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3 years ago

Sales has being overcast by 5000

Business

1 answer:

Leno4ka [110]3 years ago

7 0

Answer:

When sales are overcast, it means that the amount of credit sales recorded is higher than the actual amount of credit sales made.

To fix this, send the overcasted amount to the Suspense account and debit the Sales account.

Date Account Title Debit Credit

Sales $5,000

Suspense a/c $5,000

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Rachel entered into a contract to purchase a 2004 Dodge from Hanna, who lived in the neighboring apartment. When a dispute arose

Genrish500 [490]

Answer:

Hanna is correct.

Explanation:

The sale of the 2004 Dodge cannot be construed to be a sale of goods under the Uniform Commercial Code since this law covers sales of goods by merchants. Hanna cannot be said to be a merchant of 2004 Dodge as she is not known to be in the business for the purchase and sale of cars. Therefore, the case should be adjudicated under the common law. What has taken place in this instance is the exchange of a personal asset. Hanna cannot make a trading profit from the sale, but a capital gain. Rachel is not correct.

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3 years ago

Speedster Bicycles, Inc., collects 25% of its sales on account in the month of the sale and 75% in the month following the sale.

elixir [45]

Answer:

Total cash collection= $257,500

Explanation:

Giving the following information:

Sales:

March= $250,000

April= $280,000

Speedster Bicycles, Inc., collects 25% of its sales on account in the month of the sale and 75% in the month following the sale.

<u>Cash collection April:</u>

Sales on account from April= 280,000*0.25= 70,000

Sales on account from March= 250,000*0.75= 187,500

Total cash collection= $257,500

8 0

4 years ago

As a result of cash flow shortages, Washington Department Stores has fallen behind in payments to suppliers. Some suppliers are

xenn [34]

Answer:

The correct answer is letter "D": short-term financing.

Explanation:

Short-term financing allows companies to obtain capital for their <em>day-to-day operations</em>. The funds obtained are typically used for the transactions companies require during one period -one year, but the term for payment tends to be within six (6) to twenty-four (24) months. Under this scenario, the main purpose of firms is to keep their businesses up and running and obtain profits enough for the payment of the loan and reinvestment in the company.

7 0

3 years ago

Yellowstone Corporation has just announced the repurchase of $125,000 of its stock. The company has 39,000 shares outstanding an

puteri [66]

Answer:

The price–earnings ratio after the repurchase is 22.18

Explanation:

First calculate Numbers of new shares

New Shares = Old Shares - ( Repurchased Shares / Price per share )

New Shares = 39,000 - ( $125,000 / $76.09 )

New Shares = 39,000 - 1,642.79

New Shares = 37,357.21 shares

New compute the old earning

Old Earning = EPS x Numbers of old shares = $3.29 x 39,000 = $128,310

New compute revised Earning per share

Revised EPS = Earning / New shares = $128,310 / 37,357.21 shares = $3.43

Now we need to calculate the Price earning ratio

P/E Ratio = Price per share / Revised earning per share = $76.09 / $3.43 = 22.18 times

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3 years ago

Suppose there are two states that do not trade: Iowa and Nebraska. Each state produces the same two goods: corn and wheat. For I

4vir4ik [10]

Answer:

Lowa should produce corn; Nebraska should produce Wheat

Explanation:

Two states: Iowa and Nebraska

Same two goods are produced by both of them: Corn and wheat

For lowa,

Opportunity cost of producing wheat = 3 bushels of corn

Opportunity cost of producing corn = (1 ÷ 3) bushels of wheat

For Nebraska,

Opportunity cost of producing wheat = (1 ÷ 3) bushels of corn

Opportunity cost of producing corn = 3 bushels of wheat

According to the concept of comparative advantage, a country is exporting the commodity in which it has a comparative advantage and a country has a comparative advantage in producing a commodity if the opportunity cost of producing that commodity is lower than the other country.

In our case, lowa should producing and exporting corn because the opportunity cost of producing corn is lower than the Nebraska and on the other hand, Nebraska should producing and exporting wheat because the opportunity cost of producing wheat is lower than the lowa.

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4 years ago