If a casket cost $1,000.00 wholesale, and the funeral home's fixed multiple was 5, then $500 would be the selling price of that casket.
The selling price is the initial label that the salesperson puts on the product, and the asking price is the price at which the product will eventually be sold. Determine the total cost of all purchased units. Divide the total cost by the number of units purchased to get the cost price. Use the selling price formula to calculate the final price: selling price = cost + profit margin.
Companies should be able to bear all the costs of their products, pay their operating costs, and make a profit. Customers compare products based on retail prices and decide how to allocate their money. Businesses rely on selling prices to determine revenue from sales and achieve business goals.
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Answer:
a.
Date Account Title Debit Credit
XX-XX-XX Petty Cash $250
Cash $250
b.
Date Account Title Debit Credit
XX-XX-XX Entertainment expense $41
Postage $25
Printing $12
Petty Cash $ 78
Date Account Title Debit Credit
XX-XX-XX Petty Cash $78
Cash $78
2. Reasons why a Petty Cash account would be credited:
a. Fund amount is being reduced.
c. Fund is being eliminated
When the fund is being reduced by expenses, it is credited as shown above.
When the fund is to be eliminated, it will be credited so as to remove all the money in it.
<span>If this key employee were to die and the policy is still in force and unchanged, the death proceeds will be directed with the Key Person Insurance. The company will purchase, owns, pays the premiums and is the beneficiary of the life insurance on the key person. This is because the key person is still employed in that company.</span>
Answer:
Step wise detailed solution is given in the attached diagram
