Answer and Explanation:
The preparation of the sales section of the income statement is presented below:
<u>Income Statement
</u>
<u>For the year ended </u>
Sales
Sales revenue $903,400
Less:
Sales Discount $15,400
Sales return & allowances $22,000
Net Sales $866,000
hence the net sales is $866,000
The freight out would not be considered. Hence, ignored it
Answer:
very many, few
Explanation:
The monopolistic competition consists of many sellers offering differentiated products. There are minimal barriers to entry or exit of the industry. Advertising and marketing of products are high due to increased competition. No single firm has the power to set prices.
An oligopoly consists of few but large firms dominating a big market. There could be other smaller firms with a small percentage of the market share. Firms in an oligopoly market mat collaborate to look out new entrants. This market is characterized by heavy advertising, with firms offering either homogeneous or differentiated products. The objective of each firm is to maximize profits, which makes all the firm to set high prices.
Using the 20/10 rule: you should never borrow more than 20% of your annual net income and monthly payments shouldn't be more than 10% of your monthly net income.
In this situation, we know the yearly net income is $75,000.
First we want to multiply 20% by $75,000 = $15,000
$15,000 is 20% of your yearly net income.
This would be the most you'd want to borrow given the information provided.
Answer:
a) I used an excel spreadsheet since there is not enough room here.
b) $69,000
c) $14,500
d) $14,000
f) $57,800
g) $59,500