Exercise 7-6 (Static) Cash discounts; the gross method [LO7-3] Harwell Company manufactures automobile tires. On July 15,2024 , the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10,n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23,2024.
2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15,2024.
Answers
1. Journal entries to record the sale on July 15 and collection on July 23, 2024:
July 15, 2024 (Sale):
Accounts Receivable 50,000
Sales Revenue 50,000
To record the sale of 1,000 tires to Nixon Car Company at $50 each.
July 23, 2024 (Collection within the discount period):
Cash 49,000
Sales Discount Lost 1,000
Accounts Receivable 50,000
To record the collection of accounts receivable within the discount period.
2. Journal entries to record the sale on July 15 and collection on August 15, 2024:
July 15, 2024 (Sale):
Accounts Receivable 50,000
Sales Revenue 50,000
To record the sale of 1,000 tires to Nixon Car Company at $50 each.
August 15, 2024 (Collection after the discount period):
Cash 50,000
Accounts Receivable 50,000
To record the collection of accounts receivable after the discount period.
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Related Questions
Why do barriers to entry create market power? What are the characteristics of monopolistic competition?
Answers
Barriers that stop new businesses from entering a market give more power to existing companies. This makes it harder for new businesses to compete and allows the existing companies to control prices and the market.
Monopolistic competition means there are lots of companies selling similar but slightly different products.
What is the monopolistic competition?They can control the price a little and it's easy to start or stop doing business. They compete by making their product seem more appealing through advertising or small changes.
So, Monopolistic competitive industries are easy to join and what one company decides doesn't really impact others.
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are good oppurtunities always spotted quickly or they often left unrecognized ?
Answers
Answer:
often left unrecognised
Answer:
Spotted quickly
Explanation:
2023 murano’s available intelligent awd adjusts the ________ to help maintain cornering control.
Answers
2023 Murano's available intelligent and adjusts the Torque delivered to the wheels to help maintain cornering control. This is further explained below.
What is Torque?Generally, The amount of force that may cause an item to spin around an axis is referred to as the torque of the object. Torque is what causes an object to acquire rotational acceleration; just as force is what causes an item to accelerate in linear kinematics, torque is what causes an object to accelerate in circular kinematics. Torque is a vector quantity.
In conclusion, The optional intelligent system in the 2023 Murano may change the torque that is given to the wheels, which assists in maintaining cornering control.
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Please help!!!
Drag each label to the correct location on the image.
Match the descriptions to the possibility of being addressed by a Trial Balance.
can detect the accuracy
of the accounting process
can help prepare the
income statement
can help check whether the
debit side is equal to the
credit side
can help check whether a
particular transaction has
been completely omitted
helps serve as a proof of
the application of the
double-entry system
Answers
According to given Image the all the scenario are possible of being addressed by a Trial Balance
Give explanations for how a Trial Balance might be addressed
Can determine whether the accounting procedure is accurate: PossibleMay aid in the income statement's preparation: PossibleMay assist in determining whether the debit and credit sides are equal: PossibleCan assist in determining whether a specific transaction has been entirely missed: PossibleAids in providing evidence of the double-entry system's use: PossibleWhat is trial balance?
A Trial Balance is a financial statement that lists all the general ledger accounts and their balances at a specific point in time.
It serves as a tool to ensure that the total debits equal the total credits in the accounting system and helps to detect errors and discrepancies in the accounting records.
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When a company receives cash from customers before earning the revenue, _________ will be credited.
Answers
When a business receives cash from customers before earning the revenue, the Unearned Revenue account is credited. Hence the correct option choice for this question is option (d).
What are unearned revenues ?Unearned revenue is regarded as money received by a person or business for a good or service that hasn't yet been rendered or supplied. It can be thought of as a "prepayment" for goods or services that a person or organization anticipates giving the customer in the future. This prepayment entails a duty on the part of the seller up to the good or service is delivered equal to the income earned.
Deferred revenue and advance payments are other names for unearned revenue.
Businesses that sell subscription-based goods or other services that demand upfront payments are the most likely to generate unearned revenue.
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The complete question is given below :
When a business receives cash from customers before earning the revenue, the ________ account is credited.
a. Accounts Receivable
b. Sales Tax Payable
c. Accounts Payable
d. Unearned Revenue
All of the following are valid ways to purchase open-end mutual funds except: Multiple Choice A reinvestment plan. A regular account transaction. A voluntary savings plan. All of the ways listed are valid purchase options. A contractual savings plan.
Answers
An open-end mutual fund cannot be bought from the securities market via a contractual savings plan, as investment is made for a predetermined period during this.
What are open-end mutual funds?Mutual funds, which are open-end, are easily available to be bought by any person who wishes to invest a part of his capital into such asset classes are called open-end mutual funds.
They can be bought voluntarily and have no lock-in periods, and thus are readily available to be bought and sold in the secondary market.
The reason a contractual savings plan cannot be used to buy open-end mutual funds is because such saving plans have lock-ins and are subject to be invested for a fixed period.
Hence, option D; a contractual savings plan cannot be utilized for the purpose of purchasing an open-end mutual fund.
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What is the hazard? Chris works for a city public works department. One hot afternoon the temperature outside reached 92 degrees. While Chris was shoveling dirt in a vacant lot, he started to feel dizzy and disoriented. He fainted due to the heat.
Answers
Answer: dehydration
Explanation:
Answer:
dehydration and heat exhaustion.
Explanation:
I hope this helps! :)
Complete the following sentence. Remember to spell correctly.
The market is in ___
until the price of goods reflects equal supply and demand.
Answers
1. What is the final step of the decision-making framework?
analyze, curate, question, optimize
2. A marketing initiative aims to acquire new members to a gym. The gym earns revenue through monthly membership payments. They want to measure the value of customers across their entire relationship with the gym rather than just their first monthly payment. What metric should they use?
conversion rate, CLV, ROAS, Average order value,
3.Rami's boss wants him to determine the seasonality of traffic to the company's website. What type of analysis should be used?
summary, correlation, trend, cluster
Answers
The final step of the decision-making framework is "optimize." The metric the gym should use to measure the value of customers across their entire relationship is "Customer Lifetime Value (CLV)." The type of analysis that should be used to determine the seasonality of traffic to the company's website is "trend analysis."
After analyzing the available data, curating relevant information, and questioning the potential options, the final step is to optimize the decision. This involves selecting the best course of action based on the insights gained from previous efforts and implementing it to achieve the desired outcome. Optimization aims to maximize the effectiveness and efficiency of the decision while considering various factors such as costs, resources, risks, and anticipated benefits. CLV is a metric that calculates the projected revenue a customer is expected to generate during their entire relationship with a business. For a gym, measuring CLV provides a more comprehensive understanding of the value of each customer beyond just their initial monthly payment. It considers factors such as the average membership duration, the frequency of visits, additional services utilized, and potential referrals. By focusing on CLV, the gym can make strategic decisions to enhance customer loyalty, improve retention rates, and maximize long-term revenue. Trend analysis examines patterns and trends over time to identify recurring patterns, such as seasonality. By analyzing historical data, Rami can look for regular fluctuations in website traffic during specific periods, such as certain months or seasons. Trend analysis can help uncover insights into the seasonal variations in website traffic, which can help plan marketing campaigns, allocate resources, and optimizing website content to align with the changing demand throughout the year.
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Describe ways in which a verbal/linguistic learner prefers to learn.
Answers
Answer:
People with verbal-linguistic learning styles learn best when taught using spoken or written materials. They prefer activities that are based on language reasoning rather than abstract visual information. ... They usually enjoy written projects, speech and drama classes, debate, language classes, and journalism.
Explanation:
-Hope this helps!
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Which is not a task of the bankruptcy trustee?
ensures that the debtor begins repayment
gathers the debtor's funds in excess of exemptions
monitors the progress of a bankruptcy case
represents the debtor when meeting with the creditors
Answers
Answer:
The option which is not a task of the bankruptcy trustee is;
Represent the debtor when meeting with creditors
Explanation:
In a case of bankruptcy a bankruptcy trustee is assigned by the court and to whom the case information is handed to perform the following tasks
1) Converts the collected company assets to money
2) Assess the creditors (owed by the debtor) proof of claims
3) Allocate monetary refunds to the creditors
4) Upholds or refuse claimants to specific debts
5) Completes tax and other financial reports that are submitted to government agencies
Answer:
Which is not a task of the bankruptcy trustee? That would be: Represents the debtor when meeting with the creditors.
Explanation:
Why? Because he is not a lawyer. He wouldn't really be able to do much in court.
In Ohio, what is the typical salary for a cost estimator who is in the top 10%?
Answers
Answer:
The typical salary for a cost estimator who is in the top 10% is $117,272
Explanation:
The salary of cost estimator in Ohio ranges between $54418 to $117,272.
$117,272 lies in the top 10% while the bottom 10% get $54418
On an average, the salary of cost estimator falls between $66,800 and $99,700
someone help i really need it !!!!
Answers
Answer:
Shoot, sorry, ik this was 3 days ago so my answer probably wont matter but you did give me point by letting me answer... Thanks!
Explanation:
:D
Which of the following is a list of assets?
A.cash, accounts payable, inventory, furniture
B.cash, accounts receivable, inventory, furniture
C.cash, bank loan, inventory, furniture
D.cash, accounts receivable, inventory, owner's equity
Answers
if a person attempts to make a phone call while they are waiting for a meeting to begin, they are________
a. combining tasks
b. multitasking
c. sequential tasking
d. cleaving tasks
Answers
you are responsible for updating your company's onboard training for all new employees. which of the following items are important to include in that training? (select three.)
Company policies and procedures
Safety protocols and emergency procedures
History of the company and its founders
Personal hobbies and interests of senior management
Customer complaints and negative reviews
Sales techniques and strategies
Non-work related social events
Product training and demonstrations
Cybersecurity awareness and best practices
How to file a complaint or report misconduct
Answers
The important items to include in onboard training for new employees are:
1. Company policies and procedures
2. Safety protocols and emergency procedures
3. Cybersecurity awareness and best practices
Therefore, the correct options are:
- Company policies and procedures
- Safety protocols and emergency procedures
- Cybersecurity awareness and best practices
It is important for new employees to be familiar with the company policies and procedures, including HR policies, code of conduct, and ethical guidelines.
They should also be trained on safety protocols and emergency procedures to ensure a safe workplace environment.
Additionally, with the increasing risk of cyber attacks, it is crucial to educate new employees on cybersecurity awareness and best practices to prevent data breaches and other security incidents.
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Business management typically requires graduate school.
OA.
True
OB.
False
Answers
Answer:
true
Explanation:
Ida Sidha Karya Company is a family-owned company located in the village of Gianyar on the island of Bali in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $850. Selected data for the company’s operations last year follow: Units in beginning inventory 0 Units produced 250 Units sold 225 Units in ending inventory
Answers
Answer:
Units in ending inventory is 25
Explanation:
The units in ending inventory can be computed using the cost of goods sold formula and rearranging it to make ending inventory the subject of the formula.
Cost of goods sold=beginning inventory+units produced-ending inventory
ending inventory=beginning inventory+units produced-Cost of goods sold
beginning inventory is 0
units produced is 250 units
unit sold is 225 units
ending inventory=0+250-225
ending inventory=25 units
What was Roosevelt's recovery program called?
Answers
Roosevelt's New Deal Recovery programs focused on stabilizing the economy by creating long-term employment opportunities
What was Roosevelt's recovery program?Decreasing agricultural supply to drive prices up, and helping homeowners pay mortgages and stay in their homes, which also kept the banks solvent.The New Deal had three goals relief, recovery, and reform. Relief meant that the president wanted to help those in crisis immediately by creating jobs, bread lines, and welfare. The name of the project of President Franklin Roosevelt’s domestic program which spurred economic recovery in the United States is:According to the given question, we are asked to state the name of the project of President Franklin Roosevelt’s domestic program which spurred economic recovery in the United States.The New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939.As a result of this, we can see that the New Deal program was a series of programs and projects which were initiated by the Federal Government to help reduce the economic crunch in the country and they managed to do so successfully.To learn more about recovery program refer to:
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Fill in the table for a perfectly competitive firm
Answers
The table for a perfectly competitive firm is given below:
How to solveWorking notes:
(1) Fixed cost is TC when Q (output) = 0, so FC = TC(Q = 0) = 100
(2) VC = TC - FC [TC = VC + FC]
(3) AVC = VC / Q [VC = Q x AVC]
(4) AFC = FC / Q = 100 / Q
(5) ATC = TC / Q [TC = ATC x Q] = AFC + AVC
(6) MC = Change in TC / Change in Q
(7) TR = P x Q = 50 x Q
(8) Profit = TR - TC
Therefore:
Q VC TC = VC + 100 AVC AFC = 100/Q ATC MC P TR Profit
0 0.0 100.0 50.0 0.0 -100.0
1 25.0 125.0 25.0 100.0 125.0 25.0 50.0 50.0 -75.0
2 45.0 145.0 22.5 50.0 72.5 20.0 50.0 100.0 -45.0
3 59.9 159.9 20.0 33.3 53.3 14.9 50.0 150.0 -9.9
4 70.0 170.0 17.5 25.0 42.5 10.1 50.0 200.0 30.0
5 90.0 190.0 18.0 20.0 38.0 20.0 50.0 250.0 60.0
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Without doing any calculations, determine the missing number that will make the value of Expression B half the value of Expression A.
A (8 + 54 + 91) × 12
B (8 + 54 + 91) × _____
Answers
Answer:
B (8 + 54 + 91) × _____ If im wrong apologies
Explanation:
Please don't use the answers from other posts/sources or I will dislike your answer immediately! Thank you!
Your family owns an upscale car dealership called Jaguar Territory (JT) which sells Jaguars. Because you study marketing, your father asked you to develop an advertisement (either television, digital, or print) for the store. You know that it is important for consumers to pay attention to your ad or else the money you've spent on media exposure is wasted. Define attention, discuss how three of the several stimulus factors (ie. Size, Intensity, Color and Movement, etc.) influence attention to a stimulus, and explain how you can use each in your advertisement.
Create:
A slogan for Jaguar Territory.
Describe an ad (print or video) for Jaguar Territory based at least partly on the stimulus factors. Explain why you chose to include specific stimulus factors.
When considering Individual Characteristics and Interpretation, how will your work affect expectations and therefore change the consumer’s interpretation of the Jaguar Territory brand?
Answers
Attention in advertising is influenced by stimulus factors such as size, intensity, and movement. For Jaguar Territory, the slogan "Unleash Your Inner Jaguar" accompanies a video ad with a sleek car driving through scenic landscapes, utilizing captivating visuals, vibrant colors, and brand prominence to capture attention and shape consumer interpretation.
Attention refers to the cognitive process of selectively focusing on certain stimuli while ignoring others. In advertising, capturing attention is crucial to ensure that the message is noticed by the target audience. Here are three stimulus factors that can influence attention:
Size: Using a larger size for key elements in the advertisement, such as the Jaguar car itself or the brand logo, can attract attention. The larger size creates visual prominence and stands out from other elements on the page or screen.
Intensity: Higher intensity stimuli, such as bright colors or bold visuals, are more likely to capture attention. Using vibrant colors or striking imagery in the advertisement can make it visually compelling and eye-catching.
Movement: Incorporating movement or dynamic elements in the advertisement can grab attention. For a video ad, this can be achieved through animated sequences or showcasing the car in action. In a print ad, creative use of design elements to give an illusion of movement can be effective.
Slogan for Jaguar Territory: "Unleash Your Inner Jaguar"
Ad Description is
A video ad for Jaguar Territory begins with a panoramic view of a sleek Jaguar car driving through scenic landscapes, accompanied by an engaging soundtrack. The car's glossy exterior gleams under the sunlight, showcasing its elegance. The screen transitions to show the Jaguar logo, gradually expanding in size, drawing attention to the brand. Throughout the ad, vibrant colors accentuate the beauty and luxury of the Jaguar models, captivating viewers.
The Explanation regarding the advertisement is
The ad utilizes the stimulus factors of size, intensity, and color to capture attention. The larger size of the Jaguar logo emphasizes the brand's presence and importance.
High-intensity visuals and vibrant colors create a visually striking and captivating experience. By showcasing the Jaguar car in motion, the ad leverages movement to engage viewers further.
Regarding individual characteristics and interpretation, the ad aims to create a sense of excitement and aspiration. It taps into consumers' expectations of luxury, style, and performance associated with the Jaguar brand.
The attention-grabbing elements and engaging visuals help shape consumers' interpretation of Jaguar Territory as a premium and desirable destination for their automotive needs. It enhances the brand's image and positions it as a symbol of sophistication and power.
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Sample advertisement: Lose body fat and feel healthier with our proven supplement, Edgozene! Losing weight is easy with Edgozene! Just take two pills before each meal. You'll feel more full and eat less. No other diet pill offers what our product does - and for a limited time, if you buy now you can get two bottles of Edgozene for just $29.95! Which of these statements from the advertisement are facts? Check all that apply. A) Losing weight is easy with Edgozene. B) You will lose weight and feel healthier if you take Edgozene. C) You will receive two bottles of Edgozene when you order. D) Edgozene costs $29.95. E) You won’t eat as much if you take Edgozene.
Answers
Answer:
C) You will receive two bottles of Edgozene when you order.
D) Edgozene costs $29.95.
Explanation:
We assume that 1 order costs $29.95 and delivers 2 bottles. (That is, we assume that you cannot order 1 bottle for $14.98.) Under that assumption, the cost is $29.95 (D) and the amount delivered is 2 bottles. (C)
There is no way to determine whether any other claims are facts, or not. As a rule, feelings experienced when eating are a function of a lot more than just a diet pill. That is, you may or may not eat less when/if you feel more full.
Answer:
c,d
Explanation:
A flower shop uses software to execute transactions that is ten-years old. It is often slow and ineffective. What type of influence is affecting this business?
external
economic
governmental
internal
Answers
Answer:
Internal
Explanation:
The problem is the flower shop’s software. The flower shop needs to update or buy a different up-to-date software like ASAP.
define sale trading
Answers
Answer:
A trade sale is the sale of a company, or part of a company, to another business that will carry on the company's trade
4. For what purposes might a worker need to fill out a Form 4070A?
Answers
Answer:
Employees use Form 4070A to keep track of the tips they receive from customers and report the total to their employer each month. Workers should also record the total amount of tips they paid to other employees and the names of employees to whom the tips were paid.
Hello good afternoon, can someone help me solve a Case Study Question 2 ? Chapter 3: "New Manufacturing Facility in China" on pages 91-93 of Successful Project Management Jack,Gido and James P, Clements text book 6th edition. subject...( Principle of project management ).
First paragraph reads; At its January 15 meeting the board of directors of Omega Consolidated Industries made a decision to build a new manufacturing facility in China and approved funding up to $180 million for constuction and start -up activities. It wants the new facility completed within two years from the date that a contractor is selected to design and buld the facility. Omega is a worldwide corporation with headquaters in London........
Question (2). Should the team consider a proposal from Asia General Contractiors ? why or why not?
Answers
The team should consider the proposal from Asia General Contractors if they have the necessary experience, offer a competitive cost, can meet the desired timeframe, and have a reputation for delivering high-quality work.
In this case study, Omega Consolidated Industries wants to build a new manufacturing facility in China within two years. The question asks whether the team should consider a proposal from Asia General Contractors.
To answer this question, the team should consider the following factors:
1. Experience: The team should evaluate Asia General Contractors' experience in building similar facilities. If they have a proven track record and expertise in constructing manufacturing facilities, their proposal should be considered.
2. Cost: The team should analyze the cost proposed by Asia General Contractors. If their proposal is within the approved funding of $180 million, it can be considered.
3. Timeframe: The team should assess whether Asia General Contractors can complete the facility within the desired two-year timeframe. If they can meet the deadline, their proposal should be considered.
4. Quality: The team should evaluate the quality of work that Asia General Contractors can deliver. If they have a reputation for high-quality construction, their proposal should be considered.
In conclusion, the team should consider the proposal from Asia General Contractors if they have the necessary experience, offer a competitive cost, can meet the desired timeframe, and have a reputation for delivering high-quality work. However, a thorough evaluation of the proposal should be conducted to ensure it aligns with the project requirements.
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The article in WSJ from June 4, 2020, tells that "Yields on China’s 10-year sovereign bonds, denominated in yuan, this week hit their highest levels since late February at about 2.83%"
Assume that on June 4, 2020, China’s 10-year sovereign bond has a coupon rate of 4.5( with two coupon payments in a year). What is the price of the bond?
Answers
On June 4, 2020, China’s 10-year sovereign bond has a coupon rate of 4.5 (with two coupon payments in a year). Bond Price = $107.48 (approx). Hence, the price of the bond is $107.48 (approx).
Calculation of Coupon Payment:-
Nominal value (Par Value) of Bond (FV) = $100 Coupon rate = 4.5%Frequency of coupon payment = 2 times a year
So, the coupon payment will be Coupon Payment = (FV * coupon rate) / frequency of coupon payment= (100 * 4.5) / 2= $2.25
Calculation of Yield to Maturity (YTM):To calculate Yield to maturity (YTM), we need to know the price of the bond. We can use the formula below to calculate the bond price.Bond Price = (Coupon Payment / (1 + (YTM / 2))) + (Coupon Payment / (1 + (YTM / 2))2) + … + (Coupon Payment + Par Value) / (1 + (YTM / 2)) n Where,n = number of years = 10 years frequency of coupon payment = 2 times a year Coupon Payment = $2.25 Par Value = $100 YTM is the unknown variable that we want to solve.Therefore,Putting all the values in the above formula, we get,Bond Price = (2.25 / (1 + (YTM / 2))) + (2.25 / (1 + (YTM / 2))2) + … + (2.25 + 100) / (1 + (YTM / 2))20
So, Bond Price = ∑ (Coupon Payment / (1 + (YTM / 2))t) + (Par Value / (1 + (YTM / 2))n)t varies from 1 to 20 and n = 20
Solving the above equation using Excel Solver or financial calculator or by trial and error method, we get YTM = 3.919%.
Therefore, Bond Price = $107.48 (approx).Hence, the price of the bond is $107.48 (approx).
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While watching television, Kyle saw a commercial for a product that was "made in Taiwan." He immediately dismissed the product being advertised because the last item he bought that was made there fell apart in just two weeks. What is affecting this advertising communication?
Answers
Source effects affect advertising communication, it refers to the review of a large body of marketing, psychological, and communicative research literature on source results supports the conclusion that resource variability.
How does advertising affect communication?
Advertising is a form of communication because advertising can integrate into the field of communication.
Source Effects include, for example, credibility, technology, attractiveness, and similarity, influencing the attitudes and behaviors of targeted audiences.
Thus, Source effects affect advertising communication.
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Dan wants to create a report that contains all fields from a table. Which option on the create tab should he utilize?
Answers
Answer:
Blank Report
Explanation: