1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Igoryamba
3 years ago
14

Ballard Company uses the perpetual inventory system. The company purchased $16,000 of merchandise from Andes Company under the t

erms 2/10, net/30. Ballard paid for the merchandise within 10 days and also paid $500 freight to obtain the goods under terms FOB shipping point. All of the merchandise purchased was sold for $30,000 cash. What is the amount of gross margin that resulted from these business events?
Business
1 answer:
Nataly_w [17]3 years ago
5 0

Answer:

$13,820

Explanation:

The computation of the amount of gross margin is shown below:

As we know that

Gross profit = Sales revenue - cost of goods sold

where,

Sales revenue = $30,000

And, the cost of goods sold

= Purchase value - purchase discount + freight charges

= $16,000 - $16,000 × 2% + $500

= $16,000 - $320 + $500

= $16,180

So, the amount of the gross margin is

= $30,000 - $16,180

= $13,820

You might be interested in
Select one or more of the choices below that would properly complete the following statement.When a nation runs a trade deficit,
castortr0y [4]

Answer: it experiences a capital inflow.

Explanation:

A trade deficit is a situation that occurs when the imports of a country is greater than the exports of the country. This is usually measured in monetary terms. For example, let's say in a certain year, the United States exported $3 trillion in goods and it imported goods worth $4 trillion, th n the trade deficit will be ($4 trillion - $3 trillion) = $1 trillion.

Trade deficit can be caused because of capital deficiency. This will then lead to capital flowing into the country that is experiencing the trade deficit.

3 0
3 years ago
Factors leading to the slow growth of demand for products in embryonic industries include all of the following EXCEPT: a. poorly
victus00 [196]

customer passion for the products

3 0
3 years ago
If a corporation issued 25,000 shares of $1.00 par common stock for $2.85 per share. The appropriate journal entry for the IPO i
Vika [28.1K]

Answer:

The correct answer is Option D.

Explanation:

Common stock is a share issued by a company to the public. The public enjoy dividend on their common stock when the company pays dividends.

Based on the question, the par value of the common stock is 25,000 shares x $1.00 = $25,000 while the total cash collected by the company would be 25,000 shares x $2.85 = $71,250 and the appropriate entries will be:

Debit Cash $71,250

Credit Additional Paid in Capital $46,250

Credit Common Stock $25,000

<em>(Issuance of common stock)</em>

5 0
3 years ago
Many not-for-profit organizations attempt to classify fund-raising expenses as a program services expenses by making the activit
Elena L [17]

Answer:

B. Purpose, audience, and content.

Explanation:Non profit Organisations are Organisations establishing to render services to different classes of persons at either subsidised rates or free these classes of people in a society.

Non profit Organisations are either funded by Government or other donor Organisations within or outside a country. The expenses incurred during the programs of Non profit Organisations to be classified as Program expenses it must have A PURPOSE, AUDIENCE AND CONTENT, this factors make it valid as a program expense.

8 0
3 years ago
On an average day, Campus Cafe receives $26,482 in checks from customers. These checks clear the bank in an average of 1.3 days.
jasenka [17]

The highest daily fee to eliminate collection float is $551 (approx). According to the given information, the highest daily fee that should be paid to eliminate the collection float is $550.82 which is approx $551.

<h3>What is a Collection Float?</h3>

Collection Float refers to an asset that is currently in a state of transition. It is used in two contexts:

  • Concerning the Shares
  • Concerning the Bank Deposits    

Given,

Average Daily Receipt = $26,482

Average clearing days = 1.3 days

Daily Interest Rate = 0.016%

Required to Calculate = Highest daily fee to eliminate collection float

Calculation,  

Highest daily fee collection float = Average daily receipt x Average clearing days x daily interest rate.

                                                        = $26,482 x 1.3 x 0.016%

Highest daily fee to eliminate  collection float = $550.8 which is $551 (approx).

Thus, According to the given information, the highest daily fee that should be paid to eliminate the collection float is $550.82 which is approx $551.

Learn more about Collection Float here:

brainly.com/question/14253771?referrer=searchResults

#SPJ1

   

5 0
1 year ago
Other questions:
  • Blossom Corp. has collected the following data concerning its maintenance costs for the past 6 months.
    6·1 answer
  • An investor purchasing a British consol is entitled to receive annual payments from the British government forever. What is the
    13·1 answer
  • Countess Corp. is expected to pay an annual dividend of $5.05 on its common stock in one year. The current stock price is $77.75
    7·1 answer
  • Which of the following statements is CORRECT?a. Two firms with the same expected free cash flows and growth rates must also have
    13·1 answer
  • Jenna leigh is an information savvy, 20-something person who is trying to select between two marketing job offers. she can eithe
    11·1 answer
  • _ are unique because the technology is based on the human brain and focuses on pattern recognition from large data sets. A. Lear
    8·1 answer
  • Racz describes a micromanager as a manager who doesn't give you a lot of breathing room. Micromanagers often stifle workers and
    5·1 answer
  • Bryan is debating how to allocate the IMC budget for his new ski equipment store. He knows having knowledgeable salespeople in h
    12·1 answer
  • The Edwards Plateau was originally covered by grasslands. Overgrazing caused this to change from grasslands to brush land. What
    14·1 answer
  • describes demand when a given change in price causes a relatively larger change in the quantity demanded
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!