When making a recommendation of a 10 year treasury note to a customer, the most important risk consideration is:________
a. liquidity risk
b. credit risk
c. market risk
d. call risk
Answers
Option C. market risk
A place where wealth is kept. b : places of deposit and payment of collected funds, in particular: places of deposit, storage and payment of public revenues;
The Treasury Department operates and maintains essential systems of the nation's financial infrastructure, including the production of coins and currency, payments to the American people, collection of revenues, and raising of funds for operations.
You can purchase short-term Treasury bills on Treasury Direct, the US government's portal for purchasing US Treasury bills. Short-term Treasury bills can also be bought and sold through banks or brokers. If you don't hold government bonds to maturity, the only way to sell them is through a bank or broker.
Treasury bills and government bonds are securities that pay a fixed interest rate every six months until the security matures, with the Treasury paying the face value. The only difference between them is the length to maturity. The maturity of Treasury Bills is 1 to 10 years from the date of issue.
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Related Questions
What is meant by internet?
Answers
Answer:
internet is a vast computer network providing communication and information throughout the world and it is easily accessible nowadays ❤️
what is internet?.
the internet can be defined as network of networks.
Jane and Arthur Patrikson are happy that their daughter is graduating from high school. They gift their daughter $25,000, with $12,500 being paid out of Mr. Patrikson's account and the remaining from Mrs. Patrikson's account. What will be the gift tax payable by the Patriksons on account of the above transaction
Answers
As both Mr. and Mrs. Patrikson's gifts are within the annual gift tax exclusion amount, the gift tax payable by the Patriksons on this transaction is $0.
Jane and Arthur Patrikson gift their daughter $25,000
$12,500 is paid from Mr. Patrikson's account and the remaining $12,500 from Mrs. Patrikson's account
To determine the gift tax payable, we need to consider the annual gift tax exclusion amount. In the United States, the annual gift tax exclusion for 2021 is $15,000 per recipient. This means that an individual can gift up to $15,000 to any number of recipients without incurring gift tax.
Now, let's apply this to the Patriksons' situation:
1. Mr. Patrikson gifts $12,500 to their daughter. This is within the annual gift tax exclusion of $15,000, so no gift tax is payable.
2. Mrs. Patrikson also gifts $12,500 to their daughter. This is also within the annual gift tax exclusion of $15,000, so no gift tax is payable.
As both Mr. and Mrs. Patrikson's gifts are within the annual gift tax exclusion amount, the gift tax payable by the Patriksons on this transaction is $0.
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Compare and contrast the features and benefits of a currently held credit card against a new credit card for which you are considering applying. Determine which of the two cards is better, according to your financial needs and goals, and tell why.
Answers
Answer:
ok
Explanation:
Currently held credit card can only do what ever you have left to do on it. for example whatever are the restrictions on your credit card and how much you can use for it and the interest. A new credit card can be better than the last one but can be harder to obtain if you have bad credit or just trying to get a lot of credit cards. which would also give you bad credit. The benefits would be you have the restrictions on the new card but you know you haven't made a single purchase on it yet so how much you can use it is more likely more than the previous card.
TOPIC OF THE TITLE IS : SMART BUS MANAGEMENT SYSTEM
,,
NOW, PREPARE A POWEPOINT /PRESENTATION SLIDE .PLEASE
MAKE THE SLIDES ACCORDING TO THE INSTRUCTION GIVEN
BELOW
TOPIC
INSTRUCTION FOR MAKING THE P
Topic The topic of this research is to develop a smart bus management system. Here this system will help bus driver and passengers to keep track of their destination, arrival, departure and payment. I
Answers
The topic of the presentation is "Smart Bus Management System," which aims to develop a system that assists bus drivers and passengers in tracking destinations, arrival and departure times, and payments.
The presentation will cover - problem statement, proposed solution, system components, real-time tracking and navigation, passenger information and convenience, driver management and efficiency, data analytics, implementation challenges, future scope, and recommendations.
The presentation will begin with an introduction, highlighting the significance of a smart bus management system and its benefits for both drivers and passengers. It will then delve into the existing problems faced in traditional bus management systems, such as inefficient scheduling and lack of real-time information. The proposed solution, a smart bus management system, will be introduced, focusing on its features and functionalities.
The presentation will cover the key components of the system, including real-time tracking and navigation, which enables passengers to track bus locations and plan their journeys more effectively. It will also address how the system provides passenger information and convenience through features like schedules, routes, and mobile ticketing options. Additionally, the presentation will explain how the system improves driver management and efficiency by optimizing routes, tracking passenger counts, and enhancing scheduling.
Data analytics and insights will be emphasized as an important aspect of the smart bus management system, enabling operators to analyze data for improving service quality, optimizing routes, and reducing operational costs. The presentation will discuss potential implementation challenges and provide strategies to overcome them. It will conclude by highlighting the future scope of the system and recommending further research and development in the field.
Throughout the presentation, visual aids such as diagrams, charts, and relevant images can be used to enhance understanding and engagement. The aim is to provide a comprehensive overview of the smart bus management system, its benefits, and its potential impact on improving bus services for both drivers and passengers.
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The function f(x) = 2,000(1 + )12t models the balance in a savings account.
The savings account had an initial balance of _ and compounds
_ at an interest rate of _
Answers
Answer:
In the exponential function f(x) = P(1 + )nt :
P = principal value
r = the annual interest rate
n = number of compounding periods in a year
t = time in years
For the given function, P = 2,000, r = 0.0225, or 2.25%, and n = 12. So, the interest compounds 12 times a year, or monthly.
Therefore, the savings account had an initial balance of $2,000 and compounds monthly at an interest rate of 2.25%.
Explanation:
Explanation from PLATO
Costas Company has beginning and ending raw materials inventories of $64,000 and $80,000, respectively. If direct materials used were $310,000, what was the cost of raw materials purchased?
a. $310,000.
b. $330,000.
c. $294,000.
d. $326,000.
Answers
The cost of raw materials purchased for Costas Company based on provided data is $326,000. Therefore, the correct option is d.
To find the cost of raw materials purchased for Costas Company, follow these steps:
1. Note the beginning raw materials inventory: $64,000
2. Note the ending raw materials inventory: $80,000
3. Note the direct materials used: $310,000
4. Use the formula:
Raw materials purchased = (Direct materials used + Ending raw materials inventory) - Beginning raw materials inventory
5. Plug in the values:
Raw materials purchased = ($310,000 + $80,000) - $64,000
6. Calculate:
Raw materials purchased = $390,000 - $64,000
7. Calculate:
Raw materials purchased = $326,000
The cost of raw materials purchased for Costas Company is $326,000, hence option d is correct.
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1. Buyers, sellers, and producers all have someone else they are competing with for economic benefits. This is known as:
O competition
O monopoly
O collusid
O cartels
Answers
Answer:monopoly
Explanation:
Provide the name of two business competitors that manufacture and sell the same product. Be sure to name the products.
Answers
Answer:
1. Coke vs Pepsi: product include Cold Beverage
2. Nike vs Reebok: product include sporting goods
Tri-State also prides itself on helping with school lunch programs in disadvantaged school districts. In the past, it has helped organizations like the Salvation Army and Red Cross when natural disasters occur across the United States, but this is on an as-needed basis. How would you classify Tri-State's social actions?
Answers
Tri-State's social actions encompass elements of both CSR and disaster relief philanthropy.
Corporate Social Responsibility (CSR): Tri-State's involvement in helping school lunch programs in disadvantaged school districts reflects its commitment to social responsibility. By supporting these programs, Tri-State is actively contributing to the well-being and development of local communities. This aligns with the CSR concept, which emphasizes a company's ethical and responsible behavior towards its stakeholders, including the community.
Disaster Relief Philanthropy: Tri-State's support for organizations like the Salvation Army and Red Cross during natural disasters demonstrates its engagement in disaster relief philanthropy. By providing assistance during such crises, Tri-State is actively contributing to relief efforts and helping affected communities recover and rebuild. Although this support is on an as-needed basis, it reflects a commitment to philanthropic actions aimed at addressing critical needs during times of crisis.
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which department is usually responsible for a labor price variance attributable to misallocation of workers? question 17 options: quality control purchasing engineering production
Answers
The department usually responsible for a labor price variance attributable to the misallocation of workers is production.
The labor price variance measures the difference between the actual cost of labor and the standard cost of labor. When workers are misallocated, it means that they are not being assigned to the correct job or task, which can result in inefficiencies and increased labor costs.
The production department is responsible for managing and coordinating the activities involved in producing goods or services, including the allocation of labor resources. Therefore, any variance in labor costs due to misallocation of workers is typically the responsibility of the production department.
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Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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True or False When evaluating the choice you made you should never second guess your decision? Pls help
Answers
Answer:
False. When you want to make a decision, you have to think about the consequences. Good or bad? Will it affect someone mentally? Will it help you in the future? It's about the consequences.
Explanation:
three managers of the magic potion company are discussing a possible increase in production. each suggests a way to make this decision. harry: we should examine whether our company’s productivity – gallons of potion per worker – would rise or fall. ron: we should examine whether our average cost – cost per worker – would rise or fall. hermione: we should examine whether the extra revenue from selling the additional potion would be greater or smaller than the extra costs. who do you think is right? why?
Answers
Answer:
harry
Explanation:
because he is thinking of the productivity of workers first
A solution was made by dissolving 800. 0 g of NaOH in 25,200 g of water. Calculate the morality, molality, and mole fraction of NaOH
Answers
The morality, molality, and mole fraction of NaOH is mathematically given as
morality= 4 ppmmolality=0.7936mx1 = 0.152What are the morality, molality, and mole fraction of NaOH?
Question Parameters:
A solution was made by dissolving 800. 0 g of NaOH in 25,200 g of water.
Generally, the equation for the Molality is mathematically given as
molality = (mass / molar mass) x (1/ weight of solvent kg)
Therefore
M= (800 /40) x (1 /25.2)
M=0.7936m
Therefore
m= 10 x 18 / 1000
m= 0.18
Hence
x1 = 0.18 - 0.18 x1
1.18 x1 = 0.18
x1 = 0.152
Where the mole fraction is x1 = 0.152 The mass is
m= (800 / 800 + 2000) x 1000
m= 28.57 %
Hence the morality
molality = mg /L
molality= 8000 x 10^-3 / 2 L
morality= 4 ppm
In conclusion, the morality, molality, and mole fraction of NaOH are given respectively as
morality= 4 ppm
molality=0.7936m
x1 = 0.152
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True or false is April 15th is an important date for people who have a job.
Answers
Answer:
true
Explanation:
its Tax Day so they are very busy
acknowledging sources in the body of a report is appropriate for academic work, but never in business. true or false
Answers
False. It is acceptable to cite sources in the body of a report for both academic and professional writing.
Why acknowledging sources in the body of a report is appropriate for academic work, but never for business?
Correctly referencing sources is a crucial part of the research process in academic writing. It is crucial to acknowledge the primary writers and scholars who have made significant contributions to the corpus of knowledge in a certain discipline. Plagiarism, a major academic offence, can be charged when sources are not correctly cited.
Acknowledging origins is crucial in business. Business reports frequently incorporate information and analysis from a range of sources, including market research, industry studies, and financial analysis. In addition to giving credit to the original writers, citing these sources builds credibility and confidence with the report's audience. Furthermore, accurate citation of sources helps shield the business from any potential legal problems brought on by copyright infringement.
In general, citing sources encourages openness, dependability, and trustworthiness in all kinds of writing. It is crucial to follow this format in all reports, whether they are for academic or professional purposes.
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Bought a motor van by cheque would result in
A. Increase in motor van and decrease in bank
B. Decrease in motor van and increase in bank
C. Increase in motor van and increase in capital
D. Increase in motor van and decrease in capital
Answers
Answer:
The answer is B.
Hope this helps!
Answer:
B one is correct
Explanation:
mark me brainlist
What types of planning can be done to improve a nation’s economy?
A nation can undergo
planning or
planning in order to improve its economy.What types of planning can be done to improve a nation’s economy? A nation can undergo planning or planning in order to improve its economy.
Answers
There are various types of planning that can be done to improve a nation's economy. Some of the key types of planning that can be implemented include:
Development Planning: This involves developing strategies to enhance economic growth, create new job opportunities, and increase productivity. It includes investments in infrastructure, education and skills development, research and development, and attracting foreign direct investment.
2. Fiscal Planning: This involves planning and managing a nation's public finances in a responsible and sustainable manner. It includes developing sound fiscal policies, managing public debt, and ensuring that tax revenues are used effectively to support economic growth and development.
3. Monetary Planning: This involves managing a nation's money supply, interest rates, and exchange rates to promote economic stability and growth. It includes implementing sound monetary policies, regulating financial institutions, and managing inflation.
4. Trade Planning: This involves developing policies and strategies to promote trade and investment both domestically and internationally. It includes developing trade agreements, reducing trade barriers, and promoting exports.
5. Environmental Planning: This involves developing policies and strategies to promote sustainable development and protect the environment. It includes investing in renewable energy sources, promoting energy efficiency, and managing natural resources in a sustainable manner.
In summary, planning can play a vital role in improving a nation's economy. By implementing sound economic, fiscal, monetary, trade, and environmental policies, nations can create a more stable, sustainable, and prosperous economic environment for their citizens.
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Which nims management characteristic refers to the number of subordinates.
Answers
n the context of the 5s principles, refers to ensuring that each item in a workplace is in its proper place or identified as unnecessary and removed. a. sort b. sustain c. standardize d. set in order
Answers
A. sort refers to ensuring that each item in a workplace is in its proper place or identified as unnecessary and removed.
A workplace or place of employment is a place in which human beings perform duties, jobs and tasks for his or her corporation. varieties of places of work range across industries and may be interior a building or outside. workplaces can be cellular, and some people may match in exclusive places on various days.
Your administrative center is the location in which you're hired and in which you visit work each day. The workplace in which you go to work each day to do your job is an example of your workplace.
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Many large corporations like Coca-Cola, Ford, Nike, and McDonald's were started many years ago by:
Answers
Large corporation is defined as a corporation or unitary group of corporations that, for any of the three taxable years immediately prior, has federal taxable income of $1,000,000 or more, exclusive of any federal net operating loss or capital loss carrybacks or carryovers.
In 1940, brothers Maurice ("Mac") and Richard McDonald opened the first McDonald's restaurant in San Bernardino, California.
Mary (Lito got) and William Ford welcomed Henry Ford into the world on July 30, 1863, in Springwell's Township, Wayne County, Michigan. He was the sixth child in a family of four boys and two girls, making him the oldest.
Bill Bowerman and Phil Knight established the business on January 25, 1964, under the name "Blue Ribbon Sports." On May 30, 1971, the company changed its name to Nike, Inc.
The first glass of Coca-Cola was sold on May 8, 1886, at Jacobs' Pharmacy in downtown Atlanta by Dr. John Pemberton. In its first year, Coca-Cola served nine drinks each day, making it a novel beverage.
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the difference between fixed costs and variable costs is that ?
Answers
Answer: Variable costs change based on the amount of output produced.
Explanation: Companies incur two types of production costs: variable and fixed costs. Variable costs change based on the amount of output produced. Variable costs may include labor, commissions, and raw materials. Fixed costs remain the same regardless of production output.
Determine if each scenario is good credit or bad credit.
A FICO credit score of 800.
Always paying a late fee on monthly bills.
Closing all unused accounts.
✓ Not using all of the credit available on your credit cards.
SUBMIT ANSWER
O ASK FOR HELP
Answers
1) unsure
2) bad
3) good
4) good
but im PRETTY sure the first one is bad.. IM NOT SURE!!
How can you encourage people to participate in activities?.
Answers
Pay close attention to what you hear.
Spend some time listening and exercising patience.
Build relationships with friends and family.
What can you do to motivate individuals to engage in activities?Getting People InvolvedSetting the Scene Describe Your Process for Judging Participation.Enable Students to Prepare. Ask for written responses or unprompted writing.Encourage students' thinking. Do not ask pre-programmed or yes/no questions.Display Your Interest. Provide nonverbal support.Cooperate with all. Understand the person you are calling.What are the top motivators for people
Power. Some people are driven by things like fame, power, and self-improvement. Some people are unmistakably driven by self-mastery — the drive to learn and advance — as much as by the need for winning, praise, and recognition.
Engagement with others, financial gain, and passion.
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your company requires that all the data on your ebs-backed ec2 volumes be encrypted. how would you go about doing this?
Answers
Even if you don't use the encrypted=true request parameter, encryption by default enables you to guarantee that all newly generated EBS volumes in your account are encrypted at all times.
What holds true regarding the functionality of encryption with EBS?
What holds true regarding the functionality of encryption with EBS? When you take a snapshot of an encrypted volume, you generate an encrypted snapshot; when you restore an encrypted snapshot, you create an encrypted volume.
What steps should you take to safeguard the data on EBS volumes?
3 Important Things to Keep in Mind to Protect Data in Your Most Important EBS...
EBS Volume Encryption is the first.
Access Management, often known as how to prevent deletion of your EBS volumes, is item number two.
3 - How to Backup and Recover EBS Data Correctly
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Two Cournot duopolists compete in a market with inverse demand given by p = 190.00 – 2Q. where p is the per-unit price, q, is the output for firmi (either form 1 or firm 2), and Q = q1 +q2. Firm 1 has a cost function of c1(q1) = 2q^2 and firm 2 has a cost function of c2(q2) = 3q2. Assume no fixed costs. What is the optimal output for firm 1? What is the optimal output for firm 2?
Answers
10 units is the ideal production for firm 1, and 6.667 units is the ideal output for firm 2.
What is the company's ideal output?According to the firm's optimal output rule, a firm's profit is maximised by generating as much output as possible at a price where the last unit's marginal cost is equal to the market price.
What is the recipe for the best possible profit?According to the formula profit = Total revenue - Total expense, profit is determined. When the first order, MR = MC, and the second order are dependent on the first order, a corporation maximises profit. Regarding the time frame for making a profit and the objectives of the company, this idea contrasts from wealth maximisation.
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1) Government regulation like licensing requirements create barriers to entry prevents new
firms from developing and marketing products and services. This is done presumably to ensure
high standards for those industries that require licenses. However, often times it can create a
dearth of individuals allowed to do the job. How stringent should licensing requirements be for
the following groups:
1. Physicians
2. Attorneys
3. Teachers
4. Accountants
5. Architects
6. Taxi drivers
Discuss this with regard to market entry and exit, market power like monopolies and
oligopolies, as well as with regard to complaints that licensing requirements often do not match
the monetary gains of certain professions.
2) Think of an industry that has only a small handful of competitors in the market. How do
these types of organizations maintain market dominance? What risks do the individual firms in
your chosen industry take in an oligopoly dominated industry?
Answers
The level of stringency which a government can have for licencing requirements for the aforementioned groups is:
It should be high because the high standards should be maintained as these occupations, with the exception of taxi drivers are absolutely necessary to the social shaping of a community or nation.What are Government Regulations?This refers to the rules and laws which a government of a country places on certain things and areas so that there can be measures of quality.
With this in mind, we can see that in non essential areas that requires low to no skill sets, then the licencing requirements should be made low to encourage more participation, but at the same time, monitoring should be enforced to ensure that they are not acting out of bounds.
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Amit and Anil are partners sharing profits and losses in the ratio of 2: 1. Their Balance Sheet
31st March, 2023 was as follows:
Answers
Note that the financial account for Amit and Anil are evaluated below as follows.
What is the evaluation of Amit and Anil's account?Revaluation Account
Particulars Amount (₹) Particulars Amount (₹)
To Stock A/c 4,000 By Building A/c 15,000
To Provision for Doubtful Debts A/c 3,000 By Machinery A/c 20,000
To Machinery A/c 20,000 By Amit’s Capital A/c 7,000
To Building A/c 15,000 By Anil’s Capital A/c 4,000
By Ankit’s Capital A/c 1,500
By Profit and Loss Adjustment A/c 27,000
Total 42,000 Total 42,000
Note: Stock is found overvalued by ₹4,000, so it is credited to the Revaluation Account. Provision for Doubtful Debts is created at 5% of debtors, which amounts to ₹3,000, and it is also debited to the Revaluation Account. Machinery is appreciated by ₹20,000, and building is appreciated by 10% of its original value, i.e., ₹15,000. These are debited to the Revaluation Account. The total debit in the Revaluation Account is ₹42,000.
Partners’ Capital Accounts
Amit’s Capital Account
Particulars Amount (₹) Particulars Amount (₹)
By Balance b/d 3,30,000 By Revaluation A/c 7,000
By Revaluation A/c 7,000 By Anil’s Capital A/c 6,000
By Anil’s Capital A/c 6,000 By Ankit’s Capital A/c 6,000
By Ankit’s Capital A/c 6,000 By Profit and Loss Adjustment A/c 12,000
By Profit and Loss Adjustment A/c 12,000 By Balance c/d 3,60,000
Total 3,51,000 Total 3,51,000
Anil’s Capital Account
Particulars Amount (₹) Particulars Amount (₹)
By Balance b/d 1,50,000 By Revaluation A/c 4,000
By Revaluation A/c 4,000 By Amit’s Capital A/c 6,000
By Amit’s Capital A/c 6,000 By Ankit’s Capital A/c 3,000
By Ankit’s Capital A/c 3,000 By Profit and Loss Adjustment A/c 6,000
By Profit and Loss Adjustment A/c 6,000 By Balance c/d 1,67,000
Total 1,62,000 Total 1,62,000
Ankit’s Capital Account
Particulars Amount (₹) Particulars Amount (₹)
By Cash A/c 1,00,000 By Goodwill A/c 60,000
By Goodwill A/c 60,000 By Revaluation A/c 1,500
By Revaluation A/c 6,000 By Amit’s Capital A/c 6,000
By Profit and Loss Adjustment A/c 3,000 By Anil’s Capital A/c 3,000
By Balance c/d 1,03,500
Total 1,69,000 Total 1,69,000
Note: Ankit brings in ₹1,00,000 as his capital and ₹60,000 as his share of goodwill for 1/4th share in profits. Goodwill is credited to Ankit’s Capital Account. The total credit in Ankit
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Full Question:
Although part of your question is missing, you might be referring to this full question:
Preparation of Revaluation 55. Amit and Anil are partners sharing profits and losses in the ratio of 2: 1. Their Balance Sheet as on 31st March, 2023 was as follows: Liabilities Sundry Creditors General Reserve Capital A/cs: Amit Anil 1,80,000 1,50,000 ₹ 58,000 12,000 3,30,000 4,00,000 Assets Cash in Hand Cash at Bank Sundry Debtors Stock Machinery Building { 5,000 45,000 60,000 40,000 1,00,000 1,50,000 4,00,000 Ankit is admitted as a partner on the date of the Balance Sheet on the following terms: (a) Ankit will bring in 1,00,000 as his capital and 60,000 as his share of goodwill for 1/4th share in profits. (b) Machinery is to be appreciated to 1,20,000 and the value of building is to be appreciated by 10% (c) Stock is found overvalued by ₹ 4,000. (d) General Reserve will continue to appear in the books of the reconstituted firm at its original value (e) A Provision for Doubtful Debts is to be created at 5% of debtors. (f) Creditors were unrecorded to the extent of ₹ 1,000. Prepare Revaluation Account and Partners' Capital Accounts. [Ans.: Gain (Profit) on Revaluation Account-27,000; Partners' Capital Accounts Amit- 2,40,000; Anil- 1,80,000; Ankit-1,00,000 Kailash ₹ ar ₹ Pa 58. F 3 Liabil Capit A B Sund
why it is important to prepare a bank reconciliation statement at the end of each month
Answers
Explanation:
The purpose of preparing a Bank Reconciliation Statement is to detect any discrepancies between the accounting records of the entity and the bank besides those due to normal timing differences. Such discrepancies might exist due to an error on the part of the company or the bank.
Chelsea Video Company purchased merchandised inventory for $38,000 on account from Highpoint Electronic Inc, With the merchandised inventory is an invoice dated May 4, with terms of 3/10, n/90, FOB shipping point The goods cost Highpoint $30,000. When the goods are delivered, Chelsea paid $200 freight-in (transportation- in) on its purchase from Highpoint Electronic On May 8 Chelsea Video Company returned goods for $8,000 to Highpoint Electronic because the goods were damaged. The returned goods had cost Highpoint $4,500 On May 12, Chelsea Video Company paid Highpoint Electronic for the amount owed. (Both Chelsea Video Company and Highpoint use a perpetual inventory system) Required: Part a) Prepare journal entries that Chelsea Video Company records for these transactions on the dates May 4th May 8th and May 12th (3 marks) Part b) Prepare journal entries that Highpoint records for these transactions on the dates May 4th, May 8th and May 12th (3 marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac) *** IXO Arial 10pt BIUS Paragraph
Answers
Journal entries that Chelsea Video Company captured include:May 4th: 38,000 items in the inventory
Accounts Payable - Highpoint Electronic 38,000 (To document the acquisition of inventory goods on credit)
Accounts Payable - Highpoint Electronic on May 8 8,000 in Merchandise Inventory, 4,500 in Loss on Damaged products (to reflect the return of damaged products to Highpoint Electronic), and 3,500 in Merchandise Inventory.
12th of May: Accounts Payable - Highpoint Electronic 33,200 Cash 32,200 Purchase Discounts 1,000 (To record the payment to Highpoint Electronic while utilising the purchase discount)
b) Journal entries that Highpoint Electronic recorded:
On May 4, 38,000 in sales revenue were recorded as being owed to Chelsea Video Company. (This is to reflect the sale of inventory of goods to Chelsea Video Company.)
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