Answer:
10%, 5%, 85%
Explanation:
This is the amount, in thousands, required to get 1%.
, therefore this is 85% (approximated)
, therefore this is 5%, and we'll call this number A
, and this is 10%!
Answer:
a) Sales returns and allowances $600
Accounts receivable $600
b) Merchandise inventory $350
Cost of goods sold $350
Explanation:
The Journal entry and their narrations are shown below:-
a. Sales Returns and Allowances Dr, $600
To Accounts Receivable $600
(Being sales return is recorded)
b. Merchandise Inventory Dr, $350
To Cost of Goods Sold $350
(Being merchandise inventory is recorded)
Answer: b. $3,000
Explanation:
The company's bad debt for the current year is said to be 1% of the credit sales because this is the usual rate for the past periods.
The bad debt expense for this year is therefore:
= Bad debt percentage * Credit sales
= 1% * 300,000
= $3,000
This will then be posted to the Allowance for Doubtful Accounts.
Answer:
The correct answer is C) 150,000 board feet.
Explanation:
In order to meet domestic demand, Norway must import the goods produced in other countries, which means that there is no price increase due to the shortage of the good.
If Norway only produces 50,000 board feets and the demand is 200,000, then it will be forced to introduce the missing amount that comes from other countries.