Answers
The following statement, "Because close interactions with customers allow employees to better understand them, management should be sent in the field periodically." is True.
Customers and employees are the lifeblood of any business. Without them, a business would have no one to serve or sell to, and no one to do the work. That's why it's so important to treat both groups with respect and courtesy.
Of course, there are always going to be differences between customers and employees. Customers are the ones paying for the product or service, so they rightly expect to be treated well. The key is to strike a balance between the two.
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Related Questions
latest fashion, inc., is implementing elements of the marketing mix. which of the following could be used to implement the element of promotion?
Answers
The marketing mix is being used by current fashion, Inc. The following magazine advertisements could be used to execute the promotional component.
What are adverts in magazines?Print is used in magazine advertising to promote the goods, services, or message of your company through regional or national publications. If the ads are simple and understated, a text-only graphic or a sample of a product, such as scratch-and-sniff perfumes, solar chargers, or programmed guitar picks, may be used.
Your company will be exposed to clients who are willing and interested thanks to magazine advertising. Depending on the newspaper, these advertisements could also assist your business in building a reputation. Additionally, because they are provided in a tangible, transportable manner, they can interact with a large number of prospects throughout their lifetime.
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True or False: The market for internet does not exhibit the two primary characteristics that define perfectly competitive markets.
Answers
Answer: True
Explanation: Perfectly competitive markets are characterized by two main features: a large number of buyers and sellers, and homogeneous products.
In the case of the market for internet, there are typically a limited number of providers offering internet services in a given area. This means that there are not a large number of sellers in the market. Additionally, while the basic functions of internet services may be similar, there can be differences in terms of speed, reliability, quality, and customer service among different providers. This means that the products offered by internet providers are not completely homogeneous and vary by region.
If a perfectly competitive firm receives a marginal revenue of $10 for its product and the minimum average variable cost is $11, then the firm should, in the short run:
a.reduce the level of output its produces
b.increase the level of output it produces
c.neither increase nor decrease the level of output it produces
d.shut down
Answers
If a perfectly competitive firm receives a marginal revenue of $10 for its product and the minimum average variable cost is $11, then the firm should, in the short run shut down.
For a perfectly competitive firm, the marginal revenue tends to equal price and as well as the average revenue. So, this implies that the firm's marginal cost curve in its short-run supply curve for values is thus greater than the average variable cost. So, if the price drops below average variable cost, the firm shuts down.
So, a firm's total profit is maximized by the producing the level of output at which marginal revenue for the last unit produced will thus equal its marginal cost, or MR = MC.
Hence, option D is correct.
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A term that describes the whole accounting process is Accounting __________
Answers
Answer:
Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
Explanation:
(100 POINTS!!!) LuAnn is a very specific type of photographer. The images that she captures have several prominent characteristics such as representing culture as it is lived rather than mythologized, respectful portraits of members of the community to show their stature, and documenting tribal customs and ceremonies for future generations. What type of photography does LuAnn most likely practice?
A. fashion photography
B. nature photography
C. sports photography
D. indigenous photography
Answers
LuAnn most likely practices indigenous photography. Indigenous photography refers to photographs taken by and for indigenous communities that depict the culture, customs, and traditions of those communities. The characteristics of the images LuAnn captures, such as representing culture as it is lived, respectful portraits, and documenting tribal customs and ceremonies, are typical of indigenous photography. The goal of this type of photography is often to give voice and visibility to indigenous communities, as well as to preserve their cultural heritage for future generations.
Over the period of 1926 to 2017, small-company stocks had an average return of ________ percent. Group of answer choices
Answers
Answer:
12.1%
Explanation:
Over the period of 1926 to 2017, small-company stocks had an average return of ___12.1%_____ percent. 12.1% was the highest rate of small stock during the period of 1926 to 2017.
A benefit of a monopoly is：
a. greater creativity by authors who can copyright their novels.
b. a wide variety of similar products.
c. decreasing long-run average total costs.
d. lower prices.
Answers
A benefit of a monopoly is: a. greater creativity by authors who can copyright their novels.
What is monopoly?Because they give artists and innovators the chance to acquire exclusive rights and financial rewards through intellectual property rights, such as copyright protection, monopolies may be an incentive for creativity and innovation.
Knowing that they may enjoy exclusive ownership and possible financial advantage from their works might motivate authors to invest in producing original and distinctive works.
Therefore the correct option is A.
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how might the merger affect the price search engines can charge for advertising?
Answers
A merger of the top platforms in the world of search engines and information technology will only lead to a cost-effective alternative for search engines.
What is the search engines?A search engine is indeed a piece of software that enables users to use keywords or phrases to get the information they're looking for online. Even with multiple websites available, search engines were able to deliver results swiftly by continuously monitoring the Internet constantly classifying every page they come across.
Many search engines also extract information from open directories or databases. Search engines also retain factual info by running computer algorithms on a web crawler, unlike websites as well as Stumble Upon, which are edited by human beings.
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For each, indicate the dollar value that each
contributes to each component of GDP. Assume that everyone in
society gets page a wage of $10 per hour for their market labour.
If an item does not contribute to GDP, write "none"
Answers
Answer:
The contribution of labour, capital and entrepreneurship in GDP:
Labour: the value added by workers' work, measured in
wages, salaries and self-employment incomes
Capital: the value added by capital (or
inputs) paid by the capital owners
Entrepreneurship: the contribution of
entrepreneurs to create a business and the
productivity to create income that cannot
be attributed to capital or workforce
Contribution of labour: 50%
Contribution of capital: 33%
Contribution of entrepreneurship: 17%
Explanation:
Wally's Walleyes wants to introduce a new product that has a start-up cost of $7,800. The product has a 2-year life and will provide cash flows of $4,500 in Year 1 and $4,300 in Year 2. The required rate of return is 15 percent. Should the product be introduced? Why or why not?
Answers
The calculated NPV is negative, indicating that the present value of expected cash flows does not exceed the start-up cost of the project. In other words, the project is expected to generate a net loss.
To determine whether Wally's Walleyes should introduce the new product, we can calculate the net present value (NPV) of the project. The NPV measures the present value of expected cash flows, taking into account the required rate of return.
To calculate the NPV, we need to discount the cash flows using the required rate of return (15 percent). The formula for calculating NPV is:
NPV = Cash Flow Year 1 / (1 + Required Rate of Return)^1 + Cash Flow Year 2 / (1 + Required Rate of Return)^2 - Start-up Cost
\(NPV = $4,500 / (1 + 0.15)^1 + $4,300 / (1 + 0.15)^2 - $7,800\)
\(NPV = $4,500 / 1.15 + $4,300 / (1.15)^2 - $7,800\)
NPV = $3,913.04 + $3,537.41 - $7,800
NPV = -$350.55
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Can someone else help me solves this question please?
Answers
The information regarding the cash and account details has been used to prepare the necessary account.
How to explain the informationJan. 1: Cash $18,000, Notes Payable $18,000
Jan. 5: Cash $6,000, Sales Revenue $6,000
Jan. 5: Cash $360, Sales Taxes Payable $360
Jan. 12: Unearned Service Revenue $11,000, Service Revenue $11,000
Jan. 14: Sales Taxes Payable $8,100, Cash $8,100
Jan. 201: Accounts Receivable $31,690, Sales Revenue $30,500, Sales Taxes Payable $1,190
Jan. 31: Salaries and Wages Expense $96,000, Social Security Tax Payable $7,344, Medicare Tax Payable $1,728, Federal Income Tax Payable $5,086, State Income Tax Payable $1,526, Salaries and Wages Payable $79,316
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what Is quality Control
Answers
Answer:
a system of maintaining standards in manufactured products
Discuss the relationship between competition and consumer expectations.
Answers
Answer:
The relationship between competition and consumer expectations is by what the compitition is creating in terms of product and functionability. And the consumer expectation is what will help the by buying into this product.
Explanation:
All of the following are advantages associated with assigning both core team members and subject matter experts to the project as soon of SMEs
Answers
Answer:
correct option is early assignment of SMEs to the project saves moneyExplanation:
I hope it helped
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Consider total cost and total revenue, given in the following table:
In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)
Total Cost Marginal Cost
(Dollars)
Quantity (Dollars)
0
1
2
3
4
5
6
7
5
6
8
11
15
20
26
35
05
06
07
Total Revenue Marginal Revenue
(Dollars)
(Dollars)
0
6
12
18
24
30
36
42
AAAAAAA
Profit
(Dollars)
In order to maximize profit, how many units should the firm produce? Check all that apply.
04
Answers
The solution to the given question when we consider total cost and total revenue, given in the following table:
The Financial TableQuantity | Total Cost | Marginal Cost | Total Revenue | Marginal Revenue | Profit
------- | -------- | -------- | -------- | -------- | --------
0 | 5 | 5 | 0 | 0 | -5
1 | 11 | 6 | 6 | 6 | 1
2 | 17 | 6 | 12 | 6 | 5
3 | 24 | 7 | 18 | 6 | 4
4 | 31 | 8 | 24 | 6 | -7
5 | 39 | 8 | 30 | 6 | -9
6 | 47 | 8 | 36 | 6 | -11
7 | 55 | 8 | 42 | 6 | -13
As you can see, the firm's profit is maximized at quantity 3. This is because the marginal revenue is equal to zero at this point, which means that the firm is not making any additional profit by producing more units. In fact, if the firm produces more units, it will actually start to lose money.
Therefore, the answer to the question is 3.
In summary:
The firm's profit is maximized at quantity 3.This is because the marginal revenue is equal to zero at this point.If the firm produces more units, it will start to lose money.Therefore, the answer to the question is 3.Read more about marginal revenue here:
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Jamal and Keisha each earn money by washing cars and mowing lawns.
Jamal can mow 4 lawns or wash 8 cars in one day. Keisha can mow 3 lawns or wash 9 cars in one day. They both charge $25 for each lawn and $15 for each car.
The chart shows their production after 3 days.
A 3-column table has 2 rows. The first column has entries Lawns, cars. The second column is labeled Jamal with entries 12, 24. The third column is labeled Keisha with entries 9, 27.
Jamal and Keisha are considering entering into an agreement to trade tasks.
How can specialization of labor benefit Jamal and Keisha? Check all that apply.
Jamal can specialize in washing cars, because he has the comparative advantage.
Keisha can specialize in washing cars, because she has the comparative advantage.
Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.
Specialization allows them to collectively mow 12 more lawns and wash 27 more cars every three days.
Specialization allows them to earn more money.
Answers
Answer:
Jamal and Keisha are considering entering into an agreement to trade tasks.
How can specialization of labor benefit Jamal and Keisha? Check all that apply.
Jamal can specialize in washing cars, because he has the comparative advantage.
Keisha can specialize in washing cars, because she has the comparative advantage.
Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.
Specialization allows them to collectively mow 12 more lawns and wash 27 more cars every three days.
Specialization allows them to earn more money.
The way in which labor specialization can be advantageous to Jamal, as well as, Keisha would be:
B). Keisha can specialize in washing cars because she has a comparative advantage.
C). Specialization allows them to collectively mow 3 more lawns and wash 3 more cars every three days.
F). Specialization allows them to earn more money.
The specialization of labor is characterized as the process in which the laborers are deployed for particular tasks in order to promote efficiency. In this process, the ability of laborers is successfully utilized as they are provided the job of their skill area which enhances productivity(effectively and efficiently).In the given case, the labor specialization would assist Jamal and Keisha in increasing their profits by designating the skill areas as per the expertise(Keisha in washing cars and Jamal in mowing lawns) they possess.
Thus, options B, C, and F are the correct answers.
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Doogan Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.4 grams $ 2.00 per gram Direct labor 0.5 hours $ 20.00 per hour Variable overhead 0.5 hours $ 7.00 per hour The company produced 5,200 units in January using 39,310 grams of direct material and 2,380 direct labor-hours. During the month, the company purchased 44,400 grams of the direct material at $1.70 per gram. The actual direct labor rate was $19.30 per hour and the actual variable overhead rate was $6.80 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for January is:
Answers
Answer:
Direct labor rate variance= $1,666 favorable
Explanation:
Giving the following information:
The company produced 5,200 units in January using 2,380 direct labor-hours.
The actual direct labor rate was $19.30 per hour
To calculate the direct labor rate variance, we need to use the following formula:
Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity
Direct labor rate variance= (20 - 19.3)*2,380
Direct labor rate variance= $1,666 favorable
Determine the total expenses based on the following data
assets 72,000
owner's equity 70,000
revenues 20,000
liabilities 16,000
Answers
From the given data, it appears that the expenses result in a negative value of $-14,000. This indicates a deficit, which suggests that the company's liabilities and owner's equity exceed its assets.
To determine the total expenses based on the given data, we need to use the accounting equation: Assets = Liabilities + Owner's Equity. In this case, we are given the values of assets, owner's equity, and liabilities.
Assets = $72,000
Owner's Equity = $70,000
Liabilities = $16,000
Using the accounting equation, we can calculate the total expenses by rearranging the equation:
Expenses = Assets - Liabilities - Owner's Equity
Expenses = $72,000 - $16,000 - $70,000
Expenses = $-14,000
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2. Mrs Marta is a financial executive with XYZ Enterprises. Although Mrs Msrts has not had any formal training in finance or accounting, she has a “good sense” for numbers and has helped the company grow from a very small company ($500,000 sales) to a large operation ($45 million in sales). With the business growing steadily, however, the company needs to make a number of difficult financial decisions in which Marta feels a little “over his head.” She therefore has decided to hire a new employee with “numbers” expertise to help her. As a basis for determining whom to employ, she has decided to ask each prospective employee to prepare answers to questions relating to the following situations she has encountered recently. Here are the questions.
a. In 2009, XYZ Enterprises negotiated and closed a long-term lease contract for newly constructed truck terminals and freight storage facilities. The buildings were constructed on land owned by the company. On January 1, 2010, XYZ took possession of the leased property. 20-year lease is effective for the period January 1, 2010, through December 31, 2029. Advance rental payments of $800,000 are payable to the lessor (owner of facilities) on January 1 of each of the first 10 years of the lease term. Advance payments of $400,000 are due on January 1 for each of the last 10 years of the lease term. XYZ has an option to purchase all the leased facilities for $1 on December 31, 2029. At the time the lease was negotiated, the fair market value of the truck terminals and freight storage facilities was approximately $7,200,000. If the company had borrowed the money to purchase the facilities, it would have had to pay 10% interest. Should the company have purchased rather than leased the facilities?
b. Last year the company exchanged a piece of land for a non-interest-bearing note. The note is to be paid at the rate of $15,000 per year for 9 years, beginning one year from the date of disposal of the land. An appropriate rate of interest for the note was 11%. At the time the land was originally purchased, it cost $90,000. What is the fair value (Present value) of the note?
Answers
The Present Value of Lease is $6,449,579, the Fair value of the note is $83,055.75 and the cost of credit is 12.12%.
Present Value of Lease and fair valueYear Cash flows PV Factors Discounted cash flow
0-9 800,000 6.75902 5,407,216
10-19 400,000 2.60590 1,042,360
20
Total 6,449,579
Present Value of Lease = $6,449,579
Purchase price = $7,200,000
Based on the above cash flow the company should lease the facility based on the fact that the present value of cash payment of the amount of $6,449,579 is lower that the purchase price of the amount of $7,200,000.
b. Fair value of the note
Using this formula
Fair value of the note=Amount×PVOA
Let plug in the formula
Fair value of the note=$15,000×5.53705
Fair value of the note=$83,055.75
c. Cost of credit
Using this formula
Cost of credit=Discount/(1-Discount)×360/Allowed payment day-Discounted day
Let plug in the formula
Cost of credit=1/(1-100)×360/30
Cost of credit =1/99×360/30
Cost of credit=0.1212×100
Cost of credit =12.12%
The cost of funds which is 10% is lower than the cost of credit which means that the company should not continue the policy but should instead choose the lease.
Therefore the Present Value of Lease is $6,449,579, the Fair value of the note is $83,055.75 and the cost of credit is 12.12%.
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Fill in the missing numbers in the following income statement:
Sales $645,000
Costs 346,500
Depreciation 97,200
EBIT $
Taxes (35%)
Net income $
Required:
a. What is the OCF?
b. What is the depreciation tax shield?
Answers
Answer:
See below
Explanation:
EBIT = Sales - Cost - Depreciation
= $645,000 - $346,500 - $97,200
= $201,300
Taxes = EBIT × 35%
= $201,300 × 35%
= $70,455
Net income = EBIT - Taxes
= $201,300 - $70,455
= $130,845
1. OCF
= Net income + Depreciation
= $130,845 + $97,200
= $228,045
2. Depreciation tax shield
= Depreciation × Tax rate
=$97,200 × 35%
= $34,020
Which of the following will help you have a good credit score?
OA.
Opening a lot of credit accounts.
B.
Keeping your balance at the maximum available amount of credit.
O C.
Paying off your debt as quickly as possible.
D.
All of the above
Answers
Search to find any summary about the company that mentions funds for starting the business.
Look to see what kinds of products or services will be involved with the business.
Step 2. Search to find any summary about the company that mentions funds for starting the business. Try to find any information containing employee data in this section. Step 3. Find the section where the product or service is detailed. Look to see what kinds of products or services will be involved with the business. Compare this with what other similar business plans are offering.
Record the information you found for steps 2 and 3. Make sure you discuss how the company got money to start the business, employee data, and what products or services the company provides in comparison with what other similar business plans are offering.
Answers
After conducting research on the internet, a summary about a company that mentions funds for starting the business, employee data, and products or services that the company provides compared to other similar business plans has been found.
The company’s name is K-12 Business Education Services and they specialize in providing online business courses to K-12 schools. Their courses are designed to help students learn about business principles such as marketing, finance, accounting, and entrepreneurship. The company’s business plan indicates that they have received funding from several sources including angel investors, venture capitalists, and bank loans. They also have a team of experienced employees who have been in the business education industry for many years. According to the company’s website, they offer a wide range of courses that are designed to be engaging and interactive. Students can learn at their own pace and can complete their coursework from anywhere with an internet connection. The courses are also designed to be affordable, which makes them accessible to a wider range of students. In comparison to other similar business plans, K-12 Business Education Services is unique in that they offer a comprehensive range of courses that are designed specifically for K-12 students. Other similar business plans tend to focus on providing courses for adult learners or students who are already enrolled in college. Additionally, K-12 Business Education Services has received funding from several sources, which indicates that they are a promising start-up that has the potential to grow and expand in the future.For such more question on entrepreneurship
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Harold has a 50% interest in a general partnership that has a $14,000 loss for the year. He materially participates in the partnership, his basis in the partnership is $10,000 at the beginning of the year. He also has salary from other employment of $46,200. If he is single and claims the standard deduction, what are his taxable income and tax liability, respectively, in 2019
Answers
Answer:
Taxable income $27,000
Taxable liability = $3,046
Explanation:
Given:
Partnership ratio = 50%
Loss during the year = $14,000
Salary = $46,200
Find:
Taxable income and liability
Computation:
Taxable income
Salary = $46,200
Less Loss (14,000)(50%) $7,000
Less standard deduction $12,200
Taxable income $27,000
Taxable liability = $970 + (27,000 - 9,700)12%
Taxable liability = $3,046
Which of the following inputs is NOT involved in entrepreneurship?
OA. External locus of control
OB. Opportunity
OC. Proactivity
OD. Risk
Answers
Answer: OA - External Locus of Control
Explanation:
In entrepreneurship, external locus of control is not involved.
When we talk about entrepreneurship, the foremost thing that comes into consideration is the owner of the business. Hence, the individual proactivity is very important in entrepreneurship. Individual proactivity drives the business and is a major contributor in success.
Opportunity and Risks are two very important factors to be analyzed. Before starting any business, it is crucial to judge the current and future opportunities in the market. Opportunity is also an element of SWOT analysis, which cannot be ignored.
Risk calculation is a mandate before any business initiates. Researching the market scenario, available resources and risk-benefit calculation is always required. Taking any decision in business without analysis of risk factors and elimination of those factors may lead to a complete failure.
The inputs of individual proactivity, opportunity and risk analysis leads to the determination of external locus of control. Hence, external locus of control is an outcome of the three inputs.
if you deposit $1000 in a savings account with an interest rate of 5% what will be the future value?
Answers
The future value of the amount deposited in the savings account, in a year's time, would be $ 1, 050.
How to find the future value ?To calculate the future value of the deposit, we can use the formula:
FV = PV x (1 + r)^n
Where FV is the future value, PV is the present value (in this case, $1000), r is the interest rate (5%, or 0.05 as a decimal), and n is the number of compounding periods.
Assuming that the interest is compounded annually, n would be 1. So, plugging in the values, we get:
FV = 1, 000 x (1 + 0.05) ¹
FV = 1, 000 x 1.05
FV = 1, 050
Therefore, the future value of the deposit would be $1050 after one year, assuming an interest rate of 5% and annual compounding.
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This morning I ordered my standard coffee refill from the Global Cafe for $1.09 (it is a lot cheaper if you are bringing your own cup). Before tax, a Venti Carmel Machiatto cost $4.95. Let's call the difference between the two $4. Assume that you buy coffees every week during the 52 week year. If you drop down from the Carmel Machiatto to a basic coffee, save $4 each time, and invest that $4 in an account that returns 6% per year, how much will you have in your account after 40 years? Do this on a monthly basis ($4 * 5 * 4 = $80) and use an interest rate of 6%/12 = 0.5% per month. Does this make you think twice about that expensive Carmel Machiatto calorie bomb?
Answers
Answer: $159,319.26
Explanation:
The monthly contribution of $80 is constant so this is an annuity. As we are to find the value after 40 years, this is a future value calculation.
No. of periods = 40 years * 12 months = 480 months
Interest = 0.5%
\(Future Value of Annuity = Contribution * \frac{[(1 + r)^{n} - 1]}{r} \\\\= 80 * \frac{[(1 + 0.005)^{480} - 1]}{0.005}\\\\= 159,319.2587\)
= $159,319.26
I think savings that add up to $159,319.26 will make most people think twice about the expensive Carmel Machiatto calorie bomb.
Need help on these please
Answers
Sales tax and VAT are both examples of indirect taxes, which are levied by the seller at the time of sale and paid or sent to the government on the buyer's behalf. Thus option (B) is correct.
What is government?The term government refers that the system which was governed by a state or a country in it, we see there are different governments are being there in states the government is made by the people and govern for the people also in it. There is a system being made and under the system, the government is being run.
A consumption tax that charges consumers for their purchases. Because sales taxes are typically passed on to customers at the moment of sale, it is classified as a consumption tax. A sales tax is an example of an indirect tax, meaning it is not paid to the government directly like an income tax is.
Therefore, Thus option (B) is correct.
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Northern Optical ordinarily sells the X-lens for $50. The variable production cost is $10, the fixed production cost is $18 per unit, and the variable selling cost is $1. A customer has requested a special order for 10,000 units of the X-lens to be imprinted with the customer’s logo. This special order would not involve any selling costs, but Northern Optical would have to purchase an imprinting machine for $60,000. What is the rock bottom minimum price below which Northern Optical should not go in its negotiations with the customer? *
Answers
Answer:
$34
Explanation:
The minimum price to accept for the special order is the one that takes into consideration the cost of buying imprinting machine at the cost of $60,000.
The minimum price would contain variable cost of $10,fixed production cost of $18 ,$0 variable selling cost but includes $6 per unit of the imprinting machine cost i.e $60,000/10,000
The cost sums to be $34 i.e $10+$18+$0+$6.
The fixed cost per unit would also have been excluded if it was confirmed that the company has idle capacity
On June 10, Wildhorse Company purchased $7,000 of merchandise from Sandhill Company, terms 3/10, n/30. Wildhorse Company pays the freight costs of $430 on June 11. Goods totaling $300 are returned to Sandhill Company for credit on June 12. On June 19, Wildhorse Company pays Sandhill Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Required:
a. Prepare separate entries for each transaction on the books of Wildhorse Company.
b. Prepare separate entries for each transaction for Sandhill Company. The merchandise purchased by Wildhorse Company on June 10 cost Sandhill Company $2,180, and the goods returned cost Sandhill Company $200.
Answers
Answer:
In the books of Wildhorse Company
a. Journal Entries:
June 10:
Debit Inventory $7,000
Credit Accounts Payable (Sandhill Company) $7,000
To record the purchase of merchandise, terms 3/10, n/30.
June 11:
Debit Freight-in $430
Credit Cash $430
To record the payment of freight costs.
June 12:
Debit Accounts payable (Sandhill Company) $300
Credit Inventory $300
To record the return of goods for credit.
June 19:
Debit Accounts payable (Sandhill Company) $6,300
Credit Cash $6,099
Credit Cash Discount $201
To record the payment on account.
b. In the books of Sandhill Company
June 10:
Debit Accounts Receivable (Sandhill Company) $7,000
Credit Sales Revenue $7,000
To record the sale of merchandise, terms 3/10, n/30.
Debit Cost of Goods Sold $2,180
Credit Inventory $2,180
To record the cost of goods sold.
June 12:
Debit Sales Returns $300
Credit Accounts receivable (Sandhill Company) $300
To record the return of goods for credit.
Debit Inventory $200
Credit Cost of goods sold $200
To record the cost of goods returned.
June 19:
Debit Cash $6,099
Debit Cash Discount $201
Credit Accounts receivable (Sandhill Company) $6,300
To record the receipt of cash on account.
Explanation:
The entries in the books of Sandhill Company and Wildhorse Company are opposite in some respects. However, not every transaction affects the two companies equally.
What happens if an eyewitness gets subpoena and he decides not to go to court?