Answer:
The entries are as follows
To record estimated returns on Sales
Debit: Sales Refund Payable Account $131,400
Credit: Accounts Receivables $131,400
To record estimated Cost of Sales returns
Debit: Inventory Returns Estimated Account $77,700
Credit: Inventory on Sales on Returns $77,700
Explanation:
To derive the figure for Sales Refund payable for the year
6% of $2,190,000
= 
= $131,400
To derive the figure for Inventory cost on Sales Refund payable for the year
6% of $1,295,000
= 
= $77,700
Answer:
The correct answer is letter "A": all income from whatever source derived unless excluded by law.
Explanation:
Gross income is the total income of a person before taxes and other changes. Gross income is the basis for determining the taxes an individual has to pay. Gross income is the sum of a person's salary, wages, tips, capital gains, dividends, interest, rents, pensions, and alimony.
<em>The tax definition of Gross Income states it represents all income of individuals regardless of the source derived except those excluded by law.</em>
Answer: C. People are rational.
Explanation:
Economic theory assumes that people are rational when making economic decisions. This means that they will seek to make a decision that can satisfy them the most or give them the highest benefit.
This benefit does not always have to be monetary, it can also be emotional. The U.S. customers who prefer made in America products would therefore be emotionally satisfied by the decision of these manufacturing companies to move back to the U.S. and will patronize them more.
This decision to move back was therefore based on people being rational.
Answer:
Answer is option b i.e. Discharged.
Explanation:
Discharge of a contract takes place either on completion of a contract or when a contract is terminated due to various reasons like; discharge by mutual agreement, discharge by the impossibility of performance, discharge of contract due to lapse of time, discharge by operation of law, and discharge by breach of contract. Here, in the given case, the contract between Clyde and Deephole Excavation Inc. is discharged by the operation of law as the court has ordered to halt the digging further.
Answer:
The answer is Franchising
Explanation:
Franchising is an arrangement where one party) grants or licenses some rights and authorities to another party. Franchiser authorizes franchisee to sell their products, goods, services and give rights to use their trademark and brand name.
