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Mnenie [13.5K]
3 years ago
12

During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as foll

ows:
Jan.
6 Sold goods for $1,400 to S. Green and billed that amount subject to terms 3/10, n/30.
6 Sold goods to M. Munoz for $690 and billed that amount subject to terms 3/10, n/30.
14 Collected cash due from S. Green. Feb. 2 Collected cash due from M. Munoz.
28 Sold goods for $400 to R. Reynolds and billed that amount subject to terms 3/10, n/45.

Required:
Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28.
Business
1 answer:
hram777 [196]3 years ago
5 0

Answer:

the net sales for the two months is $2,448

Explanation:

The computation of the net sales for the two months is shown below:

= Sale made on Jan 6 + sale made on Jan 6 + sales made on Feb 28 - discount on sale made on Jan 6

= $1,400 + $690 + $400 - ($1,400 × 3%)

= $2,490 - $42

= $2,448

hence, the  net sales for the two months is $2,448

The same is to be considered

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Answer:

$3,860

Explanation:

The balance in the account Allowance for Doubtful Accounts is expected to be the projected amount in receivables of the company that will not be converting to cash.

Therefore to calculate final balance of allowance for doubtful balance

Beginning balance                                                                 2700

Bad debt expense (410000*1%)                                            4100

Less: Written off                                                                   -2940

Ending balance                                                                    3860

So answer is $3,860

4 0
3 years ago
Before going into a prospect's office, the secretary advised the new salesperson that her boss likes facts and figures and is su
Nookie1986 [14]

Answer: ANALYTICALS/ ANALYTICAL THINKERS

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Analytical thinkers are known to use knowledge and facts to get to a decision. They prefer to know all they can about a subject before they comment on it and as such rarely jump to conclusions. They are usually introverted as well and prefer not to deal with others.

This is why it stands to reason that the prospect is an Analytical.

4 0
3 years ago
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The price elasticity of demand for a particular cancer drug is zero and the price elasticity of supply is 0.50. If a $1 excise t
Ede4ka [16]

Answer:

$1 or 100% of the tax

Explanation:

When the price elasticity of demand is 0, it means that the good or service will be purchased regardless of its cost. Very few things have such a low price elasticity, and the fact that this is drug for treating cancer is the reason why that happens. Anyone that can purchase a drug that will keep you alive, will do so as long as you have enough money to do so. Another good with a very low price elasticity, but not 0, is gasoline with a 0.02 to 0.04, and gasoline is a basic necessity also.

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3 years ago
Goyo Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these property dispositions are as follows
loris [4]

Answer:

Machine #1 - $7,000, gain

Machine #2 - $3,000, loss

Machine #3 - $2,000, gain

Explanation:

Given;

<u>Machine #1</u>

Asset Cost = $85,000

Acquired Depreciation = $32,000

Sales price = $60,000

From the above information, the book value of machine #1

= $85,000 - $32,000

= $53,000

Gain/(loss) on disposal = $60,000 - $53,000

                                      = $7,000

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<u>Machine #2</u>

Asset Cost = $30,000

Acquired Depreciation = $12,000

Sales price = $15,000

From the above information, the book value of machine #2

= $30,000 - $12,000

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A loss of $3,000 on disposal

<u>Machine #3</u>

Asset Cost = $77,000

Acquired Depreciation = $28,000

Sales price = $51,000

From the above information, the book value of machine #1

= $77,000 - $28,000

= $49,000

Gain/(loss) on disposal = $51,000 - $49,000

                                      = $2,000

A gain of $2,000 on disposal.

4 0
3 years ago
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Answer:

I'm going to use common sense and say A.

Explanation:

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2 years ago
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