Answer:
a) I used an excel spreadsheet to record the T-accounts
the closing entries would be:
Dr Sales revenue 12,100
Dr Purchase discounts 48
Dr Interest revenue 600
Dr Gain on sale of land 1,500
Cr Income summary 14,248
Dr Income summary 8,512
Cr Cost of goods sold 6,450
Cr Sales returns 1,680
Cr Sales discounts 242
Cr Distribution costs 140
Dr Income summary 5,736
Cr Retained earnings 5,736
b) Ross Company
Income Statement
For the year ended December 31, Year 2
Revenues:
-
Sales revenues $12,100
- Sales returns ($1,680)
- Sales discounts ($242) $10,178
Cost of goods sold <u>($6,450)</u>
Gross profit $3,728
Expenses:
-
Distribution costs ($140) <u>($140)</u>
Operating income $3,588
Other sources of income:
-
Gain on sale of land $1,500
- Interest revenue $600 <u>$2,100</u>
Net income before taxes $5,688
Explanation:
warehouse club sell items in bulk and offer limited choices in each product category.
high end health food market carry only health food product in a boutique like setting
<span>Many of smashburger's competitors combine a burger, fries, and a drink offered at a reduced "combo" price. This practice is known as product bundle pricing.
Product bundle pricing is when a store will combine items together and do a value price on them as a bundle. Each item has a price they can pay to purchase an item separately but there is a special price and it's usually a better deal when you purchase it in a bundle.
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Answer:
PV = 1414
Explanation:
The pictures attached below shows the full explanation for the problem and it is so explanatory. i hope it helps you, thank you
Answer:
c. $500
Explanation:
A contract is an agreement by two or more parties to perform a.certain activity within a given time.
When contract are breached, the beneficiary has the right to gain back the amount promised.
If the beneficiary can get another option, the other party is obligated to pay the balance.
On this instance Nora had the chance to get a new job at $2,000 salary the balance is $2,500 - $2,000= $500. Since she rejected the job she is responsible for that loss.
However ABC is still liable to pay the balance of $500
