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Y_Kistochka [10]
3 years ago
5

Wildhorse Co. sells merchandise on account for $2800 to Morton Company with credit terms of 2/8, n/30. Morton Company returns $8

00 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Wildhorse Co. make upon receipt of the check
Business
1 answer:
kipiarov [429]3 years ago
5 0

Answer: Cash $1,960

Sales returns and allowances $800

Sales discount $40

Accounts receivable $2,800

Explanation:

Sales = $2,800

Sales returns = $800

Discount rate = 2%

The final amount due will be:

= Sales- Sales returns

= $2,800 - $800

= $2,000

Sales discount = 2% × $2,000 = $40

Cash received will be:

Final amount due - Sales discount

= $2,000 - $40

= $1,960

The journal entry will be:

Debit Cash $1,960

Debit Sales returns and allowances $800

Debit Sales discount $40

Credit Accounts receivable $2,800

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Answer:

All of these.

Explanation:

All of these are the correct answer because to determine the net cash from the operating activities, there is a requirement of the current year's income statement, additional information such as depreciation and amortization and a comparative balance sheet. In order to get cash from operating activities, the changes and non-cash capital, other non-cash adjustments, depreciation is added to the net income.

8 0
3 years ago
A. the repairs do not extend beyond the damage suffered.
TEA [102]
It would be c. hope that helps
5 0
3 years ago
A(n) ________ includes a group of senior managers responsible for systems development.
Savatey [412]

A <u>steering committee</u> includes a group of senior managers responsible for system development.

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Key roles and responsibilities of a steering committee: it provides recommendations on mission resource utilization, time limits, staff hiring, and advertising wishes. Manual the assignment group in accomplishing milestones in step with the challenge plan. determine average mission scope and strategic project route.

The board is made of individuals who participated on the guidance committee that created the business. The steering committee is normally composed of industry leaders inside the network that help generate assistance for the entity.

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4 0
2 years ago
Why is a price floor set above an equilibrium price tends to cause persistent imbalances in the market?
kotykmax [81]

Answer:

A price floor set above the equilibrium price will result in a surplus of supply.  

Explanation.

An equilibrium price refers to the price at which demand for a service or product is equivalent to the quantity of the product or service supplied in the market.

Setting a price floor above the equilibrium price essentially means that the set prices will be higher than what demand is willing to pay for the product or service. Demand will therefore purchase fewer quantity of the product offered by supply at the prevailing price than they would have at equilibrium price.

Since the price floor will raise the product price to considerably higher than the equilibrium price, supply will be willing to provide higher volumes of the product at the prevailing price than at equilibrium price.

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5 0
3 years ago
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the fir
Gwar [14]

Answer:

$18.29

Explanation:

                                               Material    Conversion  

Units transferred to

the next department          7.400   7.400  

Ending WIP    

Materials  50%                                1.900 950  

Conversion Cost 35%                    1.900 665

Equivalents Units Production         8.350 8.065

   

Cost of beginning work in process inventory   $ 10.600  $ 12.800

Costs added during the period                      $ 142.100 $ 359.500

TOTAL COST                                                  $ 152.700 $ 372.300

Equivalents Units Production                             8.350 8.065

Cost per equivalent unit                                    $18,29   $46,16  

3 0
3 years ago
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