Answer:
Betty Incorporated
Journal Entries:
June 3:
DR Inventory $7,100
CR Accounts Payable (North Inc.) $7,100
To record the purchase of goods on account with terms 2/10, n/30.
June 5:
DR Accounts Payable (North Inc.) $2,600
CR Inventory $2,600
To record the return of goods on account.
June 6:
DR Inventory $2,500
CR Accounts Payable (South Corp.) $2,500
To record the purchase of goods on account with terms 2/10, n/30.
June 11:
DR Accounts Payable (North Inc.) $4,500
CR Cash Account $4,410
CR Cash Discount $90
To record the payment of balance owed to North Inc.
June 22:
DR Accounts Payable (South Corp.) $2,500
CR Cash Account $2,500
To record the payment of balance owed to South Corp.
Explanation:
The trade terms 2/10, n/30 mean that both North Inc. and South Corp. offered 2% cash discounts on amount paid by Betty Incorporated if it could settle its bills within 10 days. The net allowed credit days are 30 days, after which Betty Incorporated could be charged interest for late payment. It did not utilize the discount offered by South Corp. as it paid its bills after 16 days instead of within 10 days as stated in the trade terms.
Answer:
internal rate of return is 20.463%
Explanation:
given data
Year Cash Flow
1 $48,000
2 $46,000
3 $41,000
equipment cost = $95,000
to find out
Determine the internal rate of return
solution
we consider here internal rate of return is x
so we can say present value of inflows = present value of outflows
equate here
$95000 = 
solve it we get
x = 20.463 %
so internal rate of return is 20.463%
Answer:
The correct answer is A. In Ricci v. DeStefano, the Supreme Court ruled that an employer may not simply disregard a test based on unwanted results unless the test is shown to be biased or deficient.
Explanation:
Ricci v. DeStefano is a Supreme Court ruling of 2009, after a lawsuit by nineteen firefighters who claimed to have been discriminated against in terms of career development. They denounced that they had been discriminated after having passed the admission tests and still had not been promoted, since no African-American candidate had passed the tests. They also denounced that they had not been promoted because the Fire Department did not want to promote a group of new recruits without including within it any member of racial minorities.
Finally, the Supreme Court established that said procedure violated Title VII of the Civil Rights Act of 1964, since in the case equal access to employment was not guaranteed (in this case, favoring minorities over white firefighters), for set different demands for purely racial reasons.
Answer: The correct answer is d) NOMINAL
Explanation: Nominal interest rate is the interest rate before inflation is taken into account. Nominal interest rate can also be used to the advertised or stated interest rate on a loan, without taking into account any fees or compounding of interest.
It is the contractual interest rate charged by a lender or promised by the borrower.
Answer:
Explanation:
Failure of credit customers to pay their bills is considered a bad debt in Accounting. This is recored as a bad debt expense in journal entries in the <em>period when the credit sale occurred</em>. This ensures that these bad debt expense matches the revenues earned during that period. In a company's financial statements, bad debt expense is recorded in the Income statement as <em>selling expenses.</em>
