Answer: See explanation
Explanation:
The journal entry to record the actual return of $160 of merchandise includes:
Debit Sales return and allowance $160
Credit Account receivable $160
Debit Returned Inventory $80
Credit Cost of goods sold $80
Note:
Returned inventory was calculated as:
= $160 × (1550/3100)
= $160 × 0.5
= $80
Answer:
Net Sales for the month ended is equal to $9,702.
Explanation:
Sale = 100 x $100 = $10,000
Discount = $10,000 x 1% = $100
Sales Return = $198
Net Sales = Sales Price - Sales Discount - Sales Return
Net Sales = $10,000 - $100 - $198
Net Sales = $9,702
Net Sales for the month ended is equal to $9,702.
$20 is an expense and it is not an contra revenue account. So, it is not considered in net sales calculation.
<span>I have highlighted the answers, please see below:
</span>When a U.S. company purchases and imports electronic parts from China to use to produce MP3players within the United States, this purchase increases the investment component of GDPwhile also decreasing net exports by the same amount. Therefore, the purchase of electronic parts from China causes no overall change in<span> US GDP.
The investment components of GDP will increase if anyone from the country will purchase goods and services from another country. In the above scenario, since US purchase electronic parts from China then the investment component will increase, then the net import will decrease by the same amount. In other words, the purchase of a product from another country will affect us.
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Explanation:
Earned income consists of income you earn while you are working a full-time job or running a business.
Passive income is income earned from rents, royalties, and stakes in limited partnerships.
Portfolio income is income from dividends, interest, and capital gains from stock sales.
