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3 years ago

The general ledger of Pop's Fireworks includes the following account balances in 2021:

Business

1 answer:

zimovet [89]3 years ago

7 0

Answer:

June 3

Account Receivable $7,000 (debit)

Service Revenue $7,000 (credit)

June 8

Cash $4,500 (debit)

Discount allowed $500 (debit)

Accounts Receivables $5,000 (credit)

November 15

Bad Debt $1,500 (debit)

Accounts Receivables $1,500 (credit)

Explanation

The above transactions must be adjusted as they affect our transactions at the reporting date. Remember to grant the cash discount on early settlement of the payment made on June 8. The policy of sales on account is on the terms of 2% cash discount on payments made within 10 days.

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Do you agree that employers should be required by law to provide workers compensation insurance? Why or why not?

algol13

Yes and just because yes they should

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2 years ago

You want to buy a new sports coupe for $75,200, and the finance office at the dealership has quoted you a loan with an APR of 7.

charle [14.2K]

Answer:

1. $1,821.76

2. 7.87%

Explanation:

We use the PMT formula that is shown in the attachment below:

Provided that

Present value = $75,200

Future value = $0

Rate of interest = 7.6% ÷ 2 = 0.6333333%

NPER = 48 months

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So, after solving this, the monthly payment is $1,821.76

2. Now the effective annual rate is

= (1 + APR ÷ number of months)^number of months - 1

= (1 + 7.6% ÷ 12)^12 - 1

= 7.87%

4 0

3 years ago

The following is a partial unadjusted Trial Balance.

PilotLPTM [1.2K]

Answer:

Supplies Expense 12500

Explanation:

Bravo Unlimited

Adjustment Entry

Date Particulars Debit Credit

February 29 Supplies Expense 12500

Supplies Account 12500

( Opening bal+ purchases- Ending bal= Expense= 2000+ 12000- 1500= 12500

At the month end Supplies were used for $ 12500 and supplies on hand are $ 1500.

On 2nd Feb the supplies account totalled $ 14000 but $5000 supplies had been expensed so the total amount of supplies used up is calculated by (Opening bal+ purchases- Ending bal= Expense) the formula given above.

5 0

3 years ago

Eleonore and Henry form a partnership to operate a horseback-riding business. The two partners file a duly executed statement of

malfutka [58]

Answer:

Yes, because Henry had authority to sell the horse

Explanation:

In the given scenario Henry had apparent authority to sell the horse.

Apparent authority is the ability of an agent to act on behalf of a principal even though this is not clearly stated out. It is as a result of a third party assuming the agent has such power.

James rightly assumed Henry had the power to sell the horse.

So the sale of the horse is binding on Eleonore.

4 0

3 years ago

Information pertaining to Noskey Corporation’s sales revenue follows: Nov 2018 (Actual) Dec 2018 (Budgeted) Jan 2019 (Budgeted)

Pani-rosa [81]

Answer:

1) Budgeted cash collections for December 2018 from November 2018 Sales - $ 100,320

2) Budgeted total cash collections for January 2019 - $ 221,880

3) Budgeted total cash payments for December 2018 - $ 135,420

Explanation:

Computation of cash collections for December 2018 from November 2018

Credit Sales for November 2018 $ 264,000

Less: Uncollectible sales - 5 % of credit sales $ ( 13,200)

Collectible sales $ 250,800

Percentage of collectible sales in month of sales- 60 % $ (150,480)

Percentage of collectible sales in next month -Dec 18 - 40 % $ 100.320

Computation of total cash collections for January 2019

Cash collections from December sales

Credit sales for December 2018 $ 388,000

Less 5 % Uncollectible sales $ ( 19,400)

Collectible sales $ 366,600

Collections in month subsequent to sale 40 % * $ 366,600 $ 147,400

Cash collections from Januray 2019 sales

Credit sales for Janaury 2019 $ 196,000

Less: 5 % uncollectible sales $( 9,800)

Collectible sales $ 186,200

Collections in month of sale 60 % * $ 186,200 $ 74,480

Total collections for January 2019 $ 221,880

Computation of cash payments for December 2018

Purchases for December 2018 sales - 30 % of $ 388,000 $ 116,400

Purchases for January 2019 sales - 70 % of $ 196,000 $ 137,200

Total purchases for December 2018 on selling price $ 253,600

Purchases are 60 % of selling price - $ 253,600 * 60 % $ 152,160

Payments for December purchases 25 % (A) $ 38,040

Purchases for November 2018 sales - 30 % of $ 264,000 $ 79,200

Purchases for December 2018 sales - 70 % of $ 388,000 $ 137,200

Total purchases for November 2018 on selling price $ 216,400

Purchases are 60 % of selling price - $ 216,400 * 60 % $ 129,840

Payments for November purchases 75 % (B) $ 97,380

Total payment for purchases in December 2018 (A) + (B) $ 135,420

3 0

3 years ago