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atroni [7]
3 years ago
12

Mueller Company sold merchandise costing $120,000 for $240,000. Mueller estimates that merchandise costing $5,000 will be return

ed for a refund of $10,000. Mueller should report net sales of:
Business
1 answer:
Yanka [14]3 years ago
7 0

Answer:

The answer is $230,000

Explanation:

Net sales is the sum of a company's gross(total) sales minus any returned goods, sales allowances and/or discounts. The total amount of revenue on a company's income statement is the net sales.

Gross sales - $240,000

Merchandise returned - $10,000

Net sales = Gross sales - goods returned

$240,000 - $10,000

= $230,000

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Answer:

B. $34,000; -$1,000

Explanation:

Accounting profit equals total revenue minus explicit costs. Here,

$50,000 - $12,000 - $1,000 - $3,000 = $34,000.

Economic profit equals total revenue minus the sum of both explicit and implicit costs. Here,

$50,000 - $12,000 - $1,000 - $3,000 - $35,000 = -$1,000

4 0
3 years ago
Beginning merchandise inventory would be found on the worksheet in the
mrs_skeptik [129]
<span>A. income statement debit column</span>
6 0
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On January 1, 2017, Sheridan Company had a balance of $417,000 of goodwill on its balance sheet that resulted from the purchase
Thepotemich [5.8K]

Answer:

patent      301,350 debit

       cash                 301,350 credit

franchise 633,600 debit

        cash               633,600 credit

development expense   189,000 debit

         cash                                    189,000 credit

year-end adjustment:

amortization expense   50,225 debit

         patent                                  50,225 credit

amortization expense   31,680‬ debit

         patent                                  31,680‬ credit

Explanation:

The patent and franchise will be activate as there is a certain possibility to produce positive cashflow in the future.

They will be adjusted at year-end for amortization:

301,350 / 6 = 50,225 amortization on patent

633,600 / 10 = 63,360 amortization on franchise

As it was concede on July 1st then, we will do half-year

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The development cost will be treated as expense as there is no precise information that can determined the development cost which yield a positive outcome.

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Raise the price of your earrings
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What difficulties may come when the proffession
antiseptic1488 [7]

Answer:

1. Lack of Vision

2. Lack of Focus

3. Lack of Willpower

4. Trying to Please Everyone

5. Fear

6. The Average Mentality

7. The Pursuit of Perfection

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