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Semenov [28]
3 years ago
10

On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses

the gross method of accountin g for cash discounts What is the correct entry for Flores on November 17, assuming the correct payment was received on that date? A) cash 7,840 Accounts receivable 7,840 B) cash 7,840 Sales discounts 8,00 Accounts receivablhe C) 7,84 cash Sales Accouts receivable D) 8,000 Cash Sales discounts l6 8,00 Accounts receivable 160 Sales
Business
1 answer:
PtichkaEL [24]3 years ago
8 0

Answer:

Following are the solution to this question:

Explanation:

In all the given choices some of the data is missing so, its correct entry can be defined as follows  

Cash account $7,840

Sales discount $160

To Accounts receivable $8,000

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Which of the following are considered characteristics of money? I. Portable II. Uniform III. Divisible IV. Acceptable a. I and I
pogonyaev

All options are considered characteristics of money. So the right option is E

Explanation:

Money is characterised by durability portability, divisibility, uniformity, limited supply, and acceptability.

Two representations of alternative forms of money can be compared:

  • A cow In various points in history, cattle were used as currency.
  • A stack of US$ 20 bills equal to one cow's worth.

1) Durability: A cow is quite safe, but a long journey on the market threatens the cow being sick or dead and can seriously reduce its worth.

2) Portability: Although the cow is hard to move to the market, it can easily be put into my pocket.

3) Divisibility: A 20-dollar bill can be exchanged for other denominations, say a 10, a 5, four 1s, and 4 quarters. A cow, on the other hand, is not very divisible.

4) Uniformity: Cows come in various sizes and shapes, with a different value for each; cows are not very standardized.

5) Limited supply: Money must have a limited supply to sustain its worth. Although cows are quite limited in supply, if they are used as income, ranchers should make every effort to increase the supply of cows that decreases their value. The Federal Reserve controls the rule and thus the interest of 20-dollar notes— and the currency as a whole— so that the money keeps the value over time.

6) Acceptability: Although the worth of cows is intrinsic, some might not consider bovine animals as property. Men, however, are more than willing to accept bills worth 20 cents. In fact, your right to use US currencies to settle bills is protected by the US government.

8 0
3 years ago
The PCAOB has the power to
Irina-Kira [14]

Answer:

A. inspect large firms annually

Explanation:

According to my research on Accounting Firms, I can say that based on the information provided within the question the PCAOB has the power to inspect large firms annually. The Public Company Accounting Oversight Board is in charge of overseeing the audits of public companies as well as other issuers.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

6 0
3 years ago
Israel kirzner believes entrepreneurs have a unique capability, which he calls _________ ________, to spot existing opportunitie
Hatshy [7]
Israel kirzner believes entrepreneurs have a unique capability, which he calls entrepreneurial alertness, to spot existing opportunities for businesses.
Israel<span> Meir </span>Kirzner<span> is a British-born American economist. we can define the unique ability of </span>Entrepreneurial alertness that some people have as to recognize competitive limitations or imperfections in markets.
7 0
3 years ago
What tax event must take place when a taxpayer receives a Form 1099-A?
Ad libitum [116K]
Gain or loss from the sale of property must be calculated. The loss from foreclosure of property must be subtracted from wage income.
8 0
2 years ago
Mobray Corp. is experiencing rapid growth. Dividends are expected to grow at 24 percent per year during the next three years, 14
White raven [17]

Answer:

$1.25

Explanation:

dividend growth:

year               growth rate        dividends

1                          24%                  Div₁ = 1.24Div₀

2                         24%                  Div₂ = 1.24²Div₀ = 1.5376Div₀

3                         24%                  Div₃ = 1.24³Div₀ = 1.906624Div₀

4                          14%                  Div₄ = 1.906624Div₀ x 1.14 = 2.17355136Div₀

indefinite              8%                  Div₅ = 2.17355136Div₀ x 1.08 = 2.347435Div₀

required rate of return = 10%

current stock price = $86

stock price for terminal growth rate = Div₅ / (10% - 8%) = Div₅ / 2% = 117.3717734Div₀

current stock price = $86 = 1.24Div₀/1.1 + 1.5376Div₀/1.1² + 1.906624Div₀/1.1³ + 2.17355136Div₀/1.1⁴ + 117.3717734Div₀/1.1⁴ = 1.12727Div₀ + 1.27074Div₀ + 1.43247Div₀ + 1.48456Div₀ + 80.1665Div₀ = 85.48154Div₀

$86 = 85.48154Div₀

Div₀ = $86 / 85.48154 = $1.006065

Div₁ = 1.24 x $1.006065 = $1.2475 ≈ $1.25

8 0
3 years ago
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