The law that protects Anthony form having to pay the unauthorized purchases is the Fair Credit Billing Act or FCBA. According to the act, the card owner will not be liable for the purchases made from his stolen credit card. There are certain terms as to how much will be covered which will depend on how long before the loss of the card is reported.
Answer:
Journal Entries:
1. Debit Sales Returns & Allowance $1,040
Credit Accounts Receivable $1,040
To record the estimated cost of returns.
2. Debit Inventory $333
Credit Cost of goods sold $333
To record the estimated cost of the goods returned.
Explanation:
a) Data and Analysis:
1. Sales returns and Allowances $1,040 Accounts receivable $1,040
2. Inventory $333 Cost of goods sold $333
The first journal entry records the estimated returns to be made by the customers by debiting the Sales returns account (a contra account to the sales revenue account). The corresponding credit entry in the Accounts receivable shows that a part of the accounts has been cancelled as a result of the estimated sales returns.
The second journal entry records the estimated cost of the goods to be returned by debiting the Inventory account and crediting the Cost of goods sold account. This cancels earlier records.
Answer:
<u>trademark</u>
<u>Explanation:</u>
When the announcement was made about the iPhone 11's new Slofie (slow-
motion selfie) capability, Apple also said it had applied for a US trademark on Slofie.
Note, a trademark is a <u>legally issued</u> right for a symbol, phrase, or word to be used to denote a specific product or service, thus it gives a right of ownership to the trademark applicant. Therefore, it limits direct competition from others.
Answer:
B)taxed only as Elroy's personal income.
Explanation:
A sole proprietorship is owned by one person known as the sole proprietor. His profits are taxed once as personal income. A sole proprietorship doesn't have investors.
I hope my answer helps you
Answer:
The answer is 6.151%
Explanation:
The weighted average cost of capital (WACC) of the project is also the internal rate of return (IRR). The IRR formula is calculated by equating the sum of the present value of future cash flow less the initial investment to zero.
