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alexandr402 [8]
2 years ago
7

XYZ Co. purchased merchandise on June 10 at a $5,000 invoice price with terms of 2/10, n/30 and paid for the merchandise on June

25. Illustrate the required entries to record and pay for this purchase under both the gross method and the net method by matching the action on the left with the method on the right. (Assume a perpetual inventory system is used.)
Business
1 answer:
mel-nik [20]2 years ago
7 0

Answer:

Credit Cash for $5,000 on June 25.: Both methods

Credit Cash for $4,900 on June 25.: Neither method

Debit Discounts lost for $100 on June 25.: Net method

Debit Merchandise inventory for $5,000 for June 10.:Gross method

Explanation:

Based on the information given the required entries to record and pay for this purchase under both the GROSS METHOD and the NET METHOD by matching the action on the left with the method on the right will be :

Credit Cash for $5,000 on June 25.: BOTH METHODS

Credit Cash for $4,900 on June 25.: NEITHER METHOD

(100%-2%*$5,000)

Debit Discounts lost for $100 on June 25.: NET METHOD

(2%*$5,000)

Debit Merchandise inventory for $5,000 for June 10.:GROSS METHOD

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8 0
1 year ago
Distribution Corporation collects 35% of a month's sales in the month of sale, 45% in the month following sale, and 20% in the s
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Answer:

B. $183,000

Explanation:

Calculation to determine The amount of cash that will be collected in July is budgeted to be

Budgeted collection in July = July sales (190,000*35%) + June sales (210,000*45%) + May sales (110,000*20%)

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Therefore The amount of cash that will be collected in July is budgeted to be $183,000

3 0
3 years ago
William and Charlotte Collins divorced in November of Year 1. William moved out and Charlotte remained in their house with their
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Answer:

Charlotte has the priority to claim Autumn as her dependent even though William covered 70% of her living expenses during the year. In order for a parent to be able to claim a child as a dependent, he/she must live with the child for more than half the year. In this case, since William left the house, Charlotte has preference over claiming Autumn as her dependent (even though William lived with Autumn for 10 months). Also, a parent always has priority over other relatives including a grandparent.

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Question 7. The corporate charter of Gagne Corporation allows the issuance of a maximum of 100,000 shares of common stock. Durin
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Answer:

Share Authorized = 100,000 Shares  

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Share outstanding = 66,000 shares

Explanation:

Data provided in the question:

Number of shares Gagne Corporation allows the issuance = 100,000 shares

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Share Authorized = Number of shares Gagne Corporation allows the issuance

= 100,000 Shares  

Share issued = Number of shares Gagne sold to shareholders

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Share outstanding = Shares issued - Number of shares reacquired

= 70,000 - 4,000

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3 years ago
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Answer:

B) assessment centers

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