Answer:
Food distributors.
Explanation:
Food distributors bring fruit, vegetables, meats, and processed foods and other agricultural products to restaurants and grocery stores.
The implicit borrowing rate is 31.4%.
Given that if payment was made in cash today, the store would reduce the cost of the product by 2.5 percent. This implies that the price you must pay at that time is $195.5, for instance, if the cost of the things is perhaps $200.
If the price is still $200, you will have to pay $200 at the end of the month. A difference of $200 - $195.5 = $3.5 if we compare at the end of the month versus if you pay immediately.This results in an increase of (3.5/196) x 100% = 1.79 %. An increase to bring the price back to $200.
Considering that a year has 12 months, the implicit borrowing rate at the conclusion of that year will be;
([(200/195.5)(12)] - 1) at 100% equals 31.4%.
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Answer:
1. Debit Revenue: $600
Credit Account receivable: $600
2. Debit Merchandise: $350
Credit Cost of good sold: $350
Explanation:
On March 12, when sold merchandise to Babson Company, Klien Company must record their revenue and cost of the marchandise by 2 entries:
1. Debit Account receivable: $7,800
Credit Revenue: $7,800
2. Debit Cost of good sold: $4,500
Credit Merchandise: $4,500
On March 15, when received return marchandise, Klein must record to reduce their revenue and cost of good sale by 2 entries as the answer. This is matching concept in accounting.
The cost of goods manufactured is $34,000
What is cost of goods manufactured?
The cost of goods manufactured is the cost of the units of finished goods manufactured during the period under review.
The cost of goods manufactured is determined as opening work-in-process plus labor direct costs, direct materials cost, applied manufacturing overhead and thereafter we deduct the ending work in process, note that the estimated overhead is applicable since the materials are computed using the purchase cost
cost of goods manufactured=$13,000+$16,000+$10,000+$17,000-$22,000
cost of goods manufactured=$34,000
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