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2 years ago

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On May 10, 2020, Marin Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the f

ull contract price of $2,060 on July 15, 2020. The cost of the goods is $1,350. Marin delivers the product to Greig on June 15, 2020, and receives payment on July 15, 2020. Prepare the journal entries for Marin related to this contract. Either party may terminate the contract without compensation until one of the parties performs

1 answer:

12345 [234]2 years ago

6 0

Answer:

May 15, 2020

No Entry

June 15, 2020

Debit: A/R for 2,060

Credit: Revenue for 2,060

Debit: COGS for 1,350

Credit: Inventory for 1,350

July 15, 2020

Debit: Cash for 2,060

Credit: A/R for 2,060

Explanation:

Preparation of the journal entries for Cosmo related to this contract.

May 15, 2020

No Entry

June 15, 2020

Debit: A/R for 2,060

Credit: Revenue for 2,060

Debit: COGS for 1,350

Credit: Inventory for 1,350

July 15, 2020

Debit: Cash for 2,060

Credit: A/R for 2,060

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Explanation:

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3 years ago

The geometric average return answers the question What was your return in an average year over a particular period?

Andreyy89

Answer: A. What was your average compounded return per year over a particular period?

Explanation:

Geometric return is calculated by the formula;

= [(1 + r1) * (1 + r2) * (1 + r3) *.... (1 + rn)] ^1/n

This allows for one to calculate the compounding effect over a period of time by showing the compounded annual growth rate which means that it tells what the average compounded return was per year in a particular period.

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3 years ago

National Express reports the following costs and expenses in June 2020 for its delivery service. Indirect materials $7,100 Drive

FrozenT [24]

Answer:

a. Delivery service (product) costs = $44,120

b. Period costs = $20,560

Explanation:

a) Delivery service (product) costs

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Dispatcher's salary $5,810

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Drivers' salaries $16,300

Delivery equipment repairs <u>$310 </u>

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b) Period costs

Property taxes on office building $950

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Advertising $5,500

Office supplies $700

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3 years ago

Suppose that real gdp per capita in italy is $36,000. If real gdp per capita is growing at a rate of 3. 6% per year. How many ye

soldier1979 [14.2K]

Suppose that real GDP per capita in Italy is $36,000. If real GDP per capita is growing at a rate of 3. 6% per year. How many years will it take for real GDP per capita to reach $72,000?

The correct answer is 20 years.

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GDP per capita is calculated by dividing the total gross value contributed by all producers who are residents of the economy by the mid-year population, plus any product taxes (less subsidies) that are not taken into account when valuing output.

In the given case, the real GDP of Italy will be doubled in 20 years which is determined by rule 72.

So, 20 years it will take for real GDP per capita to reach $72,000.

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2 years ago

You wish to retire in 14 years, at which time you want to have accumulated enough money to receive an annual annuity of $17,000

solmaris [256]

Answer:

$5872.55

Explanation:

According to the scenario, computation of the given data are as follow:-

At the retirement time required amount of money

Present value=PMT × 1 - (1 + rate) - time period ÷ rate

=$17000 × 1 - ( 1 + 0.10) -19 ÷ 0.10

=$17000 × 1 - (1.10) - 19 ÷ 0.10

=$17000 × 1 - 0.16351 ÷ 0.10

=$17000 × 0.83649 ÷ 0.10

=$17000 × 8.3649

= $142,203.3

Now Pre retirement amount of money:-

Future value = $142,203.3

Annual contribution PMT = future value × rate ÷ (1 + rate) time period - 1

= $142203.3 × 0.08 ÷ (1 + 0.08) 14 - 1

= $11376.264 ÷ (2.937194 - 1)

= $11376.264 ÷ 1.937194

= $5872.55

According to the analysis, annual contribution to the retirement fund is $5872.55

We simply applied the above formulas

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