On April 2, Kelvin sold $40,000 of inventory items on credit with the terms 1/10, net n/30. Payment on $24,000 sales was received on April 8 and the remaining payment on $16,000 sales was received on April 27. Assuming Kelvin uses the gross method of accounting for sales discounts, the entry recorded on April 8 would be: a. Debit to Cash for $23,760 and Sales Discounts for $240 and credit to Accounts Receivable for $24,000. b. Debit to Cash for $23,760 and credit to Accounts Receivable for $23,760. c. Debit to Cash for $24,000 and credit to Accounts Receivable for $24,000. d. Debit to Cash for $24,000 and credit to Sales Discounts Forfeited for $240 and Accounts Receivable for $23,760.

Net income and owner's equity for four businesses four different proprietorships, jupiter, mars, saturn, and venus, show the same balance sheet data at the beginning and end of a year. these data, exclusive of the amount of owner's equity, are summarized as follows: total assets total liabilities beginning of the year $550,000 $215,000 end of the year 844,000 320,000 on the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of each company for the year. (hint: first determine the amount of increase or decrease in owner's equity during the year.) jupiter: the owner had made no additional investments in the business and had made no withdrawals from the business. mars: the owner had made no additional investments in the business but had withdrawn $36,000. saturn: the owner had made an additional investment of $60,000 but had made no withdrawals. venus: the owner had made an additional investment of $60,000 and had withdrawn $36,000. jupiter net income $ mars net income $ saturn net income $ venus net income $

Taking commercial paper means the holder acts honestly

Match the different financial task to their corresponding financial life cycle phases