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Fofino [41]
2 years ago
15

Question 7 (10 points) A company received cash sales of $15000. They also collected $43000 in receivables during the month. Answ

er questions 4 to 6 with this information. 6. If the sales received were all made by credit cards with a fee of 1.25%, what would be the journal entry for cash? Question 7 options: 187.50 Credit 187.50 Debit 14,821.50 Credit 14,821.50 Debit
Business
1 answer:
MrMuchimi2 years ago
7 0

Answer: Debit 14,821.50

Explanation:

The following information can be gotten from the question:

Cash sales = $15000

Receivables = $43000

Since the sales received were all made by credit cards with a fee of 1.25%, the journal entry for cash will be calculated as:

= $15000 - (1.25% × $15000)

= $15000 - (0.0125 × $15000)

= $15000 - $187.50

= $14812.50

The journal entry for cash will be a debit of $14812.50

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Cynthia, a sole proprietor, was engaged in a service business and reported her income on the cash basis. On February 1, 2013, sh
Sunny_sXe [5.5K]

Answer:

<h3>Cynthia and Dove Corporation</h3>

Any profits generated by Dove Corporation will be taxed to the corporation and also taxed to Cynthia as a shareholder whenever Dove distributes the profits as dividends. Taxing Dove and Cynthia creates a double taxation burden for both Dove and Cynthia. Dove Corporation does not get a tax deduction when it distributes dividends to Cynthia.  Furthermore, Cynthia cannot deduct any corporation loss when incurred.  These are unlike when the business was only a sole proprietorship.

Explanation:

a) Data and Calculations:

Dove Corporation

Balance Sheet

February 1, 2013

Assets

                                                    Basis to Dove     Fair Market Value

Cash                                                 $ 80,000              $ 80,000

Accounts receivable                         0                           240,000

Equipment (cost $180,000;              120,000               320,000

depreciation previously claimed $60,000)

Building (straight-line depreciation) 160,000              400,000

Land                                                    40,000               160,000

Total                                               $400,000          $1,200,000

Liabilities and Stockholders' Equity

Liabilities:

Accounts payable—trade            $ 120,000

Notes payable—bank                    360,000

Stockholders' equity:

Common stock                              720,000

Total                                          $1,200,000

4 0
2 years ago
Motivation consists of being enthusiastic, energized, and engaged to achieve a goal or objective. The three basic elements of mo
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Answer:

The statement is: True.

Explanation:

Motivation is what drives individuals or organizations to achieve their objectives. Leaders must find ways to keep their subordinates constantly incentivized so their productivity level remains at their highest level possible. In some other cases, reaching personal goals is what drives people. In such scenarios <em>pride, self-interest, </em>and <em>success</em> boost individuals' morale pushing them to their limits.

6 0
3 years ago
Read 2 more answers
Cost leadership is most appropriate when a. industry rivalry is high and customers are very sensitive to prices. b. product inno
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Answer:

e. the power of buyers is low and barriers to entry are high.

Explanation:

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3 years ago
All of the following are examples of retailers EXCEPT?
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Answer:

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Calculate the values for each of the questions. Assume that in each country there are no taxes, international trade, or inflatio
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Explanation:

a. The computation is shown below:

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As we know that

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Real GDP = Multiplier × Government spending

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So, the multiplier is 4

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So, the multiplier is 0.75

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