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ira [324]
2 years ago
14

Return to Problem Navigation Morgan Company uses the perpetual inventory system and the gross method of recording sales discount

s. Morgan Company sold $60,000 of merchandise to Jameson Inc. on May 10, 20Y8, with credit terms of 2/10, n/30. The cost of the merchandise sold was 45,000. Assume Jameson pays within the discount period on May 19. When recording the journal entry to record the payment received, what amount is credited to Accounts Receivable
Business
1 answer:
Ghella [55]2 years ago
6 0

Amount to be recorded for accounts receivable would be $15000.

<u>Explanation:</u>

Accounts receivable are lawfully enforceable cases for installment held by a business for products provided as well as administrations rendered that clients/customers have requested yet not paid for. These are for the most part as solicitations raised by a business and conveyed to the client for installment inside a concurred time span.

Accounts receivable (AR) is the balance of money due to a firm for goods or services delivered or used but not yet paid for by  the customers till now. So they will go in the accounts to still be receivable.

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Williamsburg Market is an all-equity firm that has net income of $96,200, depreciation expense of $6,300, and an increase in net
sladkih [1.3K]

Answer:

The answer is $99700

Explanation:

Net cash from operating activity= Net income + Depreciation - increase in net working capital.

Net cash from operating activity= $96,200 + $6,300 - $2,800= $99700

6 0
1 year ago
Use the net FUTA tax rate of 0.6% on the first $7,000 of taxable wages. Michael Mirer worked for Dawson Company for six months t
lisov135 [29]

Answer:

$83.4

Explanation:

Under FUTA, only the first $7000 earning per year will be taxed. Any amounts above $7000 will be tax-exempt.

For Michael, the tax will be calculated as follows.

for the$11200 earned in Dawson company

=0.6% x $7000

=0.06/100 x 7000

=0.006 x 7000

=$42

Amount earned working at McBribe

=0.06% x 6900

=0.006 x $6900

=$41.4

Total to be paid by the two companies

=$42 + $ 41.4

=$83.4

5 0
2 years ago
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follo
stepladder [879]

Answer:

$178

Explanation:

Net Sales:

= Sales (January & February) of wizard and Spyder - Discount allowed to Wizard Inc

= ($100 + $80) - ($100 × 2%)

= $180 - $2

= $178

Gross Profit = Net Sales - Cost of goods sold

                   = $178 - ($70 + $60)

                   = $178 - $130

                   = $48

Therefore, total revenue Solitare would report over the two months is $ 178 with a gross profit of $48.

8 0
2 years ago
Dell is a product of the Digby company. Digby's sales forecast for Dell is 2079 units. Digby wants to have an extra 10% of units
Thepotemich [5.8K]

Answer:

Option (B) is correct.

Explanation:

Sales forecast = 2079 units

Ending Inventory to be maintained:

= 10% of forecast sales

= 10% (2079 units)

= 208 units

Production:

= Sales + Ending Inventory - Beginning Inventory

= 2079 units + 208 units - Nil  

= 2,287 units

Taking current inventory into account, Dell's Production of 2,287 units After Adjustment have to be in order to have a 10% reserve of units available for sale.

8 0
2 years ago
Percy’s GPA is 2.75, so he should list it on his résumé. T/F
timama [110]
In filling up a resume, there are questions that are basic and necessary that a person should feel up to satisfy the qualifications that the client is looking for. But in terms of GPA, like Percy's. It is not appropriate to put it on the resume unless if asked or needed. But most of the time, it is not needed so the answer is false.
3 0
1 year ago
Read 2 more answers
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