Answer:
$607,000
Explanation:
False Value Hardware began 2016 with a credit balance of $32,000 in the allowance for sales returns account.
Sales and cash collections from customers during the year were $650,000 and $610,000, respectively.
False Value estimates that 6% of all sales will be returned.
During 2016, customers returned merchandise for credit of $28,000 to their accounts.
False Value's 2016 income statement would report net sales of:
The closing balance in the allowance for sales returns account will be: 32,000 opening balance + 6% 0f 650,000 - sales returns within the year of 28,000 = $43,000
Hence Net Sales will be 650,000 - 43,000 = $607,000
You mow your neighbor's yard and he pays you $25. Which function of money does this BEST represent?
Medium of exchange. The function of money, medium of exchange, is the exchange of money for a good or service. They are facilitating the transaction by paying the neighbor for the lawn cutting service.
If smileytown consumed 50,000 tubes of toothpaste in 2019, and in 2020, toothpaste consumption rose to 62,000 tubes, then there is a 24 percentage of change in the toothpaste consumption.
<h3>What is the significance of consumption?</h3>
The consumption of any commodity can be referred to or considered as the quantity purchased by consumers for utilization in an economy during a given period of time.
We can infer that 50000 + 24% = 62000, and thus, the percentage change in the toothpaste consumption of smileytown between 2019 and 2020 is 24 percent.
Therefore, the significance regarding the change in consumption has been aforementioned.
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