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NISA [10]
3 years ago
15

Minot Corporation is preparing its cash budget for August. The following information is available concerning its accounts receiv

able:Estimated credit sales for August $ 180,000 Actual credit sales for July $ 135,000 Estimated collections in August for credit sales in August 20 %Estimated collections in August for credit sales in July 75 %Estimated collections in August for credit sales prior to July $ 14,400 Estimated write-offs in August for uncollectible credit sales $ 7,200 Estimated provision for bad debts in August for credit sales in August $ 6,300 Required:What is the estimated amount of cash receipts from accounts receivable collections in August?
Business
1 answer:
elena55 [62]3 years ago
6 0

Answer:

$151,650

Explanation:

August Sales Collection  $180,000*20%=$36,000

July Sales Collection     $135,000*75%=   $101,250

Collection of sales prior to July            =       $14,400

Total Cash receipts in August                        =$151,650                        

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Clampett, Inc., has been an S corporation since its inception. On July 15, 2020, Clampett, Inc., distributed $44,000 to J.D. His
Serjik [45]

Answer:

-$8,600

Explanation:

Data provided in the question:

Distributions = $44,000

Basis = $42,000

Amount of ordinary income allocated = $10,600

Now,

Capital gain from distribution in excess of basis

= Distribution - Basis -  Amount of ordinary income allocated

= $44,000 - $42,000 - $10,600

= -$8,600

here, negative sign depicts there is a capital loss

8 0
3 years ago
All of the following are indicators that the vendor is acting as an agent instead of as a​ principal, except: A. The other party
LenaWriter [7]

Answer:

The correct answer is  B. The vendor has latitude in establishing prices for the other​ party's goods or services.          

Explanation:

In an ideal scenario, both sellers and buyers should agree on the price and conditions of a product, in order to avoid speculation and subsequent conflicts. In the event that a seller is the one who has the freedom to decide the conditions such as price or distribution, he is acting as a commercial agent, since he is autonomously deciding on aspects that should correspond to the buyer as the main agent.

4 0
3 years ago
Mr. Coffey bought a house for $195,000. He made a 20% down payment. The interest rate is 5.25% for 30 years.How much was Mr Coff
s344n2d4d5 [400]

Answer:

$39,000

Explanation:

Down payment refers to the amount that Mr. Coffey paid upfront at the time of purchasing the house. It is usually a percentage of the total cost and is paid in a lump sum.

In this case, Mr. Coffey 20 % of the cost of the house

i.e., 20% of $195,000

=20/100 x $195,000

=0.2x$195,000

=$39,000

4 0
3 years ago
1. Of the 4 strategic approaches to international markets, which one(s) might be the best for a manufacturing company? a financi
viktelen [127]

Answer:

1a. For manufacturing company– Buying a local manufacturing company

b. For a financial services company– Partnership

c. A company like Coke or Pepsi– Greenfield Investments

Explanation:

1a. Buying a local company saves valuable resources for the foreign manufacturing, and it allows for quick market knowledge since this company has already been in operations for a long time.

b. A partnership would be best for a financial services company, this would involve a smooth transition into new markets without having to spend much on physical structures as the domestic company is already having necessary infrastructures in place.

c. Coke and Pepsi would preferably choose to use the Greenfield investment strategy by building a new plant from the ground up because of its established quality standards as well as trade mark and intellectual property protection.

2. A technology-centric firm would benefit most by buying a Company because of the already available market share as well as benefiting from reduced government regulations.

3. If one is operating a start-up or smaller firm of course cost would be a major consideration, therefore selling out License to foreign companies may be effective. This would transfer the rights to use a product or service in a different market geography.

4. It provides a good foresight into the requirements needed to enter foreign markets.

6 0
3 years ago
Following high-profile corporate scandals including Enron and WorldCom, Congress
Bogdan [553]

Answer:

Following high-profile corporate scandals including Enron and WorldCom, Congress

passed a set of legislations known as the Sarbanes-Oxley Act which requires the

disclosure of the presence or absence of a Code of Ethics for senior financial officers.

Explanation:

The Sarbanes-Oxley Act of 2002 is a federal law that established sweeping auditing and financial regulations for public companies. Lawmakers created the legislation to help protect shareholders, employees and the public from accounting errors and fraudulent financial practices.

7 0
3 years ago
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