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STALIN [3.7K]
3 years ago
10

On October 22, a company provides services on account to a customer for $2,600, terms 3/13, n/30. The customer pays for those se

rvices on December 19. Record the transactions for the company when the services are provided on October 22 and when cash is collected on December 19. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Business
1 answer:
bezimeni [28]3 years ago
7 0

Answer:

A/R                           2,600 debit

  services revenues                    2,600 credit

--to record services performed on account--

Cash                    2,600 debit

     A/R                                      2,600 credit

--to record collection from client--

Explanation:

We record the service performed as service revenue as the company already perform and earned the amount.

Then when the payment is perform it is beyond the discount period of 13 days  thus, It pays the nominal amount.

The company debit the cash collected and write-off the accounts receivables.

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Sthilaire Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.52 direct la
Fed [463]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Each unit of output requires 0.52 direct labor-hours. The direct labor rate is $9.00 per direct labor-hour. The production budget calls for producing 1,700 units in April and 1,600 units in May. The company is committed to paying its direct labor workforce for at least 960 hours a month.

We need to calculate the total number of hours required each month.

April:

Direct labor hours= 1,700 units* 0.52= 884 hours

Total cost= 960 hours*$9= $8,640

May:

Direct labor hours= 1,600 units* 0.52= 832 hours

Total cost= 960 hours*$9= $8,640

3 0
3 years ago
A bank may establish a multinational operation for the reason of low marginal costs. The underlying rationale being that is_____
s2008m [1.1K]

Answer:

c) managerial and marketing knowledge developed at home can be used abroad with low marginal costs.

Explanation:

Low marginal cost represents low cost associated with the functioning of bank at low cost for each additional transaction of business. This basically provides for low costing.

Since the bank is able to exercise the low marginal cost in domestic market it expects to have a low marginal cost in international market also with the expertise of management.

As the bank feels confident with the management that it would be able to keep the cost low even in international domains thus, it expects low marginal cost in international domains also.

7 0
3 years ago
under the citizen approach of tax jurisdiction, if company A, incorporated in country X, was based in country Y and earned divid
attashe74 [19]

Answer: c. Country X

Explanation:

Under the Citizenship approach to tax jurisdiction, income accrued will be taxed in the country the company is incorporated in as it is viewed as a "company citizen" of that country.

As such, the dividends in the question will be taxed in Country X which is where Company A was incorporated.

8 0
4 years ago
Goods that are rival in consumption include both A. private goods and club goods. B. club goods and public goods. C. public good
Zinaida [17]

Answer:

The correct answer is letter "D": common resources and private goods.

Explanation:

There are four types of goods: <em>private goods, public goods, common resources, </em>and <em>club goods</em>. Goods that are rival in consumption are those that cannot be used by the same person at the same time such as private goods -demand ownership- and common resources -air, for example.

8 0
3 years ago
Suzanne, a single taxpayer, operates a printing business as a sole proprietor. The business has two employees who are paid a tot
Akimi4 [234]

Answer:

ANSWER = LOWER OF ABOVE ( i.e. POINT 1 AND 4) = $30,000

Explanation:

1) WE ASSUME THAT SUZANNE'S BUSINESS INCOME IS SAME AS QUALIFIED BUSINESS INCOME (QBI) i.e.$150,000.

CALCULATION OF QBI DEDUCTION:-

1) 20% OF QBI (OR TAXABLE INCOME IF LOWER) = $30,000

{$150000*20% = $30,000)

2)50% OF WAGES ($90,000 * 50%) = $45,000

3) 25% OF WAGES + 2.5% OF ASSETS = $22,500

4) GREATER OF POINT 2 AND 3 = $45,000

ANSWER = LOWER OF ABOVE ( i.e. POINT 1 AND 4) = $30,000

6 0
3 years ago
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