User Account

All Pages

What effect does using the gross method have

Assignment Help Other Subject
Reference no: EM132735613

Question: Company X sold merchandise for $50,000 with terms 3/30, n/90 on January 1. On January 29, Company X received half the payment in cash. On March 1, they received the remaining half. Prepare the journal entries to record the sale and the receipt of cash under (1) the gross method and (2) the net method.

What effect does using the gross method vs. the net method have on the company's current ratio after the sale? After the receipt of cash?

Reference no: EM132735613

Questions Cloud

Compute taxable income and income taxes payable : Novak's pretax financial income for 2020 is $312,000, and the tax rate is 30% for all years. Compute taxable income and income taxes payable
Why is planning an audit important : Why is planning an audit important? Explain the different activities involved in planning an audit. Differentiate audit plan, audit strategy and audit program.
Prepare a continuous Statement of Comprehensive Income : Operating expenses of $2,110,000, including depreciation and amortization of $505,000. Prepare a continuous Statement of Comprehensive Income
Prepare the journal entry to record the exchange : Marigold also paid $530 in the transaction. Prepare the journal entry to record the exchange, assuming the exchange lacks commercial substance
What effect does using the gross method have : Company X sold merchandise for $50,000 with terms 3/30, n/90 on January 1. On January 29, Company X received half the payment in cash.
Find the maximum capital cost allowance for the current year : At the beginning of the year the undepreciated capital cost of the building was $330,000. Find the maximum capital cost allowance for the current year
What are the relevant internal revenue codes : As an investment, George started a chain of barbecue restaurants called George's Wonderful Ribs. What are the relevant internal revenue codes
Record appropriate journal entry for each of transactions : Assuming that Borland retires shares it reacquires, record the appropriate journal entry for each of the following transactions
Compute the break-even sales : Sales Mix and Break-Even Sales Dragon Sports Inc. manufactures and sells two products, baseball bats and baseball gloves. The fixed costs are $279,300.

Reviews

Write a Review

Other Subject Questions & Answers

  Basic medical care is a right of citizenship?

basic medical care is a right of citizenship?

  Violence that infused life for african americans

What to the Slave is the Fourth of July, Douglass ties his concerns to all humanity and what it means to enjoy the freedom that the Fourth of July represents

  Calculate the average marks for each student

To calculate the total marks for English, Maths and ICT - To calculate the average marks for each student and state whether they received a pass or fail.

  The porosity and the degree of saturation

A soil specimen has a water content of 16.3% and a wet unit weight of 15.43 KN/m^3. The specific gravity of the soils is found to be 2.72. Find the dry unit weight, the saturated unit weight, the void ratio, the porosity and the degree of saturation.

  What are your own thoughts on the given technology

Do you think Educational Institutions should use this type of technology? What about Employers? What are your own thoughts on this technology?

  Strategies that should be adopted by tourism organisations

Examine the strategies that should be adopted by tourism organisations in order to deliver a high level of service during the service encounter Critically examine the factors that marketers of tourism destinations should consider to successful..

  Affixes or use of obligatory categories

Unlike English, many languages index the gender of nouns in different ways (e.g., bases, affixes or use of obligatory categories). Based on the readings, discuss how Arabic does this and refer to at least two other languages you may be familiar wi..

  Write a paper on the history of sociological criminology

Review the history of sociological criminology.Reflect on which theory may have the biggest effect on triggering crime and include your rationale.

  What were the changes implemented by immigration act

What were the changes implemented by the 1990 Immigration Act? How did the DREAM act of 2012 impact the nation (ch 32)?

  Is your dv a quantitative or categorical variable

You should be familiar with the experiment that has been chosen for the team research project before attempting to answer these questions, Is your DV a quantitative or categorical variable

  How positive psychology different from pathogenic psychology

Discuss how positive psychology is different from pathogenic psychology. Substantiate your answer with appropriate reasons.

  Restate your research hypothesis and your expected result

The results you expect from the inferential statistics. Restate your research hypothesis and your expected result. Who would benefit from this study and why?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd