Answer:
Betty Incorporated
Journal Entries:
June 3:
DR Inventory $7,100
CR Accounts Payable (North Inc.) $7,100
To record the purchase of goods on account with terms 2/10, n/30.
June 5:
DR Accounts Payable (North Inc.) $2,600
CR Inventory $2,600
To record the return of goods on account.
June 6:
DR Inventory $2,500
CR Accounts Payable (South Corp.) $2,500
To record the purchase of goods on account with terms 2/10, n/30.
June 11:
DR Accounts Payable (North Inc.) $4,500
CR Cash Account $4,410
CR Cash Discount $90
To record the payment of balance owed to North Inc.
June 22:
DR Accounts Payable (South Corp.) $2,500
CR Cash Account $2,500
To record the payment of balance owed to South Corp.
Explanation:
The trade terms 2/10, n/30 mean that both North Inc. and South Corp. offered 2% cash discounts on amount paid by Betty Incorporated if it could settle its bills within 10 days. The net allowed credit days are 30 days, after which Betty Incorporated could be charged interest for late payment. It did not utilize the discount offered by South Corp. as it paid its bills after 16 days instead of within 10 days as stated in the trade terms.
Alex is attempting to overcome Paralysis by Analysis.
<h3>What does "paralysis by analysis" mean?</h3>
According to Botnick, ruminating is the act of repeatedly spinning the same thoughts. But usually this overthinking doesn't produce any fresh insight. What ultimately causes the "paralysis," or inability to decide, is continuing to consider options when you already feel worn out and overwhelmed.
Overanalyzing or overthinking a situation can make forward motion or decision-making "paralyzed," which means that no solution or plan of action is agreed upon within a reasonable amount of time. Analysis paralysis describes an individual or group process where this might happen.
To know more about Paralysis by Analysis, refer:
brainly.com/question/14897425
#SPJ4
Answer:
Yes, it does.
Explanation:
It definitely impacts the present value analysis. If we are evaluating two proposals and we ignore the useful lives of the investments, then
- The present values of the investment proposals will be inaccurate.
- The cash flows might be inaccurate.
- The discount factor to be used will also be inaccurate.
- The overall results will be misleading.
- The tax credits and balancing allowances and charges will also be inaccurate.
Delectable's financial statements will show Allowance for Doubtful Accounts of $1,000 on balance sheet and Bad debts expense of $950 on Income statement
Here, we are to determine the records of bad debts expenses on Income statement and Allowance for doubtful accounts on Balance sheet.
Bad debts expense = Estimated bad debts - credit balance in allowance account
Bad debts expense = $1,000 - $50
Bad debts expense = $950
Journal Entry
General journal Debit Credit
Bad debts expense $950
Allowance for Doubtful accounts $950
(Bad debts expense recorded)
The allowance for doubtful account will be $1,000. ($950+$10) because the Allowance for Doubtful Accounts had $50 credit balance.
See similar solution here
<em>brainly.com/question/15201555</em>
The correct answer to this question is $1250. To prove this, an image is attached together with this answer.
<span>The 2016 repayment limitation for a single taxpayer who has income at a 350% poverty level is $1250. Based on the image, it shows that at the line of
at least 300% but less than 400%, the repayment limit of single tax payer is $1250.</span>
