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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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A company has break-even sales of $200,000. If the company expects sales of $500,000, the margin of safety i is________.
zhuklara [117]

Answer:

Margin of safety = $300000

Explanation:

The margin of safety is the amount or units in excess of the break even level of sales or units. It is the region beyond the break even point and represents the profit for the business. Any units in excess of the break even point represents the margin of safety.

The margin of safety for the given question with expected sales of $500000 and break even sales of $200000 can be calculated as follows,

Margin of safety = 500000 - 200000  =  $300000

7 0
3 years ago
Joe Runyan is the owner of a dry-cleaning company in Kansas City called Hangers. They specialize in eco-friendly dry-cleaning, f
Verdich [7]

Answer:

Answer for the question:

Joe Runyan is the owner of a dry-cleaning company in Kansas City called Hangers. They specialize in eco-friendly dry-cleaning, friendly off-beat customer service with strong ties to the local community, and at-home pickup and drop-off services. In 2009, Proctor and Gamble opened a storefront in Kansas City that also uses eco-friendly materials, has a drive-through for pickup and drop-off, and offers slightly cheaper services. Hangers’ Strategy by the Numbers 2009: 10 storefronts, 6 vans, 35 employees, 0 community outreach events, $0 spent on community 2010: 10 storefronts, 6 vans, 35 employees, 0 community outreach events, $0 spent on community 2011: 5 storefronts, 10 vans, 35 employees, 4 community outreach events, $20,000 spent in contributions to local schools 2012: 4 storefronts, 11 vans, 35 employees, 4 community outreach events, $25,000 spent in contributions to local schools.

Constructing a central message.



is given in the attachment.

Explanation:

Download pdf
4 0
3 years ago
Which of the following is NOT considered in determining the level of development of a country?
Over [174]
Although I'm not completely sure, I want to say it's D. number of social organizations

~Hope this helped!
4 0
3 years ago
Read 2 more answers
Assume that an equity investment that lacks significant influence is sold. Which of the following would be included in the two e
Anastasy [175]

Answer:

A. An update of the Fair value adjustment account

D. The amount of the unrealized holding gain or loss that has occurred since the end of the prior accounting period

Explanation:

The value of an equity investment that lacks significant influence is adjusted at the end of each accounting period against an unrealized gain/loss account.

When the equity investment is sold, the unrealized gain/loss account will become realized depending on the sales value. Before any final gain or loss is realized, an adjustment must be made to the investment's Fair value adjustment account.

E.g if the investment X's balance account was $510,000 and its fair market value was $550,000, we would first need to adjust the fair value:

Dr Fair value adjustment of investment X 40,000

    Cr Unrealized holding gain 40,000

6 0
3 years ago
Suzanne owns interests in a bagel shop, a lawn and garden store, and a convenience store. Several full-time employees work at ea
ollegr [7]

Answer:

In order for Suzanne to be considered an active participant in her stores, she must work at least 31 hours more. That way, her total working hours will be above 500, and she can deduct any losses from her adjusted gross income.

If she doesn't work at least 31 hours more, these activities will be considered passive activities and can only offset passive income.

Explanation:

4 0
2 years ago
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