The court system is messed up i dont get what you are asking.
Im not sure, sorry, I wish I could help
Answer and Explanation:
The journal entries are shown below:
1. On Sep 30
Cash $15750
To Sales $15,000
To Sales taxes payable ($15000 ×5%) $750
(Being the cash receipts is recorded)
For recording this we debited the cash as it increased the assets and credited the sales and sales tax payable as it increased the revenue and liabilities
2 On Sep 30
Cost of goods sold $12,000
To Merchandise inventory $12,000
(Being the cost of goods sold is recorded)
For recording this we debited the cost of goods sold as it increased the expenses and credited the merchandise inventory as it reduced the assets
3 On Oct 15
Sales taxes payable $750
To Cash $750
(Being cash paid is recorded)
For recording this we debited the sales tax payable as it reduced the liabilities and credited the cash as it decreased the assets
This is what they call <span>condition precedent. The party's task to </span><span>perform arise after a specific event happens. However, when the event never happens, </span><span>the duty of the party to </span>perform will<span> never arise. The parties are discharged from the contract.</span><span> </span>
Answer:
$2,266,123.60
Explanation:
As it is given
Return on sales = Net income ÷ Sales
3.56% = $110,000 ÷ Sales
So, the sales is $3,089,887.64
Now the Gross Profit percentage is
Gross Profit percentage = Gross profit ÷ Sales
26.66% = Gross profit ÷ $3,089,887.64
So, the gross profit
= $823,764.044
Now the cost of goods sold is
= Sales - gross profit
= $3,089,887.64 - $823,764.044
= $2,266,123.60
