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yarga [219]
2 years ago
6

Lynx Inc. sells apparel merchandise to Dyson Inc. at a gross sales price of $980, credit terms 2/10, n/30 on July 10, 2020. Dyso

n pays for the merchandise in full on July 19, 2020.
Required:
Record the entries required on July 10, 2020, and July 19, 2020, for Lynx Inc. Assuming use of the gross method in accounting for credit sales. Omit the cost of goods sold entry.
Business
1 answer:
bixtya [17]2 years ago
6 0

Answer:

Explanation:

July 10

Dr. Accounts Receivable (98% of sales because of 2% discount)   960

Cr. Sales Revenue  960

July 19  

Dr. Cash   960

Cr. Accounts Receivable    960

 

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Todd Enterprises is preparing a cash budget for the second quarter of the coming year. The following data have been forecasted:
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Answer:

The answer is attached for ready reference

Explanation:

Please note no effect for depreciation is taken as it is non cash item.

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8 0
3 years ago
Some investment opportunities that should be accepted from the viewpoint of the entire company may be rejected by a manager who
Temka [501]

Answer: return on investment

Explanation:

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Some investment opportunities that should be accepted from the viewpoint of the entire company may be rejected by a manager who is evaluated on the basis of return of investment.

8 0
3 years ago
Bailey, Inc., is considering buying a new gang punch that would allow them to produce circuit boards more efficiently. The punch
cricket20 [7]

Answer:

a) Present value of the investment: $198,936

b) if the present worth of the investment which are discounted at MARR rate is positive, the investment is worth investing, while if the present value of the investment is negative, Investor should not invest.

c) As calculated in (a), present value of the investment is $198,936, Bailey should buy the gang punch

Explanation:

Please find detailed of calculation in (a) which is shown as below:

Present value =  Present value of saving in raw material - Present value of increase in labor cost - Initial investment = [ (12,250/ 5%) x (1-1.05^-15)] -  [ (3,200/ 5%) x (1-1.05^-15)] - 105,000 = $198,936.

7 0
3 years ago
Problem 5-7 Analyzing Transactions
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I don’t see anything :/
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gulaghasi [49]
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3 years ago
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