Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles.
Mar. 1 Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500.
9 Received payment less the discount.
Answers
When journalizing the following merchandise transactions, the account titles must be referred to as mentioned in the Chart of Accounts. The discount amount will be computed as follows: ($72,500 × 2%) = $1,450.
The merchandise transactions are as follows:
Mar. 1: Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500.
March 1 General Journal Page 1 Account Titles & Explanation PR Debit Credit
Accounts Receivable $72,500
Sales Revenue $72,500
To record merchandise sold on account with terms 2/10, n/30 and the cost of merchandise sold was $43,500.9:
Received payment less the discount. March 9General JournalPage 1 Account Titles & Explanation PR Debit
CreditCash ($72,500 - $1,450) $71,050
Sales Discount $1,450
Accounts Receivable $72,500
To record the payment received within the discount period. The discount amount will be computed as follows: ($72,500 × 2%) = $1,450.
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Related Questions
An advantage of an enterprise resource planning (ERP) system is that to implement it, an organization need not attempt to do everything at once. Group of answer choices True False
Answers
Enterprise Resource Planning systems allow an organization to avoid having to do everything at once so this is TRUE.
What does an ERP system do?It enables an organization to plan out its activities so that the organization can become more successful.
ERP takes into account, the constraints and resources of a company and for this reason, will not require that all plans are executed at once but sequentially.
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In double-entry accounting, each transaction affects at least two accounts.
True or false
Answers
Answer:
True! A double-entry accounting is a standard accounting method that involves recording each transaction in at least two accounts, resulting in a debit to one or more accounts and a credit to one or more accounts. The total amount of the transactions in each case must balance out, ensuring that all dollars are accounted for.
Explanation:
Hope this helps you!!!
Select the correct answer.
What is the minimum educational requirement for a pediatric psychopharmacologist?
A. MD
B. PhD
C. bachelor’s in medicine
D. master’s in medicine
E. PsyD
THE ANSWER IS A(md)
Answers
Linda perkins 64 shared a home all year with her son, dennis 41 and dennis son chase 20. Linda and dennis worked full time and chase was a part time student. Linda and dennis have earned income and an AGI of at least 20000 but less than 30000 which of them may claim and receive the earned income tax credit
Answers
Answer:
Either Linda or Dennis, but not both
Explanation:
Based on the information given we were told that the mother which is Linda of 64 years old shared a home with her son which is dennis of the age of 41 in which chase which is dennis son is 20 years old (Linda grandson) which means that if the mother and the son ( Linda and dennis) worked full time and earned income as well as AGI which means ADJUSTED GROSS INCOME of at least 20,000 but less than the amount of 30,000 EITHER Linda or Dennis, but not both may claim and as well receive the earned income tax credit reason been that Linda and her son Dennis both shared a home meaning they both leave together and they both worked full time and earned income.
13 Assessment 10 12 14 Data P Reset 00:06 24 wobec ORCHIVE QUESTIONS t be applicable in which of the following scenarios? O An app targeted at children for entertainment A platform developell purely f
Answers
This scenario would require the use of these terms to function effectively.
The following scenarios where "Assessment, 10, 12, 14, Data, P, Reset, 00:06, 24, wobec ORCHIVE QUESTIONS" would be applicable are:
A platform developed purely for data analysis
This is because data is one of the most important things in data analysis, and 10, 12, 14, Data, P, Reset, 00:06, 24, wobec ORCHIVE QUESTIONS would be useful in performing data analysis.
Data analysis platforms would usually require the use of data to come up with trends and insights, thus "data" and the other terms would be relevant.
An educational software for testing students
Assessment, reset, and questions would be relevant in this case as the software would be used for testing students.
The assessment would be used to evaluate the student's knowledge on a particular topic, and the reset button would be used to start over the test, while the questions are the test items themselves.
Therefore, this software will require the use of these terms to function effectively.
In an engineering firm that develops electrical circuit boardsEngineers would require circuit boards that operate efficiently, and this would require the use of reset, data, 00:06, 24, and ORCHIVE.
Reset is used to refresh circuits, 00:06 and 24 for efficient operation, and ORCHIVE for storing data.
Hence, this scenario would require the use of these terms to function effectively.
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Ken loves to design things and put them together. He helped his dad build a
dog shed from scratch. Which of these marketing career paths would be best
for Ken?
OA. Product designer
OB. Web designer
O C. Market research analyst
OD. Public relations specialist
Answers
Answer:
OA. Product designer
Explanation:
He has the skill to build a project.so he can develop his skills and design products.
Answer:
product designer
Explanation:
bc i said so
Name and briefly describe the quantitative methods of control (ABM)
Answers
Budgets such as: (i) The regular operating, capital expenditure, sales and cash budgets; and. ...
Control Centres.
Audits such as: (i) Internal audits, ...
Ratio analysis (RA).
Break-even (BE) analysis.
Time-preference charts and techniques such as:
Mathematical and statistical techniques are the two main categories of quantitative management methods.
What is quantitative management?Computers and mathematical methods are used in quantitative management to sort through financial statistics and choose stocks. Managers use previous quantitative linkages they have observed to inform "models" that aid in stock selection.
Screening is the process of examining historical information on businesses using a computer. A quantitative manager may develop a program to screen 2,000 stocks based on a specific set of traits or criteria.
The manager might prove, for instance, that historically, stocks with low price-to-earnings ratios and rapid earnings growth during the previous two years outperformed the market the following year.
The simplicity of using a model once it is established is the obvious advantage. Given the constantly shifting landscape of the financial markets, developing the model is the challenging aspect.
It might be challenging to incorporate enough adaptability into a model in quantitative management without adding too many additional variables.
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Part II: Elastic or Inelastic?
Instructions: Determine whether the demand for the following items is price clastic or inelastic,
Write your answer on the line after the item. Then write the reasons for your answer.
A. Salt
Why?
B. New cars
Why?
C. Pork chops
Why?
D. European vacation
Why?
E. Insulin
Why?
F. Insulin at one of four drug
stores in a shopping mall
Why?
G. Gasoline purchased one day
after a 20 percent price increase
Why?
I
HL Gasoline purchased one year
after a 20 percent price increase
Why?
Answers
a. The demand for salt is price inelastic. This is because salt is considered a necessity in making meals.
b. The demand for new cars is price elastic. This is because there are many substitutes for new cars. For example, the bus is a substitute for a new car.
c. The demand for pork chops is price elastic. This is because there are many other types of foods that can be consumed instead of pork chops.
d. The demand for European vacation is price elastic. This is because vacations are not a necessity; they are a luxury.
e. The demand for Insulin is price inelastic. This is because insulin is very important to a diabetic patient
f. The demand for Insulin at one of four drug stores in a shopping mall is price inelastic. This is because consumers have choices between the four drug stores in the mall
g. The demand for gasoline purchased one day after a 20 percent price increase is price inelastic. This is because in the short run, consumers do not have enough time to search for suitable substitutes, so demand would be inelastic
h. The demand for gasoline purchased one year after a 20 percent price increase is price elastic. This is because in the long run, consumers would have enough time to find suitable substitutes.
Demand is price elastic if the quantity demanded of a good is sensitive to small changes in the price of the good
Demand is considered inelastic if the quantity demanded of a good is less sensitive to changes in the price of a good.
Factors that affect the price elasticity of demand
Time frame: demand is inelastic in the short run because consumers would not have enough time to find cheaper substitutes. In the long run, demand is elastic because consumers would have enough time to search for substitutes. Number of close substitutes : If there are many substitutes for a good, the demand for the good would be elastic. If there are no close substitutes, the demand for the good would be inelastic Nature of the good: if the good is considered a necessity, the demand for the good would be inelastic and if the good is considered a luxury, the demand for the good would be inelastic.To learn more about elasticity of demand, please check: https://brainly.com/question/14897348?referrer=searchResults
Select all that apply Cost of goods sold is characterized by which of the following statements? (Check all that apply.) Multiple select question. Cost of goods sold is an asset reported on the balance sheet. Cost of goods sold is used to figure gross profit. Cost of goods sold is an expense reported on the income statement. Cost of goods sold includes the expenses of buying and preparing an item for sale. Cost of goods sold is also called cost of sales. Cost of goods sold is the money received from selling merchandise.
Answers
The correct answer is the Cost of goods sold includes the expenses of buying and preparing an item for sale, it is used to figure gross profit, it is an expense reported on the income statement and it is also called cost of sales.
Cost of goods sold is an accounting term and its is used to describe the amount of direct costs of producing the goods sold by a company.
Purchases for the period, Beginning inventory and Ending inventory for the period are the notably particulars used to derive this cost in accounting.Let understand also that there is significant difference between Cost of goods sold and Cost of goods available for sales.In conclusion, this accounting term is listed on the income statement, usually below the sales revenue and before the gross profit.
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Inventions and innovations can lead to increased efficiency and production. Which is the correct match of invention with its impact on expanding business in texas after the civil war?.
Answers
It should be noted that the invention of railroad after the Civil War was important to the development of the economy.
What is invention?Your information is incomplete. Therefore, an overview will be given. An invention simply means the process that beings about an improvement in the society.
It should be noted that Inventions and innovations can lead to increased efficiency and production. An invention that expanded usiness in Texas after the civil war was the introduction of trains.
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A customer has an existing margin account that shows the following: Long Market Value: $100,000 Debit Balance: $60,000 The market value declines to $60,000, the customer is sent a maintenance call, which the customer wishes to meet by depositing fully paid stock. The amount of stock that must be deposited is:
Answers
the customer would need to deposit fully paid stock with a market value of $26,666.67 to meet the maintenance call.
To determine the amount of fully paid stock that the customer must deposit to meet the maintenance call, we need to first calculate the maintenance requirement. The maintenance requirement is the minimum amount of equity that a customer must maintain in a margin account, expressed as a percentage of the market value of the securities held in the account.
In this case, the initial margin requirement for the account is 60% (since the debit balance is $60,000 and the long market value is $100,000), meaning that the maintenance requirement is 40% of the market value of the securities, or $24,000.
When the market value declines to $60,000, the equity in the account becomes $40,000 ($100,000 - $60,000). However, the debit balance remains $60,000, which means that the account's equity falls to only 40% of the market value, which is below the 40% maintenance requirement.
To bring the account back into compliance, the customer must deposit additional funds or securities. In this case, the customer wishes to meet the maintenance call by depositing fully paid stock.
To calculate the amount of fully paid stock that must be deposited, we can use the following formula:
Amount f fully paid stock = (Maintenance call - Equity in the account) / Maintenace margin
Plugging in the numbers, we get:
Amount of fully paid stock = ($24,000 - $40,000) / 0.6
Amount of fully paid stock = -$16,000 / 0.6
Amount of fully paid stock = -$26,666.67
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At the age of 57, James converted his traditional IRA, valued at $45,000, to a Roth IRA. At age 60, James took a distribution from this Roth IRA of $100,000 to buy a new car for his daughter for college. Which of the following statements is true with regards to this distribution from the Roth IRA? a)$100,000 will be subject to ordinary income tax b) S 55,000 will be subject to ordinary income tax c) S 55,000 will not be subject to ordinary income tax or penalty d) s 55,000 will be subject to ordinary income tax and penalty 14,
Answers
Since James took a distribution of $100,000 and his initial contribution was $45,000, the amount above his initial contribution is $55,000, which will not be subject to ordinary income tax or penalty.
When James converted his traditional IRA to a Roth IRA, he paid taxes on the amount converted at his ordinary income tax rate.
Since James was 57 at the time of conversion, he had already passed the age of 59.5, which means that the distribution he took from the Roth IRA at age 60 will not be subject to the 10% early withdrawal penalty.
Additionally, since James took the distribution after age 59.5 and at least five years had passed since the conversion, the distribution from the Roth IRA will not be subject to income tax.
The $45,000 that James converted to a Roth IRA had already been taxed when he made the conversion, so the $100,000 distribution he took at age 60 was composed of both the converted amount and any earnings on that amount.
Therefore, the portion of the distribution that was not subject to income tax is calculated as follows:
$45,000 (converted amount) / $100,000 (distribution amount) = 0.45
So, 45% of the distribution is not subject to income tax.
Therefore, $55,000 (55% of $100,000) of the distribution will not be subject to ordinary income tax or penalty.
$55,000 will not be subject to ordinary income tax or penalty is the correct answer.
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Which professional work habits are Leila and Ryan demonstrating in this scenario?
1 Leila welcomes changes and is willing to learn new workplace procedures. She demonstrates a great deal of
.
2 Ryan always wears a suit and a tie when meeting new clients. He understands the importance of professional
.
Answers
Answer:
1. Adaptability
2. Appearance
Explanation:
On the Test as we speak lol
The balance on a credit card, that charges a 20%
APR interest rate, over a 1 month period is given in
the following table:
Days 1-5: $200 (initial balance)
Days 6-20: $350 ($150 purchase)
Days 21-30: $150 ($200 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
finance charge = $ [?]
Round to the nearest hundredth.
Enter
Answers
The balance on a credit card, that charges a 20% APR interest rate, the Finance charge is given as
$4.3055
This is further explained below.
What is the APR interest rate?Generally, The interest rate that is applied to a loan, mortgage loan, credit card, etc. is referred to as an annual percentage rate of charge, which sometimes corresponds to a nominal APR and sometimes corresponds to an effective APR.
The annual percentage rate of charge is the interest rate for the entire year, as opposed to just a monthly fee or rate. It is a fee for financing that is presented in the form of an annual rate.
Interest rate APR = 12%
Average balance = ((200*5)+(350*15)+(150*10))/30
Average balance = $258.33
Average balance*APR/12
Finance charge =\(\frac{258.33*20 \%}{12 }\)
Finance charge = $4.3055
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Downtown Bank provides lockbox services. They estimate that you can reduce your average mail time by 1. 6 days and your combined clearing and processing time by. 5 days by implementing their system. Your firm receives 654 checks a day with an average value of $975 each. The current T-Bill rate is. 009 percent per day. Assume a 365-day year. The bank will charge your firm $. 17 per check. What is the net present value from installing this system?
Answers
The net present value (NPV) from installing the lockbox system can be calculated by subtracting the initial investment and ongoing costs from the present value of the cash flows generated by the time savings and service charges.
To calculate the NPV, we need to consider the following factors:
Time savings: The lockbox system reduces the average mail time by 1.6 days and the combined clearing and processing time by 0.5 days. Multiply these time savings by the number of checks received per day (654) to calculate the annual time savings.
Cash flows: The cash flows are generated from the time savings and the service charges imposed by the bank. Calculate the annual cash flows by multiplying the time savings by the average value of each check and the T-Bill rate (0.009%) per day. Add the annual service charges based on the number of checks received.
Present value: Calculate the present value of the annual cash flows by discounting them at the T-Bill rate. This accounts for the time value of money.
NPV calculation: Subtract the initial investment and ongoing costs from the present value of the cash flows to obtain the NPV.
To provide an accurate NPV calculation, specific values for the initial investment, ongoing costs, and the duration of the investment would be required. Without this information, a precise NPV cannot be determined.
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Why might working on a commission basis make dealing with finances more difficult?
(need a few sentences)
Answers
Which of the following decisions is most likely to create a temporary diseconomy of
scale? (Select the best answer.)
A)Buying supplies in bulk
B)Buying an expensive piece of machinery
C)Hiring employees who specialize
D)Using division of labor
Answers
Answer:
Buying an expensive piece of machinery
Explanation:
what are some of the ways in which one smooth stone delivers quality to its clients?
Answers
One Smooth Stone is an event and communication agency that delivers quality to its clients in several ways:
1- Customized solutions: One Smooth Stone works with clients to understand their unique needs and tailor solutions that meet their specific goals and objectives.
2- Attention to detail: One Smooth Stone pays close attention to every detail of an event or communication plan to ensure that everything runs smoothly and meets the highest standards of quality.
3- Experienced team: One Smooth Stone has a team of experienced event and communication professionals who are experts in their fields and bring a wealth of knowledge and expertise to every project.
4- Innovative ideas: One Smooth Stone is constantly looking for new and innovative ways to deliver value to its clients, whether through the use of new technologies or creative event concepts.
5- Commitment to excellence: One Smooth Stone is committed to delivering the highest level of quality to its clients, and works tirelessly to ensure that every event or communication plan is a success.
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what is a reason why a business may want to move entirely online?
A. To focus on global market
B. To avoid paying state and local taxes
C. To limit the number of items in its inventory
D. To double the number of employees
Answers
Answer:
A. To focus on global market.
Explanation:
Moving entirely online can help a business reach customers all around the world and expand its market.
Suppose a regulation imposes costs to the economy of $1 bn in the first year, $0.6 bn in the second year and $0.1 bn thereafter. Suppose that benefits of $0.5 bn per year start accruing after ten years and continue forever. Suppose the social discount rate is 4%. Should the regulation be adopted?
Answers
Considering the costs and benefits of the regulation, along with a social discount rate of 4%, the regulation should be adopted. Despite the initial costs in the first few years, the long-term benefits that accrue after ten years
To determine whether the regulation should be adopted, we need to compare the present value of the costs and benefits. The social discount rate of 4% is used to discount future values to their present values.
The costs incurred in the first year amount to $1 billion, $0.6 billion in the second year, and $0.1 billion in subsequent years. However, the benefits of $0.5 billion per year start accruing after ten years and continue indefinitely.
To calculate the present value of the costs and benefits, we discount the future values using the social discount rate of 4%. The formula to calculate the present value is:
Present Value = Future Value / (1 + Discount Rate)ⁿ
Where n represents the number of years into the future.
Calculating the present value of the costs, we have:
Year 1: $1 billion / (1 + 0.04)¹ ≈ $0.96 billion
Year 2: $0.6 billion / (1 + 0.04)² ≈ $0.57 billion
Year 3 onwards: $0.1 billion / (1 + 0.04)³ ≈ $0.09 billion
To calculate the present value of the benefits, we consider the perpetuity formula:
$0.5 billion / 0.04 ≈ $12.5 billion
Now we compare the present value of the costs and benefits:
Present Value of Costs = $0.96 billion + $0.57 billion + $0.09 billion ≈ $1.62 billion
Present Value of Benefits = $12.5 billion
Since the present value of the benefits exceeds the present value of the costs, adopting the regulation would result in a net positive outcome for society. Therefore, the regulation should be adopted.
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Now that Amazon does collect sales tax in most states, what other loopholes has Amazon found to evade other taxes?
(In depth response)
Answers
Another area in which Amazon has found another tax loophole in order to evade taxes is:
They make use of foreign based companies to receive payments from customers in another country.What is a Tax Loophole?This refers to the legal clauses which the rich people and corporations exploit in order to evade paying tax or paying as much as other people.
One tax loophole which is being used by Amazon to evade tax is the use of foreign based companies to receive payments from customers in another country and bypass HMRC.
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HELP PLEASE, I WILL GIVE BRAINLIEST!!
Select the qualification that is best demonstrated in each example.
*Judy is a Veterinarian who lifts animals onto her examination table ________
*Isaac is an Aquacultural Manager who trains and oversees workers ________
*Felix is a Zoologist who studies goats and carefully records information in his notes about them _________
options:
-For Judy: problem-solving skills, physical strength, teaching skills, and communication skills
-For Isaac: attention to detail, problem-solving skills, organizational skills, and leadership skills
-For Felix: teamwork, attention to detail, teaching skills, and flexibility
Answers
Answer:
1. Physical strength
2. Leadership skills
3. Attention to detail
Have a good day!!
Answer:
✔leadership skills
✔ physical strength
✔ attention to detail
Explan ation:
21. What are employee incentive plans and what do they offer?
Answers
Employees that create more are encouraged to do so and are rewarded accordingly under the incentive plan. The phrase "Pay for Performance" describes remuneration choices such merit pay, commission, individual incentive, group incentive, and gain-sharing plans.
What exactly are employee incentive programs?A company may decide to adopt an employee incentive program to encourage staff productivity. Employee incentives are a system that recognizes and rewards effort and success in the workplace by providing employees with the chance to receive prizes or recognition.
Why do workers appreciate incentive plans?Businesses may boost productivity, lower attrition, and reduce production costs by implementing reward programs for their staff. It raises morale, motivates staff, and fosters collaboration by increasing employee involvement. The incentive programs benefited the labor as much as the businesses.
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Match the tasks with the professionals who would complete them.
Answers
Videographer: use editing softwares, discuss filming techniques
Network administrator: train users how to use the system, determine ways to make the system more effective
Hope this helps!
Answer:
Explanation:
1,3 and 2,4 and 5,6 and thats it
Please help
starbright industries which manufactures radiators has recently begun doing business in japan. its executives make a deal to export a shipment of a new type of radiator to japan once the product exits the production stage. the shipment will be worth one billion yen or approximately $9.4 million us dollars.
how does this situation show the difficulty that may be posed by implementing an international set of standards?
Answers
The situation shows why it is difficult to implement an international set of standards because different countries might have different standards they adhere to.
Why is it hard to implement an international set of standards?Countries have differing sets of standards based on the prevailing situations in their nations. When they produce goods and services, they will go by those standards. Those standards can sometimes also give them an advantage over other nations which is probably why Starbright Industries is able to sell radiators in Japan.
If an international set of standards is proposed, some nations might kick against it because they want to maintain their competitive edge. Other nations might not be able to afford to meet the new standards and so will protest as well.
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Vendors are directly related to
your
Liability.
A. Prepaid Expense
B. Utility Expense
C. Accounts Payable
D. Accounts Receivable
Answers
Answer:C. Accounts Payable. I hope this helps you
Explanation:
The correct answer is C. Accounts Payable. Vendors are typically businesses or individuals that a company owes money to for goods or services provided on credit. This creates a liability for the company until the vendor is paid. Therefore, vendors are directly related to a company’s accounts payable account.
During the forming stage team members meet one another and determine team goals. False True
Answers
Answer:
True
Explanation:
best answer: brainliest
write an essay or a story about receipt (150words) and invoice (150words) seperately
Answers
Answer:
Receipt:
As I walked out of the grocery store, I couldn't help but smile as I looked at the little piece of paper in my hand. It was a simple receipt, listing the items that I had purchased and the total amount I had paid. But to me, it represented so much more than that.
The receipt was proof that I had successfully completed my weekly shopping trip. It was a record of the money that I had spent and the food that I had purchased to feed my family. It was a reminder of the things that I had accomplished that day, and a symbol of the abundance and abundance that I had in my life.
But most of all, the receipt was a symbol of trust. It was a sign that the grocery store had trusted me to pay for my purchases, and that I had trusted them to provide me with the food that I needed. It was a small but important part of the cycle of trust and mutual support that exists between businesses and consumers.
Invoice:
As I sat at my desk, staring at the computer screen, I couldn't help but feel a sense of satisfaction. I had just finished creating an invoice for a client, and it was a work of art. It was clear, concise, and professional, and I knew that it would be well-received.
The invoice was a document that outlined the services that I had provided to my client, along with the associated costs. It was a record of the value that I had delivered, and a reminder of the hard work and dedication that had gone into the project.
But most of all, the invoice was a tool for communication. It was a way for me to let my client know exactly what they owed me for my services, and to ensure that we were both on the same page about the terms of our agreement. It was a crucial part of the business relationship, and I knew that it would be instrumental in maintaining trust and mutual respect between myself and my client.
How do you increase the quality of your products, i. E. , reduce flaws in production? chegg.
Answers
Increasing the quality of your products can be achieved by doing the
following:
Using standard raw materials.Adopting best work practices.What is Quality?This is the measurement of standard or excellence of an individual, goods
and services.
It is best for an organization to churn out quality products as it helps to
increase sales and profit. This can however be achieved by using standard
raw materials and practices during production.
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Fred's coworkers are very experienced and skilled self-starters, but their group dynamic is very complex. What type of leadership would be most suitable for the situation
Answers
Democratic leadership is most suitable where group dynamic is very
complex.
What is Group dynamics?This is defined as the behaviors and attitudes which are present in a
group. In this type of group, the leader has to be able to effectively
organize its members as a result of varying ideas and difficulty in reaching
agreement on topics.
Democratic leadership will ensure that everyone has inputs and then the
ones with the most vote can be agreed upon.
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