On July 8, Ray Inc. sold 100 printers to Office Rental Company at $600 each and offered a 2% discount for payment within 10 days. On July 15, Office Rental Company paid the full amount in cash. What should Ray Inc. record on July 15? A. Cash 60,000 Accounts Receivable 60,000 B. Cash 58,800 Accounts Receivable 58,800 C. Cash 58,800 Sales Discounts 1,200 Accounts Receivable 60,000 D. Cash 60,000 Sales Discounts 1,200 Sales Revenue 58,800 Multiple Choice Option A Option B Option C Option D

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• Which of the following is INCORRECT about a corrective tax? Select one: a. The tax is equal to the marginal damage from pollution at the equilibrium quantity. b. The goal of a corrective tax is to restore efficiency. c. Producer surplus and consumer surplus will increase because the market becomes more efficient. d. One of its drawbacks is that it is hard to measure the extra social cost.
• Rudd Company has budgeted the following sales revenue for the next four months: - February: $300,000 - March: $240,000 - April: $210,000 - May: $330,000 Past experience indicates that 80% of sales each month are on credit, and from these credit sales: - 60% are collected in the same month as the sale - 35% are collected in the following month - 3% are collected in the second month after the sale - 2% are uncollectible. Based on this information, here's the expected cash receipts from sales for the month of May: 1. Cash receipts from May sales (60% of credit sales and 100% of cash sales): - Total May sales: $330,000 - Credit sales (80% of May sales): $330,000 * 80% = $264,000 - Cash sales (remaining 20% of May sales): $330,000 * 20% = $66,000 - Collections within same month (60% of May credit sales): $264,000 * 60% = $158,400 - Total cash collections from May sales: $158,400 + $66,000 = $224,400 2. Cash receipts from April credit sales (35% collected in May): - April credit sales (80% of April's $210,000): $210,000 * 80% = $168,000 - Collections in May (35% of April credit sales): $168,000 * 35% = $58,800 3. Cash receipts from March credit sales (3% collected in May): - March credit sales (80% of March's $240,000): $240,000 * 80% = $192,000 - Collections in May (3% of March credit sales): $192,000 * 3% = $5,760 Total expected cash receipts for May: - From May sales: $224,400 - From April sales: $58,800 - From March sales: $5,760 Total = $224,400 + $58,800 + $5,760 = $288,960 Therefore, the schedule of expected cash receipts from sales for the month of May is $288,960.
• At the beginning of 2016, Copland Drugstore purchased a new computer system for $52,000. It is expected to have a five-year life and a $7,000 salvage value. 2.a. Compute the depreciation for each of the five years, assuming that the company uses (1) Straight-line depreciation. (2) Double-declining-balance depreciation.
• Rachelle transfers property with a tax basis of $800 and a fair market value of $960 to a corporation, in exchange for stock worth $765 and $42 in cash. This transaction qualifies for deferral under Section 351. The corporation assumed liability of $153 on the transferred property. What is the corporation's tax basis in the property received in the exchange?
• During the current year, the Jules Company incurred the following product costs:Direct materials used in production $250, 00. Direct labor $185, 000. Manufacturing overhead $245, 500. The Jules Company's beginning Work in Process Inventory was $20,000 and its ending Work in Process Inventory amounted to $30,000. What is the company's cost of finished goods manufactured for the year? A) $700,500. B) $690,500. C) $430,500. D) $670,500
• In Colonial America, laborers were a. in abundance b. paid good wages c. in short supply
• Which value rolls up the hierarchy to the manager for both customizable and collaborative forecasts? A) Expected Revenue B) Product Quantity C) Opportunity Amount D) Quota Amount
• Bunny Bread Company manufactures different types of bread and accounts for its production using an ABC costing system. It has a 5,000-square-foot factory space that it rents for $2,500 a month for all its manufacturing activities. Bunny Bread has identified its activities as follows: preparation and setup, kneading, baking, packaging, and quality control. Two thousand five hundred (2,500) square feet of the factory are used for kneading, while 750 square feet (each) are used for preparation and setup and quality control. Baking and packaging use 500 square feet each. When assigning indirect costs to each activity, how much factory rent should be assigned to the preparation and setup cost pool?
• An industry is defined as: a. firms producing items that sell through the same distribution channels. b. firms that sell the same products or services to the same customer base. c. a group of firms producing the same products or services. d. a group of firms producing products that are close substitutes.
• If the government imposes a price ceiling, then: the price offered by producers must be at or below the ceiling price. the market supply curve will shift to the right. the price offered by producers must be at or above the ceiling price. producers would be inclined to increase the quantity supplied. producers must charge the ceiling price.