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katrin2010 [14]
2 years ago
15

Francis works for a local fly-fishing shop. The shop allows employees to purchase two fly rods per year at a discount. This year

, Francis purchased one rod. The rod normally retails for $300, was purchased for $225, was sold to Francis for $250, and the employer's average gross profit percentage is 30 percent. What amount of the discount must be included in Francis's income
Business
1 answer:
RUDIKE [14]2 years ago
6 0

The amount of discount that has to be included in Francis's income is 0.

<h3>How to solve for the discount amount</h3>

The amount of the discount - sales price

= 300 - 250

= $50

This is the discount when it is sold to employees

Next we solve for the gross profit as

sales price x gross profit rate

= 300 x 30%

= 90

Given the amounts that we have here we have to conclude that the amount to be included in the account is 0

Read more on what a discount is here:

brainly.com/question/9841818

#SPJ1

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Answer:

Explanation:

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7 0
3 years ago
Delta Services, Inc., is the major wholesale distributor of software in the state of Florida. Its closest competitor is Efficien
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Answer:

Market division

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4 years ago
What does the phrase​ "internalizing an external​ cost" mean? A. prohibiting economic activities that create externalities B. fo
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Answer:

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4 0
3 years ago
Gross Accounts Receivable is $10,000. Allowance for Doubtful Accounts has a credit balance of $200. Net sales for the year are $
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1. <span>$3,000

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6 0
4 years ago
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The following information is from Morris company: Direct materials : $30,000 Wages for production workers: $50,000 Lease, utilit
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Answer:

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4 years ago
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