1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anarel [89]
3 years ago
9

Quality Jewelers uses the perpetual inventory system. On April 2, Quality sold merchandise for $50,000 to a customer on account

with terms of 3/15, n/30. The allowances and returns on this sale amounted to $3,000 and $9,000, respectively. The cost of goods sold was $20,000. On April 20, Quality received payment from the customer. Calculate the amount of gross profit.
Business
1 answer:
yawa3891 [41]3 years ago
7 0

Answer:

The Gross profit is $18,000

Explanation:

In order to calculate the amount of gross profit we would have to make the following calculation:

Gross Profit = Sale - Allowance - Sales Returns - Discount - Cost of Goods Sold

Sale=$50,000

Allowance=$3,000

Sales Returns=$9,000

Cost of Goods Sold =$20,000

Discount. As the payment is done after the expiry of 15 days is discount is 0

Gross Profit= $50,000 - $3,000 - $9,000 - 0 - $20,000

Gross Profit= $18,000

The Gross profit is $18,000

You might be interested in
A company requires that all technology purchases be approved by IT and must conform to company standards. This is an example of​
KengaRu [80]

Answer:

The correct word for the blank space is:  procurement policy.

Explanation:

A procurement policy within the work frame is the set of regulations that establishes boundaries on the purchase of assets for the company's employees. Its main role is to ensure those purchases adjust to the needs of the organization so that the company can add value to its operations.

3 0
4 years ago
For each of the following items, identify whether they would most likely be reported in the balance sheet (B) or income statemen
blagie [28]

Answer:

Explanation:

The statement of income records all sales revenues general and expenditure incurred during a particular period.

The balance sheet reports the assets and the liabilities of the company

So, the classification is as follows

a. Net income  = income statement (I)

b. Retained earnings  = balance sheet (B)

c. Depreciation expense  = income statement (I)

d. Accumulated depreciation  = balance sheet (B). It is deducted from the value of the respective fixed assets

e. Wages expense  = income statement (I). It is shown on the debit side of the income statement

f. Wages payable   = balance sheet (B). It is a current liabilities

g. Interest expense  = income statement (I) It is shown on the debit side of the income statement

h. Interest payable   = balance sheet (B). It is a current liabilities

i. Sales = income statement (I)

8 0
4 years ago
Many businesses use find-a-hand, a professional staffing agency because of the employees’ expertise in recruiting and selecting
makvit [3.9K]

It is an example of Strength in SWOT Analysis.

SWOT Analysis is a strategic planning technique used for identifying and analyzing internal strengths and weaknesses in an organization includes the Strength, Weakness, Opportunities and Threat.

  • Professional staffing agency isused by organization to recruit qualified workers into the organization.

  • But, employees’ with high levels of knowledge can also perform the purpose for business client, so, this situation forms part of the Strength factor for such organization.

In conclusion, an example of the find-a-hand’s forms the Strength in the SWOT analysis of the company.

Learn more about SWOT Analysis here

<em>brainly.com/question/18068310</em>

4 0
3 years ago
Robots
inysia [295]

Based on the PPC given, the points given would represent the following:

  • Point B = Efficient use of resources.
  • Point X = Impossible use of resources.
  • Point A = Underutilized resources.

<h3>What do points on the PPC represent/</h3>

Points on the curve represent the efficient usage of resources because they show that all available resources are being used. Points B, C, and D are therefore all efficient.

Point X is impossible because all points outside of the PPC are not attainable due to a lack of resources. Point A shows that the available resources are not being fully utilized.

Options to describe the points:

  • Efficient use of resources
  • Under utilized resources
  • Economic growth
  • Trade-off
  • Opportunity cost

Find out more on the PPC at brainly.com/question/2617319.

#SPJ1

3 0
2 years ago
You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are m
alina1380 [7]

Answer:

Explanation:

The comparison of psychological benefits to actual tangible costs depends on the individual in question. If the individual is constantly stressed to the point which the stress is affecting his/her health, work performance, mood, behavior around family, etc. then the tangible costs of going on vacation may be worth it. This is because a vacation would provide a moment of relaxation which would relieve all of that individual's stress and in doing so improve the individual's work performance, health, and overall quality of life. Therefore, the comparison between physical benefits to costs is always going to be a personal opinion.

5 0
3 years ago
Other questions:
  • The US courts are reviewing a case to see whether a work has been reused fairly. What is an example of something they might cons
    11·1 answer
  • Martha has noticed that her employees do not always greet their coffee collective customers promptly and customers sometimes hav
    10·2 answers
  • What schooling do you need to be a preschool teacher
    14·2 answers
  • You owe $976.34 on a credit card that has an interest rate of 10.75% apr. you pay $100.00 at the end of each month. 3. calculate
    13·1 answer
  • Use the following balance sheet for the ABC National Bank in answering the next question(s). Assume the required reserve ratio i
    7·1 answer
  • Oyanty:
    7·1 answer
  • London Company hired some students to help count inventory during their semester break. Unfortunately, the students added incorr
    7·1 answer
  • phân tích phạm trù hàng hoá sức loa động theo quan điểm cua chủ nghĩa mác.Thực trạng thị trường sức lao động ở nước ta hiện nay.
    11·1 answer
  • Bro why is School so boring like fr
    7·2 answers
  • Ski ABC Company manufactured too many ski jackets, overestimating the quantity retailers would purchase. So Ski ABC has offered
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!