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3 years ago

XYZ Company completed the following selected transactions:

Business

1 answer:

Setler [38]3 years ago

8 0

Answer:

2018

Date Account Tiles Debit$ Credit$

Jul.1 Notes receivable- Gp-Mart 43,000

Sales 43,000

Oct.31 Cash 23,000

Sales 23,000

Dec.31 Interest Receivable 3,440

Interest revenue 3,440

(43,000*16%*6/12)

Dec.31 Bad Debt Expense 4,200

Allowance for Bad Debt 4,200

(14,900 - 10,700)

2019

Date Account Tiles Debit$ Credit$

Apr.1 Cash 48,160

Notes receivable- Gp-Mart 43,000

Interest Revenue 1,720 (43,000*16%*3/12)

Interest Receivable 3,440

Jun.23 Note Receivable- Allure, Corp 7,000

Sales 7,000

Aug.22 Accounts receivable -Allure, Corp 7,070

Note Receivable- Allure, Corp 7,000

Interest revenue 70 (7,000*6%*60/360)

Nov.16 Note receivable - Tench . Inc 20,000

Cash 20,000

Dec.5 Cash 7,070

Accounts receivable -Allure, Corp 7,070

Dec.31 Interest Receivable 200

Interest revenue 200

(20,000*8%*45/360)

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What is not a determinant of ped.

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Answer:

Goods on which consumer spend less proportion of his income has an inelastic demand like a needle and newspaper. But the amount of income of a consumer does not affect the price elasticity of demand. Consumer's income has no relation with the price elasticity of demand for a particular good.

Explanation:

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3 years ago

Based on the net income of the shop, the sales staff at Francesca's Fashions receive performance bonuses. In periods of declinin

lana [24]

Answer:

B: LIFO

Explanation:

Based on the information provided it can be said that in this situation the costing method that would bring the most benefit would be LIFO costing method. This acronym refers to last-in-first-out and describes a method of assuming that the last items that enter an inventory are always the first ones to be sold during that accounting year. This method would provide the most benefit because it usually results in higher cost of goods sold and a lower overall inventory.

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4 years ago

Since public relations communications are typically perceived as _____, they are not subject to the problems of clutter that are

denis23 [38]

Answer:

news items

Explanation:

Public relations refers to the communication that the company's have with the public through media outlets, which is why they are perceived as news items. This being the case, the public sees this news item and pays attention to this alone, as opposed to other promotional communication methods such as newspapers and articles where various information is cluttered together making it difficult to focus on one thing alone.

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3 years ago

The mining and export of minerals and precious stones is very important part of the Namibian economy. It was reported that despi

Nutka1998 [239]

Answer:

The minerals and precious stones would be part of the current account, which is one of the three components of the balance of payments, the other two being the capital account and the financial account.

Explanation:

The current account includes income transfers, current transfers, the balance in the trade of services, and the balance in the trade of goods. The export value of minerals and precious stones would more specifically be in the balance of the trade of goods, simply because minerals and precious stones are classified as economic goods.

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3 years ago

On January 1, Year 1, Manlier Inc. leased equipment costing $45,000 to one of its customers. The sales-type lease agreement spec

k0ka [10]

Answer:

lease receive = $76441 ( debit entry )

cost of goods sold value = $42178 (debit entry )

equipment cost is = $45,000 ( credit entry )

sales revenue is = $73,619 (credit entry )

Explanation:

Given data

leased equipment costing = $45,000

lease agreement @ six annual payments = $15,000

present value of the annual lease payments = $73,619

residual value = $5,000

present value residual value = $2,822

to find out

journal entry recorded by Manlier at the beginning of the lease

solution

first we calculate lease receive that is debit entry

lease receive = present value of the annual lease payments + present value residual value

lease receive = 73619 + 2822

lease receive = $76441 ( debit entry )

now we calculate cost of goods sold value i.e

cost of goods sold value = leased equipment costing - present value residual value

cost of goods sold value = 4500 - 2822

cost of goods sold value = $42178 (debit entry )

equipment cost is = leased equipment costing = $45,000 ( credit entry )

sales revenue is = present value of the annual lease payments = $73,619 (credit entry )

4 0

3 years ago