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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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Alfonzo's Italian House has 25,000 shares of stock outstanding with a par value of $1 per share and a market price of $36 a shar
Liono4ka [1.6K]

Answer:

$18

Explanation:

6 0
2 years ago
Rick and jamie recently started dating. to commemorate their first month as a couple, rick surprised jamie when he picked her up
nalin [4]
The root of all this conflict is <span>egocentrism.  It is </span>having or regarding the self or the individual as the center of all things: an egocentric<span> philosophy that ignores social causes. having little or no regard for interests, beliefs, or attitudes other than one's own.  It is being self-centered.  </span>
3 0
2 years ago
The Wood Division of Bramble Corp. manufactures rubber moldings and sells them externally for $45. Its variable cost is $25 per
Lyrx [107]

Answer:

c. $45

Explanation:

Transfer price is the price charged for a product which is transferred to other department/ division / subsidiary of same company / group. The minimum selling price in the absence of any excess capacity is the price available in the market, because the company has demand for the product and it does not lost the sale if transfer not takes place. The product can be sold in the market. So the Transfer price should be $45.

4 0
3 years ago
Read 2 more answers
1. Cullumber Cosmetics acquired 13% of the 301,200 shares of common stock of Elite Fashion at a total cost of $14 per share on M
Helen [10]

Answer:

1. 18-Mar

Dr Available for Sale Securities $548,184

Cr Cash $548,184

30-Jun

Dr Cash $9,113

Cr Dividend Revenue $9,113

31-Dec

Dr Securities Fair Value Adjustment $39,156

Cr Unrealized Holding Gain $39,156

2.1-Jan

Dr Investmeht in Nadal Corp. $81,750

Cr Cash $81,750

15-Jun

Dr Cash $7,900

Cr Investment in Nadal Corp. $7,900

31-Dec

Dr Investment in Nadal $29,000

Cr Revenue from Investment in Sub $29,000

Explanation:

1.Preparation of all the necessary journal entries for 2019

18-Mar

Dr Available for Sale Securities $548,184

Cr Cash $548,184

(13%*301,200*$14)

(To purchase 10% of Ramirez Fashion)

30-Jun

Dr Cash $9,113

Cr Dividend Revenue $9,113

(13%$70,100)

(To record a 13% dividend revenue $70,100)

31-Dec

Dr Securities Fair Value Adjustment $39,156

Cr Unrealized Holding Gain $39,156

[($15-$14)*13%*301,200]

(To adjust securities to FMV in an Equity account)

2.1-Jan

Dr Investmeht in Nadal Corp. $81,750

Cr Cash $81,750

(25%*32,700*$10)

(To purchase 25% of Nadal Corp.)

15-Jun

Dr Cash $7,900

Cr Investment in Nadal Corp. $7,900

(25%$31,600)

(To record cash dividend of $31,600)

31-Dec

Dr Investment in Nadal $29,000

Cr Revenue from Investment in Sub $29,000

(25%*$116,000)

(To record 25% revenue of $116,000 from Nada)

7 0
3 years ago
12. You invest $100 in a risky asset with an expected rate of return of 0.12 and a standard deviation of 0.15 and a T-bill with
Semenov [28]

Answer:

C. Borrowing $43 at the risk-free rate and investing the total amount ($143) in the risky asset.

Explanation:

Outcome Return For $100 =  (115 - 100)/100 = 15%;

0.15 = w1(0.12) + (1 - w1)(0.05)

0.15 = 0.12w1 + 0.05 - 0.05w1

0.10 = 0.07w1  

w1 = 1.43($100)

w1 = $143;

(1 - w1)$100 = $100 - $143

(1 - w1)$100 = -$43

7 0
2 years ago
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