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Snowcat [4.5K]
3 years ago
11

Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The company recently purchased 2

00 compact discs for the price of $6,000 and terms of 2/10, n/30. Half of these discs had been mislabeled and were returned immediately to the supplier. Record the journal entry to record payment of this invoice after the discount period has expired. Use Journal Entry format.
Business
1 answer:
STALIN [3.7K]3 years ago
6 0

Answer:

Credit to cash for $3,000

Explanation:

Based on the information given the appropiate the journal entry to record payment of this invoice after the discount period has expired is: CREDIT TO CASH FOR $3,000 which is calculated as (1/2*$6,000).

Credit to cash for $3,000

(To record payment of invoice after the discount period has expired)

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A customer purchases $340 worth of merchandise from The GAP using a gift card. What is the journal entry The Gap records?
OLga [1]

Answer:

Option (d) is correct.

Explanation:

Given that,

Customer purchases $340 worth of merchandise from The GAP using a gift card.

A gift card is having an amount of money that is used by the gift card holder for the purpose of purchasing goods. So, in the books of GAP, the value of gift card is debited as an unearned revenue and the sales revenue is credited.

The journal is as follows:

Unearned revenue A/c Dr. $340

         To sales revenue A/c         $340

(To record the merchandise sold for a gift card)

6 0
3 years ago
A building with an appraisal value of $128,156 is made available at an offer price of $153,050. The purchaser acquires the prope
elena55 [62]

Answer:

$117,201

Explanation:

Calculation for what The cost basis recorded in the buyer's accounting records to recognize this purchase is

Using this formula

Cost basis=Cash+Note payable+Mortgage

Let plug in the formula

Cost basis=$32,829+$26,957+$57,415

Cost basis=$117,201

Therefore The cost basis recorded in the buyer's accounting records to recognize this purchase is $117,201

7 0
3 years ago
The average firm in each industry must have an m/b ratio that is equal to 1.0. true or false?
kumpel [21]
The M/B ratio is the ratio between the market value and the book value.<span>  It is </span><span>one indicator used to measure the worth </span>
It is false that the average firm in each industry must have an M/B ratio that is equal to 1.0
5 0
3 years ago
Given the following information about the economy of Pakistan, calculate Pakistan's GDP. Note that the currency of Pakistan is t
oksano4ka [1.4K]

Answer:

  • <u><em>Pakistan's GDP = 13.53 trillions of rupees.</em></u>

Explanation:

<em>GDP</em> is the gross domestic product. It is the value of all the goods and services produced by an economy (a country), in a period, which is normally one year.

The <em>GDP</em> can be calculated with the equation:

GDP = Consumption + Investment + Goverment spending + Net Exports

Where, Net Exports is the value of the exports less the value of the imports.

Thus, the values that you need to sue to calculate the GDP are:

  • Consumptiion
  • Investment
  • Goverment spending
  • Exports
  • Import

<u>Identify</u> the values that you need to incorporate in your formula. Here is the selection (all the amounts are in trillions of rupees):

  • Consumption = individuals consume: 10.40
  • Investment = businesses invest = 1.35
  • Government spending = goverment purchases = 2.80
  • Exports = Pakistan exports = 1.29
  • Imports: Pakistan imports: 2.31

Those are all. Other items, i.e. foreigners spend (0.60 trillions of rupees) and individuals save (5.00 trillions of rupees), do not count for the GDP.

<u>Compute</u> (in trillions of rupees):

  • GDP = 10.40 + 1.35 + 2.80 + (1.29 - 2.31) = 13.53

<u>Answer</u>: Pakistan's GDP = 13.53 trillions of rupees.

4 0
3 years ago
Ex-post (in an accounting sense), Savings __________ equals Investment. However, ex-ante, __________ desired savings may very we
Alexxx [7]

Ex-post (in an accounting sense), Savings ALWAYS equals Investment. However, ex-ante, DESIRED savings may very well be different from  DESIRED  investment. It is the REAL INTEREST RATE which adjusts to make desired savings equal to desired investment.

Explanation:

  • In the basic, closed economy model, Savings=Investment. The reason for this is because, in this model, growing capital stock is not the only item taken into account in Investment. The other item is inventory accumulation.
  • Savings is whatever is left over after income is spent on consumption of goods and services, investment is what is spent on goods and services that are not 'consumed', but are durable.
  • Equilibrium in the goods market can be expressed in two equivalent ways: (1) desired national saving is equal to desired investment; AS = AD.
  • The real interest rate is the rate of interest an investor, saver or lender receives (or expects to receive) after allowing for inflation. It can be described more formally by the Fisher equation, which states that the real interest rate is approximately the nominal interest rate minus the inflation rate.

6 0
3 years ago
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