Journal entries
A.
Dr Cash $6,871.50
DrCash Exceed and Short $50.75
Cr Sales Revenue ($6,871.50+ 50.85) $6,922.25
B.
Dr Cash ($6,922.25 +28.32) $6,950.57
Cr Sales Revenue $6,922.25
Cr Cash Exceed and Short $28.32
Nikes target market or consumers are athletic individuals. They use the marketing mix that involves athletic products made for professional athletes but can be used for leisurely activities making it more accessible to the general population. Their commercials display fit models wearing Nike brand athletic shoes, clothing, and or using Nike equipment. The company also invests in research to improve product effectiveness and customer satisfaction.
Answer:
$35,260
Explanation:
Calculation to Determine the proper amount of net income for 2021
Unadjusted net income $33,000
Adjustments:
a. Insurance expense overstated $2,800
[4,200-(4,200/3)]
b. Sales revenue overstated $(675)
c. Supplies expense overstated $645
d. Interest expense understated $(510)
(12%*17,000*3/12)
Adjusted net income $35,260
Therefore the proper amount of net income for 2021 will be $35,260