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finlep [7]
3 years ago
12

On June 5, Staley Electronics purchases 120 units of inventory on account for $15 each, with terms 1/10, n/30. Staley pays for t

he inventory on June 12. 2. Assume payment is made on June 22. Record the payment on account assuming the company uses a perpetual inventory system.
Business
1 answer:
Elenna [48]3 years ago
6 0

Answer:

Staley Electronics

Journal Entries:

June 12:

Debit Accounts Payable $1,800

Credit Cash Account $1,782

Credit Cash Discount $18

To record the payment on account.

June 22:

Debit Accounts Payable $1,800

Credit Cash Account $1,800

To record the payment on account.

Explanation:

a) Data and Calculations:

June 5 Inventory purchase of 120 units at $15 each = $1,800

Trade terms = 1/10, n/30

The trade terms imply that Staley receives 1% cash discount if it pays for the inventory before 10 days, but can enjoy a credit period of 30 in total.

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4 0
3 years ago
Five hundred units of good x are currently bought and sold. The marginal buyer is willing to pay $40 for the 500th unit, and the
dimaraw [331]

Answer:

D : All options are correct

Explanation:

- The marginal buyer is the essence of demand curve while marginal seller is essence of supply curve.

- @ Q = 500 units,    Selling Price is set at SP = $35

- @ Q = 500 units,    Buying Price is set at BP = $40

- Since, SP ≠ BP our equilibrium price would be $ 37.5 assuming the price elasticity of demand and supply are equal. In any case the equilibrium price would lie in between [ 35 , 40 ] such that to prevent a shortage of units in near future.

- Moreover, if the seller decides to sell at price $35 then he must sell goods greater than 500 units to reach the equilibrium profits. However, it could also lead to excess of units or surplus.

- We see that from selling the goods at SP = $35 while the buyer is willing to pay BP = $40 for 500 goods, the seller would be under-profiting and would be earning $5*500 = $2,500 less than he would at equilibrium price of $40 and selling units greater than 500. Hence, 500 goods is not an efficient quantity of goods.

6 0
3 years ago
Inadequate disclosure occurs when: a. A company attempts to overstate assets to make their financial position look better. b. Ma
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Answer: Option B

         

Explanation: In simple words, inadequate disclosures refers to the situation when a company fails to make accurate or enough discloses in a statement as required by various laws and regulations.

The disclosure can be done through any medium such as media or in the yearly statement but if it does not contain proper information that it will be considered as an offence and suitable actions could be taken.

7 0
3 years ago
Mandy Ewing has been working as a veterinarian's assistant for almost a year. Her friend recently told that her employee was in
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Answer:

The correct answer is letter "B": Fair Labor Standards Act.

Explanation:

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Diskind Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets an
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Answer:

A. $91,770

Explanation:

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Variable Cost = Actual level of activity*Direct material Variable element per unit = 6,650 units * $13.80 = $91,770

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3 years ago
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