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3 years ago

When a customer buys an item of merchandise using his store credit account, a separate event is required to pay the store.??

1 answer:

8 0

That statement is true
Item of merchandise usually given to the customers if they're fulfilling a certain purchase. For example, when a cereal company create a marketing strategy to give a bowl as a merchandise if the customers bought two boxes of its products within a certain period of time.

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In order to purchase the parts from the supplier, Torc Tools Corp. had to agree with all of the terms set forth in the document

Paha777 [63]

Answer:

Contract

Explanation:

From the question we are informed about instance, whereby In order to purchase the parts from the supplier, Torc Tools Corp. had to agree with all of the terms set forth in the document the supplier provided which detailed the rights and obligations of the supplier and Torc Tools Corp. In this case, This document is a type of contract. A contract can be regarded as written agreement that binds. Contracts can be explained as documents which define responsibilities as well as roles, and “Work” which is still under the construction Contract, this document can be seen as one that is legally-binding on involved parties, this could be between Owner and Contractor. It do contains information such as General Conditions as well as Special Conditions and Scope of Work.

3 0

4 years ago

Assume tax rates on single individuals are 10% on taxable income up to $9,275, 15% on income of $9,276 to $37,650 and 25% on inc

mario62 [17]

Answer:

total tax liability = $8771.25

Explanation:

given data

taxable income up to $9,275 single individuals = 10 %

income of $9,276 to $37,650 = 15 %

income of $37,651 to $91,150 = 25 %

solution

we know here amount upto $9,275 is

amount upto $9,275 = $9,275 × 10% = $927.50 ..........1

and

amount $9,276 to $37,650 = ( 37650 - 9276 ) × 15% = $4257.45 ........2

and

amount $37,650 to $50,000 = ( 50000 - 37650) × 25% = $3587.50 ............3

so now add all 3 equation we get

total tax liability = $927.5 + $4256.25 + $3587.5

total tax liability = $8771.25

Tax Bracket rate amount

upto $ 9,275 10% $ 927.50

next (37650-9275) $ 28,375 15% $ 4,256.25

remaining $ 14,350 25% $ 3,587.50

total $ 52,000 $ 8,771.25

8 0

4 years ago

Which statement below best describes the accounting equation? Multiple Choice The change in retained earnings equals net income

8_murik_8 [283]

Answer:

The correct answer is Resources of the company equal creditors' and owners' claims to those resources.

Explanation:

It can be used to determine that the income or income of the consumer is exactly equal to the expense (purchase) of goods, for the determined period of consumption. In other words, by adding the value spent on the acquisition of goods "x" and goods "y". To have such values it is enough to multiply the number of possible units to acquire - in each of the points - by their respective price and then add them; This can be done at any point in the price line.

4 0

4 years ago

In 2009, Mississippi Valley Silica Company was ordered to pay a plaintiff $9 million because the court ruled that it sold sand t

andriy [413]

Answer:

The $9 million recovery is an example of <u>Civil Law</u>.

Explanation:

We know that civil law is a body of rules that defines and protects the private rights of citizens. It also offers legal remedies that may be sought in a dispute, and covers areas of law such as contracts, torts, property and family law.

It deals with behavior that constitutes an injury to a person or other private party, such as a corporation.

Since workers rights are violated as they using the sand on a regular basis would expose a worker to a form of cancer, and Mississippi Valley did not alert those who bought the sand about the risk.

Therefore, the $9 million recovery is an example of <u>Civil Law</u>.

8 0

3 years ago

Journalizing purchase and sales transactions

Firdavs [7]

Based on the given purchase and sale transactions, the journal entries are:

Date Account Title Debit Credit

Feb 3 Merchandise inventory 3,300

Account payable 3,300

Feb 7 Account payable 900

Merchandise inventory 900

Feb 9 Merchandise inventory 400

Cash 400

Feb 10 Account receivable 4,700

Sales revenue 4,700

Feb 10 Cost of goods 2,350

Freight out 370

Merchandise inventory 2,350

Cash 370

Feb 12 Account payable 2,400

Cash 2,328

Merchandise inventory 72

Feb 28 Cash 4,606

Sales discount 94

Account receivable 4,700

<h3 /><h3>What are the journal entries?</h3>

When goods are purchased, they will be debited to the Merchandise inventory account. If they were paid for with cash, they will be credited to the cash account. On account is credited to Accounts Payable.

When goods are sold, the cost of goods sold will have to be debited to account for the cost of the purchase that is now being sold.

Because the goods were paid for in the discount period, a 3% discount would apply:

= 2,400 x (1 - 3%)
= $2,328

A 2% discount would apply to the Feb 10. sales for the same reason:
= 4,700 x (1 - 2%)

= $4,606

Find out more on discount terms at brainly.com/question/24086159.

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4 0

2 years ago