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
Y_Kistochka [10]
2 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]2 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

You might be interested in
If price is less than the average variable cost of a representative firm in a competitive industry in short-run:_________
IceJOKER [234]

Answer:

I think the answer is "D"

Explanation:

hope it helps :)

3 0
3 years ago
Sobota Corporation has provided the following partial listing of costs incurred during August:
QveST [7]

Answer:

a. $365,000

b. $346,800

Explanation:

The computations are shown below:

a. For product cost:

= Direct materials used + Direct labor + manufacturing overhead

where,

Manufacturing overhead  = Indirect labor + Property taxes, factory + Depreciation of production equipment

= $45,000 + $18,900 + $42,200

= $106,100

So, the product cost would be

= $168,100 + $90,800 + $106,100

= $365,000

b. For period cost

= Marketing salaries + Administrative travel + Sales commissions + Advertising

= $51,700 + $100,800 + $50,000 + $144,300

= $346,800

4 0
3 years ago
A client, age 67, owns his own home free and clear. The customer has an annual income of $25,000, mainly from social security an
FromTheMoon [43]

Answer:

The best recommendation to be made to this client is to do nothing.

Explanation:

Investment in stock is a highly risky investment because price of stock often fluctuates which can make an investor to lose a lot of money.  

From the question, the client is already old at age 67 with a low income and he does not have any other liquid assets apart from the annual income of $25,000, mainly from social security and interest on funds held in a bank savings account.

Since losing so much money through investment in stock is not affordable to him, the best recommendation to be made to this client is to that he should do nothing.

3 0
3 years ago
Andrew wants to purchase a new computer and go to the caribbean for spring break. the computer is priced at 1299, and the vacati
Mamont248 [21]

Andrew writes a check for $1,299 which is the  medium of exchange.

What is the way of transaction ?

  • A sale is a completed agreement between a buyer and a dealer to change goods, services, or fiscal means in return for plutocrats.
  • The term is also generally used in commercial accounts. As a business secretary, this plain description can get tricky.
  • A sale may be recorded by a company before or later depending on whether it uses an addendum account or cash account.

Here,

Andrew can easily determine that the price of the computer is more than the price of the vacation = Unit of Account

Andrew has $1,574 in his checking account

= Store of value

Andrew writes a check for $1,299

= Medium of exchange

Learn more about Way of transaction here:

https://brainly.in/question/2253597

#SPJ4

3 0
1 year ago
A sporting equipment store expects to purchase $7,800 of ski boots in October. The store had $3,800 of ski boots in merchandise
Maksim231197 [3]

Answer:

Cost of goods sold = $8,800

Explanation:

<em>The cost of goods is represents amount incurred to make available  what has been sold. It is computed as follows:</em>

<em>Cost of goods sold = opening stock + purchases - closing inventory</em>

It is useful to determine the cost of goods so as to calculate the gross profit margin. The gross profit is the sales revenue less cost of goods sold.

So we can compute same for the sporting equipment store as follows:

Cost of goods sold = 3,800 + 7,800 - 2,800

= $8,800

Cost of goods sold = $8,800

5 0
3 years ago
Other questions:
  • James is looking for a new suit for a job interview. he is shopping at smith &amp; jones, a well-regarded menswear store. while
    6·1 answer
  • The principal underwriter of an open-end investment company decides to offer a trip to south america to the registered represent
    10·1 answer
  • A central question that must be addressed in bankruptcy proceedings is whether the firm's inability to meet scheduled interest p
    11·1 answer
  • 23. Which of the following is the correct sequence of creating business organizations? A. Departmental Structures → Organization
    10·1 answer
  • The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the end of the year, and its revenue an
    9·1 answer
  • An advertising agency is developing advertisements to promote a political candidate. one ad is a radio spot airing during "drive
    12·1 answer
  • You are the owner of a smoothie shop in California. Afterhearing a podcast about customer relationship management (CRM), youdeci
    12·1 answer
  • For profitable long-term contracts, income is recognized in each year when revenue is recognized: At a Point in Time Upon Over T
    7·1 answer
  • The present value of $40,000 to be received in two years, at 12% compounded annually, is (rounded to nearest dollar)
    15·1 answer
  • Help needed soon
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!