Select the correct answer.<br> A teacher is an example of a social type.<br> A. True<br> B. False

On October 14, the Patrick Company sold merchandise with an invoice price of $1,200 ($770 cost), with terms of 2/10, n/30, to th

Anna11 [10]

Answer:

Patrick Company

Journal Entries:

Oct. 14: Debit Accounts receivable (Baxter Company) $1,200

Credit Sales revenue $1,200

To record the sale of goods on account, terms of 2/10, n/30.

Oct. 14: Debit Cost of goods sold $770

Credit Inventory $770

To record the cost of goods sold.

Oct. 18: Debit Sales returns $220

Credit Accounts receivable (Baxter Company) $220

To record the return of goods (wrong size) by Baxter.

Oct. 18: Debit Inventory $170

Credit Cost of goods sold $170

To record the cost of goods returned.

Oct. 24: Debit Cash $960

Debit Cash discounts $20

Credit Accounts receivable (Baxter Company) $980

To record the receipt of check on full settlement, including discounts.

Explanation:

a) Data and Calculations:

Oct. 14: Accounts receivable (Baxter Company) $1,200 Sales revenue $1,200, terms of 2/10, n/30.

Oct. 14: Cost of goods sold $770 Inventory $770

Oct. 18: Sales returns $220 Accounts receivable (Baxter Company) $220

Oct. 18: Inventory $170 Cost of goods sold $170

Oct. 24: Cash $960 Cash discounts $20 Accounts receivable (Baxter Company) $980

7 0

2 years ago

Both you and your older brother would like to have $28,500 in 14 years. Because of your success in this class, you feel that you

Nina [5.8K]

How much less than your brother will you have to deposit today is $1,820.78.

First step

Future value = Present value × (1 + interest rate)^number of years

$28,500 = Present value × (1 + 0.105)^14

Present value= $28,500 ÷ 1.105^14

Present value= $28,500 ÷ 4.04642869977

Present value=$7,043.25

Second step

Future value = Present value × (1 + interest rate)^number of years

$28,500 = Present value × (1 + 0.087)^14

Present value= $28,500 ÷ 1.087^14

Present value= $28,500 ÷3.21524163645

Present value=$8,864.03

Third step

Deposit today=-$8,864.03-$7,043.25

Deposit today= $1,820.78

Inconclusion how much less than your brother will you have to deposit today is $1,820.78.

Learn more about present value here:brainly.com/question/15904086

8 0

3 years ago

Platinum, Inc. is considering two mutually exclusive projects, X and Y. Project X costs $95,000 today and is expected to generat

Aliun [14]

Answer:

EAA = $17,115.23

Explanation:

Please check the attached image for the formula of the equivalent annual annuity

To calculate the EAA, the NPV of project Y has to be determined:

Net present value can be calculated using a financial calculator:

Cash flow in year 0 = $-120,000

Cash flow in year 1 = $64,000

Cash flow in year 2 = $67,000

Cash flow in year 3 = $56,000

Cash flow in year 4 = $45,000

I = 15%

NPV = $48,863.60

EAA = $17,115.23

To find the NPV using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.

3. Press compute

I hope my answer helps you

5 0

3 years ago

A situation in which the quantity of bonds supplied exceeds the quantity of bonds demanded is called a condition of excess suppl

FinnZ [79.3K]

Answer: Option (C)

Explanation:

Excess supply is referred to as or known as the market condition under which the quantity supplied tends to greater than demand for a product, commodity or a service at the current market price. It mostly tends to occur at the price which is greater than equilibrium price level. The price tends to be greater than that of equilibrium price therefore sellers would moreover sense this situation as an opportunity in order to earn the greater profits and thus would pump in supply.

8 0

3 years ago

"The risk‐free interest rate on one‐year debt is 7 percent and the return on the market is expected to be 13 percent. A stock wi

galina1969 [7]

Answer:

Price be at the end of the year = $17.13

Explanation:

Using the capital asset pricing model we have,

$E(R) = R{_f} + \beta (R{_m} - R{_f})$

Where E(R) = Expected return on investment

R[tex]{_f}[tex] = Risk free rate of return = 7%

[tex]\beta[tex] = 1.2

[tex]R{_m}[tex] = Return on the market

Here we have

E(R) = 7% + 1.2(13 - 7)%

= 0.07 + 0.072 = 0.142

= 14.2%

Therefore price of share at year end = $15 + 14.2% = $17.13

That is current cost + expected return on this investment = $17.13

6 0

3 years ago

Select the correct answer. A teacher is an example of a social type. A. True B. False