Answer:
A. The company would debit the Allowance account instead of Purchase Returns.
Explanation:
In the management of purchases transactions, a company will maintain several other accounts such as purchase returns and purchases allowance.
Purchases allowance will include allowances such as discount received and other compensations from suppliers. The allowances reduce the net value of the purchases. i.e., when calculating the net purchases, one has to deduct the purchases allowed amount. When the business receives a purchase allowance, the amount will increase the purchases allowance account. The accountant will, therefore, debit that account.
Purchases returns are goods that the company had purchased from suppliers but have returned them for some reason. They could be defective or inappropriate.
Culture is known to be the way of life of people in a particular place. In cultures that are high in uncertainty avoidance is one where orderliness, consistency, and structure are important.
- Uncertainty avoidance is simply known as the way cultures socialize its people or members to feel in uncertain, novel, surprising, or in surprise situations.
People who have high uncertainty avoidance cultures often capitalizes on strict orderliness and consistency in behavior.
Conclusively, The ability to approach cross-cultural work relationships with a learner mind-set is known to be an attribute of high cultural intelligence.
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Answer:
Net operating income= 341,000
Explanation:
We need to use the following structure:
Gross profit= sales - cost of goods sold
Net operating income= Gross profit - other expenses (variable and fixed)
<u>Under the absorption costing method, the cost of goods sold incorporates the fixed overhead.</u>
Sales= 980,000
COGS= (116,000 + 266,000)= (382,000)
Gross profit= 598,000
Fixed selling and administrative costs= (116,000)
Variable selling and administrative costs= (141,000)
Net operating income= 341,000
Answer:
These two are cash equivalents:
Money market funds
Three-month Treasury bills
Because they represent short-term investments that a company makes with the goal of getting rid of any excess cash that would otherwise be left unused while it is losing value because of inflation.
In other words, the main goal of investments in money market funds and three-month treasury bills, is to prevent cash from losing value due to inflation, and because of that, those investments are considered cash equivalents.
Sales lead is a prospective consumer of a product or service that is created when an individual or business shows interest and provides his or her contact information.
