Geraldine Fadsi's job in the entertainment industry is to bring together entertainers and organizations looking to hire entertainers. Fadsi is paid a commission, usually by the entertainer. Fadsi is acting as an agent
Who is called an agent?
In the language of the law, someone who has been given the authority to act on behalf of another person or entity is referred to as an agent. To represent a client in discussions and other interactions with third parties, an agent may be hired.
What is the duty of agent?
The agent owes the principal a responsibility to act in the principal's best interests while acting within the scope of the agent's authority whenever the agent is designated to arrange or negotiate a transaction on the principal's behalf.
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Answer:
$188,170
Explanation:
Cash collection in a month includes the collection of current and prior years's of credit sales.
Cash Collection for September is $188,170.
It includes 7% collection of July sales, It includes 35% collection of August sales and It includes 55% collection of September sales.
Schedule for Cash Collection is attached with this answer please find it.
Answer:
the ending balance of the unearned revenue is $3,225
Explanation:
The computation of the ending balance is shown below:
= Amount received from the customer for performing the future service + balance in the account
= $500 + $2,725
= $3,225
Therefore the ending balance of the unearned revenue is $3,225
The above formula should be applied
Answer:
c. $12,175,000.
Explanation:
Given: Merchandise sold by Lang company= $12520000.
Sales return and allowances= $270000.
Discount= $140000.
While calculating net sales, freight out charges is not included as it an selling expense and it should be included while calculating Gross profit of the company.
Here, we have to find the last year net sales for Lang company.
∴ 
⇒ Net sales = 
∴Net sales= 
