On November 10 of the current year, Flores Mills sold carpet to a customer for $7,600 with credit terms 4/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On November 10 of the current year, Flores Mills sold carpet to a customer for $7,600 with credit terms 4/10, n/30. Flores uses the gross ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
In the context of budget deficits, what is crowding out? (A) when government borrowing leads to higher interest rates and corresponding decreases in private investment (B) when a multiplier effect magnifies the effect of increases in income and
Answers (1)
The current USD/euro exchange rate is 1.4000 dollar per euro. The six month forward exchange rate is 1.3950. The six month USD interest rate is 1% per annum continuously compounded. Estimate the six month euro interest rate.
Answers (1)
Firms that spend the greatest percentage of their revenue on advertising tend to be firms that sell A. goods produced by natural monopolies. B. highly-differentiated consumer goods. C. agricultural products. D.
Answers (1)
Amble Inc. exchanged a truck with a book value of $12,000 and a fair value of $20,000 for a truck and $5,000 cash. The exchange has commercial substance. At what amount should Amble record the truck received? a.$12,000b.$15,000c.$20,000d.$25,000
Answers (1)
Fisher Company has 1,000,000 share of common stock with a par value of $10. Additional paid-in capital totals $10,000,000 and retained earnings is $12,000,000. The directors declare a 6% stock dividend when the market value is $5.
Answers (1)
New Questions in Business
A firm has sales of $3,340, net income of $274, net fixed assets of $2,600, and current assets of $920. The firm has $430 in inventory. What is the common-size statement value of inventory?
Answers (1)
According to the graph, how do expansionary fiscal policies affect the economy? a. The government decreases spending to save more money. b. The government increases spending to raise output of goods and services and create jobs in the short term. c.
Answers (1)
John and Barb could have drawn attention to their services in several ways by using effective integrated marketing communications.
Answers (1)
What's it called when you look in the internet for medical symptoms?
Answers (1)
Rob Grier, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the remainder financed by a 10.5%, 20-year mortgage, payable at $998.38 per month.
Answers (1)