Sales Returned and Allowances $50
Allowance for Sales Return and Allowances $50
Lavender expects 5 jars at $10 each ($50 total) to be returned.
Explanation:
Lavender Corporation sells 100 jars of essential oil to Bed, Bath, and Relax on December 1, 20X5, for $10 each. Lavender offers a right to return the product for any reason. Based on past sales, Lavender expects Bed, Bath, and Relax to return 5 jars
<u>Using the above stated information we get the given data :-</u>
Sales Returned and Allowances $50
Allowance for Sales Return and Allowances $50
Lavender expects 5 jars at $10 each ($50 total) to be returned.
<u>The adjusting journal entry on December 31 reflects</u>
- The right of return by debiting Sales Returns and Allowances (a contra-revenue account) and
- Crediting Allowance for Sales Returns and Allowances (a contra-asset account to Accounts Receivable).
Answer:
The Supreme Court ruled in favour of the Complainants, enforcing the contract.
Explanation:
The Lucy Vs Zehmer case was one of decision on if a contract was binding or not on the basis of the undisclosed intentions of the parties involved in the contract. Zehmer alleged that he had jokingly sold and transferred title to Lucy while drunk. However the court ruled that contract for the sale of land to Lucy was valid on the basis that the secret intentions of Zehmer was not known or disclosed in the sale of the land and only his actions count for the contract to be binding.
Answer:
c. buying rupees from National Bank at the ask rate and selling them to American Bank at the bid rate.
Explanation:
- Locational arbitrage is a strategy in which one seeks profits from the difference in exchange rates for the same currency at different banks.
- In our case for locational arbitrage one will have to buy Indian rupee from National bank at the ask rate and then sell them to American bank at the bid rate to make profit.
Answer:
A. Profit-seeking multinational companies shift their production from countries with strong environmental standards to countries with weak standards, thus reducing their costs and increasing their profits.
D. self-sufficiency argument.
Explanation:
In the case when there is a race to the bottom scenario so it would be described that the multinational companies that are profit seeking is shifting their production from that countries who have the strong environmental standards to the weak standard countries so that the order would be decreased due to this the profit would increase
In the other case, when the nation is not too much depend on other countries for supplies so this case we called as self-sufficiency argument as they managed themselves rather depending on another
