1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ANEK [815]
3 years ago
8

Concord Company sells merchandise on account for $3300 to Pharoah Company with credit terms of 1/10, n/30. Pharoah Company retur

ns $800 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Concord Company make upon receipt of the check
Business
1 answer:
Oksi-84 [34.3K]3 years ago
5 0

Answer:

Dr Cash $825

Cr Sales Returns and Allowances $800

Cr Sales Discounts $25

Explanation:

Preparation of the journal entry that Concord Company make upon receipt of the check

Dr Cash $825

($800+$25)

Cr Sales Returns and Allowances $800

Cr Sales Discounts $25

(To record receipt of the check)

Sales discount=(Sales Price -Sales return) × 1%

Sales discount=($3300 - $800) × 1% = $25

You might be interested in
Sweet Acacia Industries reported income taxes of $339,324,400 on its 2017 income statement and income taxes payable of $274,010,
S_A_V [24]

Answer:

$50,153,400

Explanation:

The formula is to increase the income tax expense for the year by any decrease in income tax payable or decrease income tax expense by any increase in income tax payable for the year

Step 1: Calculate the Increase/Decrease in Income tax payable from 2016-2017

=Income tax Payable for 2017= $563,181,600

Income tax Payable for 2016= $274,010,600

=563,181,600-274,010,600= $289,171,000 - This represents an increase in income tax payable from 2016-2017

Step 2: Decrease the Reported Income Tax by the Increase in Income Tax payable as calculated in Step 1.

= $339,324,400-$289,171,000= $50,153,400

Cash Payments made for Income Taxes During 2017 is $50,153,400

5 0
3 years ago
On January 1, 2005, Jambon purchased equipment for use in developing a new product. Jambon uses the straight-line depreciation m
notsponge [240]

Answer:

A. The total cost of the equipment.

Explanation:

Even if Jambon has not used the equipment in 2005 because it can only be used for the product that is to be developed in five years, Jambon still had to pay for the full cost of the equipment.

Because the equipment is laying idle, it is not depreciating. Therefore, the expense that Jambon is not incurring, is the depreciation expense associated with this equipment. This depreciation expense will only be seen in five years, when the product it was bought for is finally completed.

8 0
3 years ago
Which of the following is an example of a strategic action?
Pavlova-9 [17]

Answer:

Option D. Entry into the European market by Home Depot.

Explanation:

The reason is that the strategic actions are long term actions and are market based moves which bounds the organizational resources for implementation and are also very difficult to reverse.

So here use of coupons, fare increases and two for one offers are easily reversible, requires fewer organizations resources for implementation and short term decisions which means these are tactical actions.

Whereas the decision to enter european market by Home Depot is long term decision, bounds organization resources for implementation and is very difficult to implement or reverse the actions once taken, so it is strategical action of Home Depot.

8 0
3 years ago
In any collaboration, data ownership is typically determined by:(A) The research team with access to the best lawyers.(B) The ty
Tatiana [17]

Answer: (B)

The type and source of funds used to support the project.

Explanation:

In a research collaboration, the type and source of funding used, determines ownership of the data in most cases.

In situations where the research is quite expensive to conduct, researchers tend to enter into agreements with firms or institutions that fund the data in exchange for ownership rights.

7 0
3 years ago
Financial markets make the process of borrowing large amounts of money easier because they simplify the negotiation process betw
Mekhanik [1.2K]

Answer:

Reducing risk

Explanation:

The two ways by which risk can be managed are;

✓ Risk avoidance

✓ risk reduction

risk reduction are activities needed to bring about lower likelihood of risk as well as severity of loss. We can reduce risk through reduction of allocation of our resources to risky situation. An example of reducing risk is in the instance of Financial markets that are making the process of borrowing large amounts of money easier because they simplify the negotiation process between borrowers and lenders.

3 0
2 years ago
Other questions:
  • Change happens within people, but it also happens in how businesses are organized to address their hrmt440
    5·1 answer
  • Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,600 in inventory. During the year,
    14·1 answer
  • Admire County Bank agrees to lend Givens Brick Company $600,000 on January 1st. Givens Brick Company signs a $600,000, 8%, 9-mon
    12·1 answer
  • If getting a college degree is not possible, which of the following would be next best option for starting a career in fashion d
    12·2 answers
  • Suppose you sold a futures contract on gold 3 months ago when the futures price was $1,350 per ounce. Each contract is on 100 ou
    15·1 answer
  • Of the​ following, which most closely describes the method by which companies engage and create benefits for their​ customers?
    9·1 answer
  • How did capitalism fuel industrialization?
    6·1 answer
  • In the long-run, a firm in monopolistic competition is like: a monopolist in that it earns a positive profit. no other firm in a
    7·1 answer
  • An ad on the newsnow web site asks viewers to "send us your story and we might share it with the world." ollie submits a manuscr
    7·2 answers
  • The dividend yield is: multiple choice annual cash dividends per share divided by market value per share. annual cash dividends
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!