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USPshnik [31]
3 years ago
11

On April 2, Kelvin sold $40,000 of inventory items on credit with the terms 1/10, net n/30. Payment on $24,000 sales was receive

d on April 8 and the remaining payment on $16,000 sales was received on April 27. Assuming Kelvin uses the gross method of accounting for sales discounts, the entry recorded on April 8 would be: a. Debit to Cash for $23,760 and Sales Discounts for $240 and credit to Accounts Receivable for $24,000. b. Debit to Cash for $23,760 and credit to Accounts Receivable for $23,760. c. Debit to Cash for $24,000 and credit to Accounts Receivable for $24,000. d. Debit to Cash for $24,000 and credit to Sales Discounts Forfeited for $240 and Accounts Receivable for $23,760.
Business
1 answer:
elixir [45]3 years ago
3 0

Answer:

Explanation:

d. debit to Cash for $24,000, credit to Accounts Receivable for $23,760 and credit to Sales Discounts Forfeited for $240.

                                                                         Debit         Credit

Cash                                                    $ 24,000.00  

Accounts Receivable                                               $ 23,760.00

Sales Discount Forfeited (24000*1%)                       $   240.00

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A businessman in New York is preparing an itinerary for a visit to seven major cities. The distance traveled, and hence the cost
enot [183]

Answer:

The answer is 5,040.

There are 5,040 different possible itineraries.

Explanation:

The number of different possible itineraries equals the number of the selection of 7 cities from a total of 7 cities where order is important.

We solve thus:

N = P^{7}_{7} = \frac{7!}{(7 - 7)!}

   = \frac{7!}{0!}

   = 7!

   = 7 X 6 X 5 X 4 X 3 X 2 X 1

   = 5,040

6 0
4 years ago
Assume that the marginal propensity to consume is 0.8 and that potential output is $800 billion. If real GDP is $850 billion, to
kari74 [83]

The following policies would bring the economy to potential output is Decrease government spending by $10 billion.

<h3>What is Marginal Propensity?</h3>

The "Marginal Propensity" to consume is defined as calculate quantification of money that consumers are ready to spend.

The term "Marginal propensity" to consume is term used in economics. It measures monetary value which consumer is willing to spend to buy goods and services instead of saving it.

The "Marginal Propensity" to consume tends to increase economic activities of country by keeping cash flowing and by not keeping it stagnant. It also helps in increasing trade value and quality and cost of products because it increases healthy competition among companies and in which consumers are ultimately benefitted.

Therefore , we can conclude that the correct option is C.

Learn more about Marginal propensity on:

brainly.com/question/17930875

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7 0
2 years ago
Moe ’s Electric sales vacuum cleaners with a one-year warranty to fix any defects. For the current year, 200 vacuums have been s
vekshin1

Answer:

$900

Explanation:

Given that

Total repair up to end of year = 12

Estimated need to be repaid = 8

Average cost = $45

The computation of warranty expense for the current year is shown below:-

For computing the warranty expense for the current year first we need to find out the total repaired cost which is here below

Total repaired cost = Total repair up to end of year + Estimated need to be repaid

= 12 + 8

= 20

Warranty expense for the current year = Average cost × Total

= $45 × 20

= $900

Therefore for computing the warranty expense for the current year we simply applied the above formula.

5 0
3 years ago
You have accumulated $85,000 in student loans that average 5% interest. You graduate next month and will be paying off the loans
photoshop1234 [79]
Use the formula of the present value of an annuity ordinary which is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value 85000
PMT monthly payment?
R interest rate 0.05
K compounded monthly 12
N time 10 years
Solve the formula for PMT
PMT=Pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
PMT=85,000÷((1−(1+0.05÷12)^(
−12×10))÷(0.05÷12))
=901.55 round to the nearest tenth to get 900

Hope it helps!
8 0
3 years ago
Lenny's Landing has a net Section 1231 gain in the current year of $12,000. In the previous five years, there are $3,000 in unre
Ratling [72]

Answer:

As the $3,000 is unrecaptured losses, it will be carried forward to this year and would be set off against the current year's capital gains.

Explanation:

The previous year unrecaptured loss of $3000 will carried forward and would be set off against the capital gains of $12,000. The gain for the year can be calculated as under:

Capital Gain for the year = Gain Before unrecaptured losses   -  Carried Forward Losses

By putting values, we have:

Capital Gain for the year = $12,000  -  $3,000 = $9,000

The resultant $9,000 would be the capital gain for the year.

7 0
3 years ago
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