times it earned (n) = annually (yearly)

Formula to be used =

A = P( 1 + r/n)^nt

A = $2,000( 1 + 0.06/1) ^ 1×20

A = $2,000(1.06) ^20

A = $6,414.271

The total amount on investment in 20 years = $6,414.271

3 0
3 years ago
Department C had direct materials EUP cost of $4.00 and conversion EUP cost of $2.50. If the department had 38,000 units complet
Vanyuwa [196]

Answer:

cost of units completed for Direct material =$152,000

Explanation:

given data

direct materials EUP cost = $4.00

Number of units  = 38,000

conversion EUP cost = $2.50

solution

we get here cost of units completed for Direct material that is express as

cost of units completed for Direct material = direct materials EUP cost × Number of units    .................1

put here value and we will get

cost of units completed for Direct material =  $4 × 38,000

cost of units completed for Direct material =$152,000

5 0
3 years ago
Which of the following is not a legal restriction related to profit distributions by a corporation?
Mamont248 [21]

Answer:

b. The amount distributed in any one year can never exceed the net income reported for that year.

Explanation:

If the companys had 100,000 net income per year during 10 year

His retained earnings amount will be 1,000,000

Then, suppose next year income is also 100,000

The company is not doing anything wrong if it distribute dividends for 400,000 as their retained earnings can afford this dividends

8 0
3 years ago
What do we call the value of the next best alternative given up when a choice is made?
Galina-37 [17]

Answer:

A) Opportunity Cost

Explanation:

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Technician a states that the torque-to-yeild method is one of the primary methods of replacing wheel lug studs. technician b sta
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Wheel studs are threaded fasteners that holds on the wheel and doing re-torque of lug nuts that is fully assembled to the wheel stud is applied, then pull it a few times and seal it to secure the wheel. Then check the torque after a test drive to ensure safety.

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8 0
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