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3 years ago

Information related to Riverbed Co. is presented below.

Business

1 answer:

Scrat [10]3 years ago

7 0

Answer:

April 5

Debit : Merchandise $36,000

Credit : Accounts Payable - Tamarisk Company $36,000

April 6

Debit : Accounts Payable - Tamarisk Company $920

Credit : Cash $920

April 7

Debit : Equipment $30,500

Credit : Accounts Payable $30,500

April 8

Debit : Accounts Payable - Tamarisk Company $4,200

Credit : Merchandise $4,200

April 15

Debit : Accounts Payable - Tamarisk Company $30,880

Credit : Discount received $926.40

Credit : Cash $29,954

Explanation:

Working for Journal on April 15

Balance = $36,000 - $920 - $4,200

= $30,880

Discount = $30,880 x 3%

= $926.40

Amount Paid = $30,880 - $926.40

= $29,954

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Motivation

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3 years ago

Situation 1: A company offers a one-year warranty for the product that it manufactures. A history of warranty claims has been co

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Answer:

Please find the detailed explanation below.

Situation 1 and 2 have disclosure while situation 3 does not require any disclosure.

Explanation:

Situation 1. Accrual. The one-year warranty has created what is known as contingent liability. Contingent liability is a type of liability that is dependent on the outcome of some specific actions which has happened in the past. The eventual liability may or may not happen. But since the probable claim from the one-year warranty has been determined, it should be disclosed. But if the claim cannot be determined, it shouldn't be disclosed.

Situation 2. Since this contract happened before the issuance of financial statement and the amount of loss from this contract can be reasonably estimated or determined, then it must be disclosed and the likely amount must also be disclosed. This disclosure will be under 'note to the financial statement'.

Situation 3. This is a self insurance and self insurance is not an insurance. There is no contingent liability in this situation. Also, there is no accident, no injury. Hence, this is no disclosure here.

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3 years ago

The owner of a small business borrowed $70,000 with an agreement to repay the loan with quarterly payments over a five year time

siniylev [52]

Answer:

His loan payment each quarter is nearest to $4,705.10.

Explanation:

Using a Financial Calculator enter the following data and find PMT, the loan payment each quarter

Pv = $70,000

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r = 12%

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Thus PMT, the loan payment each quarter will be $4,705.10.

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3 years ago

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Arada [10]

Answer:

3. indicates the quantity demanded at each price in a series of prices.

Explanation:

The demand for a product can be described as the quantity that buyers are willing and able to buys at a given price or different prices. As per the law of demand, an indirect relationship exists between the price and demand for a product. This relationship can be expressed in a graph format known as a demand curve or as a table format known as the demand schedule.

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