Explanation:
On the books of Shore Co
Cash A/c Dr $111,560
Sales discount A/c $2,240 ($11,2000 x 2%)
To Accounts receivable A/c $113,800 ($112,000 + $1,800)
(Being cash is received)
On the books of Blue star
Accounts payable A/c Dr $113,800 ($112,000 + $1,800)
To Merchandise inventory A/c $2,240 ($11,2000 x 2%)
To Cash A/c $111,560
(Being cash is paid)
In 2012,70%of rich people were self made in the USA.That is the updated answer in 2012.
Answer:
C. when they are incurred, whether or not cash is paid.
Explanation:
In accrual accounting, expenses are recorded in the moment they are incurred, even if they have not been paid for.
In fact, the term "accrued expense" means an expense that has been incurred, but not yet paid.
One common example of an accrued expense is accrued wages:
Suppose that a firm hires a worker on March 1, for a wage of $1,000 dollars per month, that is due to be paid at the end of the month (March 31). This worker is earning $33 per day. By March 4, the firm should have recorded accrued wages for $132 ($33 x 4 days) even if no payments will be made until March 31.
Answer: $379,500
Explanation:
Total Sales = <em>Break-even sales + Margin of Safety </em>
The Break-Even sales are therefore = 100% - 20%
= 80% of sales
Total Sales is therefore;
Break-even = 80% * Total Sales
Total Sales = Break-even/80%
= 759,000/0.8
= $948,750
Assuming no fixed costs, actual profit will be Sales less Variable expenses;
=Sales - Variable expenses
= 1 - 60%
Actual profit = 40% * Sales
= 40% * 948,750
= $379,500
U.S. President Donald Trump checked one more item on his “To Undo” list of Obama administration actions last Friday when he reset the U.S. policy on Cuba. While the new policy restricts individual tourist travel and business investment in more than half of Cuban industry, it retains many smaller features like permitting family-related travel and professional/academic visits to the country. Among the immediate casualties will be a burgeoning tourism and hospitality industry that sprung up in Cuba after Barack Obama’s friendly overtures began two years ago.
Explanation:
