On May 10, 2017, Vaughn Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greig agrees to pay the full contract price of $1,990 on July 15, 2017. The cost of the goods is $1,310. Vaughn delivers the product to Greig on June 15, 2017, and receives payment on July 15, 2017. Prepare the journal entries for Vaughn related to this contract. Either party may terminate the contract without compensation until one of the parties performs.

Answers

Answer 1

Answer:

June 15, 2017, goods sold on account to Greig

Dr Accounts receivable 1,990

    Cr Sales revenue 1,990

Dr Cost of goods sold 1,310

    Cr Merchandise inventory 1,310

July 15, 2017, payment collected from Greig

Dr Cash 1,990

    Cr Accounts receivable 1,990

The transaction must be recorded only after some type of consideration is exchanged between the parties.


Related Questions

A small publishing company is planning to publish a new book. The production costs will include one-time fixed costs (such as editing) and variable costs (such as printing). The one-time fixed costs will total 49982. The variable costs will be $8.50 per book. The publisher will sell the finished product to bookstores at a price of 25.25 per book. How many books must the publisher produce and sell so that the production costs will equal the money from sales

Answers

Answer:

Break-even point in units= 2,984 units

Explanation:

Giving the following information:

The one-time fixed costs will total 49982. The variable costs will be $8.50 per book. The publisher will sell the finished product to bookstores for 25.25 per book

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 49,982/ (25.25 - 8.5)

Break-even point in units= 2,984 units

An arrangement where a property developed by the seller is sold to a buyer. The seller retains occupancy of the premises by signing a lease with the buyer. The seller, now the tenant, pays taxes, utilities, insurance and operating costs. This is called a ___________. This is a common practice for Walmart and Rite-Aide and many other businesses Group of answer choices sale rental agreement net lease investment lease-purchase option nome of the other answers

Answers

Answer:

B. net lease investment

Explanation:

The net lease investment is a type of commercial real estate arrangement where the tenant of a property is expected to pay rent along with either taxes, insurance, and maintenance. There are different types of net lease agreements. We have the;

1. Single net lease agreement where the tenant is expected to pay rent along with property taxes. The landlord pays for the operating costs of the property.

2. Double net lease agreements where the tenant, also known as lessor pays the rent, property taxes, and insurance. The landlord pays for the operating costs.

3. The triple net lease agreements where the tenant pays the rent, property insurance, and taxes, as well as the operating costs of maintenance.

Most businesses in the United States such as FedX, McDonald's, Walmart, and many others use this kind of real estate arrangement.

Sheridan Company, had 837000 shares of common stock issued and outstanding at December 31, 2017. On July 1, 2018, an additional 40600 shares of common stock were issued for cash. Sheridan also had unexercised stock options to purchase 31400 shares of common stock at $15 per share outstanding at the beginning and end of 2018. The average market price of Sheridan's common stock was $20 during 2018. What is the number of shares that should be used in computing diluted earnings per share for the year ended December 31, 2018

Answers

Answer:

865,150  shares  

Explanation:

The calculation of shares for diluted earning per share is shown below:-

Shares for diluted earning per share = Outstanding shares + Issued shares + Stock option

= 837,000 + (40,600 × 6 ÷ 12) + ((31,400 - (31,400 × $15 ÷ $20)

= 837,000 + 20,300 + 7,850

= 865,150  shares

Therefore we have applied the above formula.

XYZ assigns $6,000,000 of its accounts receivables as collateral for a $2 million 8% loan with a bank. Sun Inc. also pays a finance fee of 1% on the transaction upfront. What would be recorded as a gain (loss) on the transfer of receivables

Answers

Answer:

$0

Explanation:

Data provided in the question

Account receivable assigned = $6,000,000

For Collateral = $2 million

Percentage = 8%

Finance fee = 1%

Based on the above information, the amount of gain or loss that should be recorded at the time of transfer of receivable is zero as the account receivable is used for a collateral purpose ,not for sale purpose

Therefore, the $0 should be recorded

A more professional focus of running events started to take place during the late 1800s. The catalyst for such a professional focus emphasis occurred due to A. the number of career opportunities. B. the multitude of events that were occurring. C. television's impact on events. D. a desire to increase profits.

Answers

Answer: D. a desire to increase profits

Explanation:

During the late 1800s, a more professional focus of running events began to take place. The main reason for such a professional focus emphasis occurred due to a desire to increase profits.

It was realized that having a more professional focus on running events could bring about more funds and also bring about more intersted spectators.

Identify two prices indices?

Answers

Answer:

Some notable price indices include:

Consumer price index.

Producer price index.

Employment cost index.

Export price index.

Import price index.

GDP deflator.....

Answer:

consumer price indexproducer price index

Explanation:

consumer price index: it measures changes in the price level of a weighted average market basket of consumer goods and services purchased by households.

producer price index: it is a price index that measures the average changes in prices received by domestic producers for their output.

A greenfield venture in a foreign market is A. one where the company creates a subsidiary business by setting up all aspects of the operation upon entering the market from the ground up. B. one where foreign facilities and marketing strategies are shared withlocal businesses. C. one where the company learns through training by the foreign entity on how to compete. D. one that supports exports into a foreign market by marketing indirectly thru local rivals. E. one that offers lower risk and a faster path to returns by building in rural areas.

Answers

Answer:

A. one where the company creates a subsidiary business by setting up all aspects of the operation upon entering the market from the ground up.

Explanation:

Greenfield Investment is one of the types of foreign direct investment. In this type of investment, new branches of a company are created in different countries. The operational team functions from the parent company. The parent companies have full control over the functioning, control, and quality of the subsidiary companies. The employees are provided with the training of the standard level as proposed by the parent company.

Ashley bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $350 more than the desktop. She paid for the computers using two different financing plans. For the desktop the interest rate was 7% per year, and for the laptop it was 6% per year. The total finance charges for one year were $398. How much did each computer cost before finance charges

Answers

Answer:

Laptop = $3250

Desktop = $2900

Explanation:

Total finance charge = $398

Laptop cost = 350 + x

Desktop = X

Workings

Finance cost = (7% *X ) + (6% * 350+x ) = 398

0,07 X + 0.06 X + 21 = 398

0.13 X + 21 = 398

0.13 X = 398 -21

0.13 X = 377

Therefore ,X = 377/0.13

=2900

Cost of Desktop = 2900

Cost of Laptop =2900+350 =3,250

why does human want change over a period of time ?​

Answers


Every human has a desire for better standards of living. For this, they need to change with their desires and wants for the better in terms of food, clothing, and living

Andrea hired Jack to be the sales agent for her paintings. However, in a month's time, she terminated the agency with Jack. Harold, a customer who had dealt with Jack earlier, was not aware of the termination. Harold approached Jack to buy a painting and wrote him a check of $5,000, the advance payment for the painting which Jack promised would be delivered in two weeks. When Jack did not contact Harold later, Harold demanded that Andrea honor the contract, since Jack sold the picture as her agent. Which of the following is true of this situation?
A. Since Jack had apparent authority, Andrea is liable to honor his contract with Harold.
B. Harold's duty was to contact Andrea. His failure to do this removes her liability to honor the contract.
C. Jack had express authority as Andrea's agent, which is not terminated with the termination of their agency.
D. As Andrea terminated the agency with Jack in violation of his rights, Jack has the direct authority to sell her paintings.

Answers

Answer:

A. Since Jack had apparent authority, Andrea is liable to honor his contract with Harold.

Explanation:

The Contract defines that when two or more persons bound for a purpose legally.

Contract = Agreement + enforceble

Here as per the given situation Andrea hired Jack as the sales representative for her portraits. She suspended the organisation with Jack though, in a month's time.

Harold, a client who had previously worked with Jack, was not informed of the closure. Harold contacted Jack to purchase a painting, and gave him a $5,000 check, the painting advance payment that Jack agreed would be shipped in two weeks.

As Jack later failed to reach Harold, Harold requested that Andrea uphold the deal, as Jack sold the picture as her agent

Andrea is liable to uphold his deal with Harold, as Jack had obvious authority.

Explain the importance of international employment

Answers

Answer:

having international workers allow organisation to be connected two other country markets as well.they get to know the best places to get resources and how to approach different countries through being thought business norms and culture by international employees.

Answer:

Employment created through the investment of a country or the partnership of countries is known as international employment. International employment are important to provide employment opportunities to people , help in bringing the investment of foreign capital , increase the pace of economic activities , provide environment to operate with foreign people's knowledge , skill and technology , create variation in material production etc.

A bagel company bakes a specialty bagel that it sells by the dozen every day. These specialty bagels can only be baked early in the morning before the store opens for business. The company estimates that the daily demand (in dozens) for its specialty bagel is distributed as follows: Specialty bagels arc sold by the dozen only at a cost of $9.00 per dozen. The cost to make one bagel is $0.50. Leftover specialty bagels arc sold by the dozen the next day for a 50% discount. The optimal number of specialty bagels that should be baked tomorrow (in dozens) is:________ a) 5 dozen. b) 4 dozen. c) 3 dozen. d) 2 dozen.

Answers

Answer:

b) 4 dozen

Explanation:

The computation of the optimal number of specially bagels i.e expected value is shown below:

As we know that

Expected value = Demand × probability

= 1 dozens × 0.10 + 2 dozens × 0.15 + 3 dozens × 0.20 + 4 dozens × 0.25 + 5 dozens × 0.30

= 0.1 + 0.3 + 0.6 + 1 + 1.5

= 3.5 dozen or 4 dozen

Hence, the correct option is b.

Margarita, age 30, used to work 80 hours a week as a corporate lawyer. this year she quit her job to take care of her five-month-old daughter. she is currently not looking for a job. the survey conducted by the bureau of labor statistics will count margarita today as choose one:

a. not in the labor force.

b. not in the working-age population.

c. a discouraged worker.

d. employed.

e. unemployed.

Answers

Answer: a) Not in the labor force

Explanation:

The category of people not in the labour force are those who either have no interest in working for someone, have retired, or has resigned(with no intentions to work for anyone). This category of persons have no interest in taking up job positions as they want to either rest, face another aspect of their life or can't work again due to their age. Margarita is in the category of those not in the labour force as she looks towards taking care of her daughter and won't be in for any job at the moment.

In an inert organizational culture, poor working relationships frequently develop between the organization and its employees. the organization tries to avoid layoffs. the organization emphasizes long-term employment. employees regularly receive rewards for their performance. values and norms help the organization build momentum.

Answers

Answer:

The correct answer is:  the organization emphasizes long-term employment.

Explanation:

An inert organizational culture is one that does not seek to adapt to new work processes and trends whose objective is to innovate and facilitate work and processes.

They are usually organizations whose culture is focused on more inflexible and rigid internal policies, whose focus is on the establishment of processes and does not focus on the relationships and integration of workers.

This type of organization focuses on long-term employment, which can culminate in the lack of innovation in personnel, ideas, processes and the improvement of total quality.

In an inert organizational culture, poor working relationships frequently develop between the organization and its employees the organization emphasizes long-term employment. Thus, option B is correct.

An organizational culture that is inert does not attempt to change in response to emerging trends and work processes with the aim of innovating and streamlining work and procedures.

They are often businesses whose internal rules are more strict and inflexible, whose emphasis is on establishing procedures rather than on fostering connections and worker integration.

Long-term employment is the main focus of this kind of organization, which can lead to a lack of innovation in staff, concepts, procedures, and overall quality.

Learn more about the inert organization here:

https://brainly.com/question/17185464

#SPJ6

"Jobs Now is an employment website. Like its competitors, it offers free listings in every category, which is free for job seekers but not for companies. This feature of Jobs Now is an example of"

Answers

Answer:

A revenue model

Explanation:

A revenue model is a business organizational framework and strategy  for balancing a business expenditure and income generation per revenue stream outlined by the business by identification of the veritable revenue sources, the structure of the pricing for the access to the value derived from the revenue source, as well as how customers are to pay for the value of the services of the revenue source

In essence, a revenue model maps value to buyers of a given valuable product.

Johnstone’s Realty is a new discount, menu-based brokerage firm. Its approach usually results in a lower listing commission rate than other firms offer. Johnstone’s also offers a lower cooperating brokerage split than most other firms. Business is booming for Johnstone's, and the remaining firms in town are concerned. These brokers agree to not show Johnstone’s listings to their buyer clients. What is this an example of?

Answers

Answer:

"Group boycotting " is the right solution.

Explanation:

Team or group boycott corresponds to something like an organization's decided reluctance to work with some other company unless they prevent from working with such a possible rival attempting to expand the marketplace. This seems to be an accepted-upon reluctance by rivals to negotiate with another company unless someone prevents people from negotiating with a possible opponent pursuing market entry.

So that the given scenario would be an example of Group boycotting.

Economic profit in the long run is: Group of answer choices possible for both a pure monopoly and a pure competitor. possible for a pure monopoly but not for a pure competitor. impossible for both a pure monopolist and a pure competitor. only possible when barriers to entry are nonexistent.

Answers

Answer:

possible for a pure monopoly but not for a pure competitor

Explanation:

The economic profits are the profits in which the firm could be earned by the market power

As we know that in the perfect competition there is a freedom for entry and exit to the markets and also in this no market power due to which its profits are zero

Therefore it should be possible for the pure monopoly, not the pure competitor

Hence, option b is correct

Mark, the sales manager at Lance Motors has called for a meeting with all his sales representatives. He wants to give them feedback, and set new guidelines regarding their annual targets. With reference to the transmission phase of communication, which of the following best describes Mark's role?
A) Recipient
B) Sender
C) Messenger
D) Receiver
E) Decoder

Answers

Answer:

B) Sender

Explanation:

As we know that the communication process consists of 6 things i.e sender, encoding, medium, receiver, decoding, and feedback so that the communication process could become efficient and effective

Here Mark who is the sales manager and wants to give feedback and set new guidelines for the annual targets

So here the Mark role is of the sender

hence, the correct option is B.

function of the money.​

Answers

Answer:

The function of money is that it allows us to buy things and exchange it for things we want.

What strategy benefits both companies and employees since it increases a company's ability to recruit and retain workers and allows employees to balance work and home life by allowing them to choose their starting and ending times, as long as they are there during a specified core period

Answers

Answer:

Dont know sorry

Elderly travelers as well as those who are physically challenged find it hard to climb stairs when they are allotted motel rooms which are not on the first floor.The Convenience Inn has succeeded in catering to this specific group of customers via its motels,all of which have one floor of rooms with no stairs to climb.Which of the following refers to The Convenience Inn's success in identifying distinct groups of consumers whose needs,wants,and purchasing behavior differ from others in important ways?A) market penetrationB) market developmentC) market segmentationD) product developmentE) diversification

Answers

Answer:

C) market segmentation

Explanation:

The market segmentation refers to the segmentation of the market i.e division that are depended upon various attributes like the same interested, needs, locations, taste and preferences. It could be behavior, geographical, psychographic, demographic, etc

In the given situation, since Convenience Inn is succeeded in catering to the particular customer groups so this represents the market segmentation

Assume that you plan to buy a share of XYZ stock today and to hold it for 2 years. Your expectations are that you will not receive a dividend at the end of Year 1, but you will receive a dividend of $9.25 at the end of Year 2. In addition, you expect to sell the stock for $150 at the end of Year 2. If your expected rate of return is 16 percent, how much should you be willing to pay for this stock today?

Answers

Answer:

Price to be paid today = $118.35

Explanation:

The price of a share can be calculated using the dividend valuation model  

According to this model the value of share is equal to the sum of the present values of its future cash dividends discounted at the required rate of return.  

The model can applied as follows:

PV of dividend = D×(1+r) ^(-n)

D- dividend , r - required rate , n- number of year

D- 9.25,  r - 16%, n = 2

PV of dividend = 9.25 × (1.16)^(-2)= 6.9

PV of disposal value

PV of dividend = F ×  (1+r) ^(-n)

D- disposal value  , r - required rate , n- number of year

PV of disposal value  = 150 × (1.16)^(-2)= 111.47

Price to be paid today

Total present value  =  6.9  +  111.47  = 118.35

Price to be paid today = $118.35

Considere que a empresa vale dos lirios Ltda, recebeu por meio de caixa, o valor registrado an conta de clientes referente a venda efetuada no mês de marco/2020- no valor de $3.400,00. Qual a alternativa que corresponde o método das partidas dobradas?

Answers

Responda:

Por favor, verifique a explicação

Explicação:

O método de dupla entrada simplesmente se refere a um princípio contábil em que cada transação realizada tem um registro duplo, ou seja, se uma operação de crédito é realizada, o débito correspondente é registrado, da mesma forma, quando ocorre um débito, o lançamento a crédito correspondente também é registrado ao lado.

No cenário acima, a entrada de débito do ativo adquirido pelo cliente à vista de R 3.400 enquanto a vale Lirios Ltda é creditada com o dinheiro recebido na venda de seu ativo.

Ativo Caixa R $ 3.400 - - - - Débito

vale Lirios Ltda (ativo) R $ 3.400 - - - crédito

Seneca owns an interior painting service. Seneca promises Fran, a homeowner, that Seneca will paint the outside of Fran’s house. Seneca knows that all of the painter-employees are busy for the next two months and really does not intend to paint Fran’s house. In this case, Seneca’s tortious behavior is known as:

Answers

Answer:

Promissory fraud.

Explanation:

In this scenario, Seneca owns an interior painting service. Seneca promises Fran, a homeowner, that Seneca will paint the outside of Fran’s house. Seneca knows that all of the painter-employees are busy for the next two months and really does not intend to paint Fran’s house. In this case, Seneca’s tortious behavior is known as promissory fraud.

Promissory fraud can be defined as a promise made by an individual or business entity (promisor), when in actual fact they have absolutely no intention to perform the actions or fulfil the promise when it was made the other party.

Hence, Seneca exhibited a promissory fraud because he is aware that all of the painter-employees are busy for the next two months and really does not intend to paint Fran’s house.  

"Literacy is prerequisite of development. Justify this statement with examples.​

Answers

Answer:

The classification of the subject in question is mentioned throughout the paragraph below.

Explanation:

Literacy seems to be a developmental requirement since knowledge and learning require the ability or skills to read and understand. Each body produces to speak and understand skills. Upcoming generation, as well as young ones, is incredibly knowledgeable, individuals who could get strong knowledge only need a graduate assistantship.

Little Tots Gym has a required rate of return of 13%. The gym is considering the purchase of $12,500 of new equipment. The internal rate of return on the project has been calculated to be 11%. This project:________

Answers

Answer:

This project is good and be should be accepted for implementation.

Explanation:

The IRR is the discount rate that equates the present value of cash inflows to that of cash outflows. At the IRR, the Net Present Value (NPV) of a project is equal to zero  

If the IRR greater than the required rate of return , we accept the project for implementation  

If the IRR is less than that the required rate , we reject the project for implementation  

For  Little Tots Gym, the IRR of the project (13%) is higher than the required rate of return of 11%, hence the project is good and be should be accepted for implementation

In the course of selling a home to a buyer, a broker told the buyer that the home's foundation was "solid as a rock", when he knew for a fact that it was slowly sinking into the landfill on which it was built. In this situation, the broker's conduct would be BEST defined as a

Answers

Answer:

willful misrepresentation

Explanation:

Willful misrepresentation is an intentional act or misrepresentation of facts with an intent to deceive. It is an intentional action taken by one party, which constitutes a breach of representation with an intent or act to mislead the other party to whom such representation was made.

The above scenario is an example of wilful misrepresentation because the broker knew that the foundation of the house was faulty but willfully misrepresented fact by telling the buyer that the home's foundation was 'solid as rock'.

Crystal Ship Knitwear, Inc., is expanding its offerings from handmade winter hats, scarves, and gloves to include clothing such as sweaters and knit outerwear. At the same time, it wants to open two retail stores and not rely entirely on online sales. To staff the new manufacturing facilities and brick-and-mortar stores properly, the company should conduct a(n) Group of answer choices

Answers

Answer: demand forecast

Explanation:

Demand forecast simply means predicting the demand for a particular good or service in order to determine supply and also make other necessary management decisions.

Based on the information that were provided in the question, to staff the new manufacturing facilities and brick-and-mortar stores properly, the company should conduct a demand forecast.

Which of these could be an option after high school for a person who wants to further his education but doesn't want to take out student loans?

Answers

Hi there,

I can not find the complete question to  help choose an option. I wil list out a variety of answers and you would be able to choose any that suits your question.

Answer/Explanation:

As an high school leaver that wants to further his education but that doesn't want to take student loans to do it, there are a variety of option such high school leaver can choose from.

1. work and study: this simply means that the high school leaver can decide to work alongside college or university as use the money from the job to settle university bills.

2. Scholarships: Am high school leaver can try scholarship opportunities tourther his education. A scholarship can be said to be a philanthropic act by a body or individual to reward or help individuals with tuition and other things as stated in the terms and conditions.

3. Setup a funding site: an high school leaver can set up a funding site in which donations can be made to fund the higher education.

Cheers.

what general political Trend coincided with the significant increase in private and corporate spending

Answers

What general political trend coincided with a significant increase in private and corporate spending in political campaigns at the turn of the 21st-century

Answer:

A withdrawal of people from the public sphere

Explanation:

At the beginning of 21-century or the new millennium, various research have shown that, coupled with the advent of the internet fair loss of interest in active politics by the general populace, a larger percentage of the general public has withdraw from the public space in terms of politics. This has led to substantial increase in private and corporate spending in political campaigns at the turn of the 21st-century.

Hence, the right answer is: A withdrawal of people from the public sphere

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