You Purchased Five August 13 Futures Contracts on Soybeans at a Price

question 30

Multiple Choice

You purchased five August 13 futures contracts on soybeans at a price quote of 1056′6. Each contract is for 5,000 bushels with the price quoted in cents and 1/8ths of a cent per bushel. Assume the contract price is 1061′4 when you close out your contract six weeks from now. What will be your total profit or loss on this investment?

• A)$950.25
• B)$1,187.50
• C)$6,480.75
• D)$16,200.50
• E)$24,000.00

Prepare general journal entries for sales transactions, including those involving sales taxes and credit terms.

Calculate the amount of cash collected in transactions involving sales taxes.

Distinguish between the recording of cash sales and credit sales, including the impact of sales returns and allowances.

Understand the principles of recording transactions in the general journal.

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Flexible Memory Structure

A memory architecture that allows for the dynamic allocation and management of data to efficiently utilize space and resources.

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In programmable logic controllers (PLCs), these are tags or variables that are accessible within the entire controller program, rather than being limited to specific subroutines or tasks.

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