Answer:
Malthus
Explanation:This would be a very long explination; however, the answer is Malthus.
Answer:
As a percentage of sales, Caterpillar’s gross profit decreased during 2016.
Explanation:
Gross profit is the net of Sales amount and cost of goods sold for the year. Gross profit is the profit earned from the activities of the business before incorporation of operating expenses.
2016 2015
Sales $38,537 $47,011
Less: Cost of goods sold <u>$28,309</u> <u>$33,546</u>
Gross Profit <u>$10,228</u> <u>$13,465</u>
GP as percentage of sale 26.54% 28.64%
Working
GP 2016 = ( $10,228 / $38,537 ) x 100 = 26.54%
GP 2015 = ( $13,165 / $47,011 ) x 100 = 28.64%
Answer:
D. Order the parties to arbitrate
Explanation:
Under an arbitration agreement, the parties to such a contract mutually agree to settling future disputes outside court.
Like every contract, such a contract is legally binding and the terms cannot be revoked by one of the parties later. The parties are bound by arbitration in such cases, as is mutually agreed initially.
As per the facts of the case, such an arbitration agreement has been entered into by Jan and Kyle, wherein it was mutually agreed to settle outside court, in the event of a dispute. When the said dispute arose, Jan filed a suit against Kyle.
In such a scenario, the court will likely D. Order the parties to arbitrate.
Answer:
Explanation:
The journal entries are shown below:
On March 12:
Accounts receivable A/c Dr $11,000
To Service revenue A/c $11,000
(Being the revenue is recorded)
On March 31:
Cash A/c Dr $11,000
To Accounts receivable A/c $11,000
(Being cash collection is recorded)
We do not consider the sales discount. Hence, ignored it
Answer:1. Poole journal $
Date
April 10
Cash account Dr 50,925
Cash sales Cr 48,500
Sales tax. Cr. 2425
Narration. Cash sales inclusive of sales tax.
Waterman journal $
Date
April 15
Cash account Dr 26750
Cash sales Cr. 25,000
Sales tax. Cr. 1750
Narration. Cash sales inclusive of sales tax
Explanation:
Firms are authorized by the government to collect sales tax on their behalf at the time of sales and such amount when collected are treated as liability by the firm to be remitted to the goverments.
At the point of sale the sales tax is showing as percentage to be charged on sales separately e.g 5% on sales figures.
If the tax percentage is not separated at the time of sales and the sales is made inclusive of sales tax then the sales tax like in the above scenario will be 7/107 * $26,750 which gives $1750
