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Irina-Kira [14]
3 years ago
13

On April 2, Rolex SA sold $40,000 of inventory items on credit with the terms 1/10, net 30. Payment on $24,000 of sales was rece

ived on April 8 and the remaining payment on $16,000 of sales was received on April 27. Assuming Rolex uses the net method of accounting for sales discounts, the entry recorded on April 27 would include a:_____.
a. Debit to cash for $15,840.
b. Debit to revenue for $40,000.
c. Credit to sales discounts forfeited for $160.
d. Debit to accounts receivable for $400.
Business
1 answer:
Makovka662 [10]3 years ago
8 0

Answer:

c. Credit to sales discounts forfeited for $160.

Explanation:

Based on the information given the entry recorded on April 27 would include a: CREDIT TO SALES DISCOUNTS FORFEITED FOR $160

($16,000*1%=$160)

The journal entries are:

A. Dr Accounts receivable $160

Cr Sales Discount forfeited $160

B. Dr Cash $16,000

Cr Accounts receivable $16,000

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The other car is covered by the property damage portion of his insurance, so it is covered 100% by the insurance company and there is no deductible or amount that William needs to pay. William’s car will be covered by the collision portion of his insurance. He is responsible for paying the $750 deductible and the insurance company will pay the remaining $50.

3 0
3 years ago
Waterways puts much emphasis on cash flow when it plans for capital investments. The company chose its discount rate of 8% based
algol [13]

Answer:

Explanation:

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Compute the net present value to make decision for buying the new Backhoes or keeping the old:

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3 years ago
A couple will retire in 50 years; they plan to spend about $22,000 a year in retirement, which should last about 25 years. They
Serga [27]

Answer:

Annual deposit= $2,803.09

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<u>First, we need to calculate the monetary value at retirement:</u>

FV= {A*[(1+i)^n-1]}/i

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FV= {A*[(1+i)^n-1]}/i

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A= (FV*i)/{[(1+i)^n]-1}

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3 0
2 years ago
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Answer:

Increasing Canadian GDP:

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Gross domestic product (GDP) is the sum of all final goods and services produced in an economic space for a certain period, usually one year, excluding the intermediate consumption used in production. Until the 1980's, the use of Gross National Product (GNP) was preferred, a measure almost identical to GDP but incorporating goods and services produced by external factors. The variation in this macroeconomic magnitude is often used to measure economic growth.

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