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svetlana [45]
3 years ago
7

2 points Time Remaining 23 minutes 4 seconds00:23:04 eBookItem 7 Time Remaining 23 minutes 4 seconds00:23:04 On April 30, Gomez

Services had an Accounts Receivable balance of $22,400. During the month of May, total credits to Accounts Receivable were $56,800 from customer payments. The May 31 Accounts Receivable balance was $17,000. What was the amount of credit sales during May
Business
1 answer:
mash [69]3 years ago
6 0

Answer: $51,400

Explanation:

Credits to Accounts Receivable represent a reduction in the Accounts receivable amount.

The formula for Closing balance is:

Closing balance = Opening balance + Credit sales - Credits to accounts receivable

Making Credit sales the subject will make the formula:

Credit sales = Credits to account receivable + Closing balance - opening balance

= 56,800 + 17,000 - 22,400

= $51,400

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Bloomington Corporation reported the following on their contribution format income statement: Sales (12,000 units) $175,000 Less
KATRIN_1 [288]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Sales (12,000 units) $175,000

Variable expenses 100,000

Contribution margin 75,000

Fixed expenses 62,500

Net operating income $ 12,500

First, we need to calculate the unitary selling price and unitary variable cost:

Unitary selling price= 175,000/12,000= $14.58

Unitary variable cost= 100,000/12,000= $8.33

New income statement:

Sales= (12,000*1.10)*14.58= 192,456

Variable cost= 13,200*8.33= (109,956)

Contribution margin= 82,500

Fixed expenses= (62,500)

Net operating income= 20,000

8 0
3 years ago
Managers place a high priority on internal control systems because the systems assist managers in all of the following except: a
gulaghasi [49]

Answer:

b. Assuring that no loss will occur.

Explaination:

Most businesses want to make profits, therefore certain measures are usually taken to achieve this objective. One such measure used is called internal control systems.

Internal control systems in most organizations includes set of rules, policies, and procedures to be followed by employees to increase efficiency of operations. Achieving increase efficiency would result in lesser losses

7 0
3 years ago
Bill owns a company called Wild Bill's Bracelets that sells custom jewelry. He launched a Search campaign to drive sales of his
Andreas93 [3]

Answer:

d) He can use brand-specific search terms.

Explanation:

Search campaigns and all search engines work based on of keywords. Search engines generate results with adequate and relevant keyword input.

So, if Bill wants his Search campaign to be the most effective, he has to strategically pick the keywords that will result in his brand showing up in the Google search results. This concept is related to SEO (search engine optimization), with the whole discipline working with the adequate choice of keywords that result in more customer searches.

8 0
3 years ago
Which of the following statements is most consistent with efficient inventory management? The firm has a:
aalyn [17]

Answer:

The correct answer is letter "A": low incidence of production schedule disruptions.

Explanation:

Efficient inventory management is the approach selected to handle the firm's cash flow efficiently. The approach implies reducing wasting time, diminishing the time the items are stored in the warehouse, and predicting future demand whenever possible. It also involves having little to no disruption in the production schedule.

4 0
3 years ago
Assume that a one-year CD purchased for $1000 pays an APR of 10% that is compounded semi-annually. How much is in the account at
vfiekz [6]

Answer:

<u><em></em></u>

  • <em>At the end of the first compounding period: </em><u>$1,050.00</u>
  • <em>At the end of the second compounding period: </em><u>$1,102.50</u>

Explanation:

<u />

<u>1. First period:</u>

  • Investment: $1,000

  • <em>APR =  10%</em> = 0.1 compounded semi-annually.

  • <em>Semi-annually compound interest</em>: 0.1 / 2 = 0.05

  • Interest earned at the end of the first period: $1,000 × 0.05 = $50.00

  • Amount in the accoun at the end of the first period:

                                                        $1,000.00 + $50.00 = $1,050.00

<u>2. Second period</u>

  • Amount in the account beginning the second period: $1,050.00

  • Semi-annually compound interest: 0.1 / 2 = 0.05

  • Interest earned in the second period:

                                                      $1,050.00  × 0.05 = $50.00 = $52.50

  • Amount in the account at the end of the second period:

                                                     $1,050.00 + $52.50 = $1,102.50

6 0
3 years ago
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