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rjkz [21]
3 years ago
9

Spencer Company consigned 88 freezers, costing $490 each, to Remmers Company.

Business
1 answer:
nata0808 [166]3 years ago
6 0

Answer:

Inventory in consignee: $  22,005

Consignor profit:            $    6,810.6

Explanation:

We must remember that the goods cost is the sum of all it was needed to get the inventory ready for sell:

consigned goods: 88 x 490 = 43,120

shipping cost                                890

Total Cost for Spencer            44,010

44,010 /88 freezers x 44 freezers at hand: 22,005

profit on the consignor:

sales revenue 44 x 710 =              31,240

commission 6%                               (1,874.4)

cost of good sold

44,010 / 88  x 44 freezers sold: (22,005)

advertising                                        (240)

installation cost                                 (310)

                    Profit                          6,810.6

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Brut [27]

Answer:

b. the supply of ivory has fallen, leading to an increase in price and reward for poaching.

Explanation:

In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.

The law of demand states that, the higher the demand for goods and services, the higher the price it would be sold all things being equal. On the other hand, law of supply states that the higher the price of goods and services, the lower the supply.

Poaching can be defined as an illegal or illegitimate procurement (purchase) of protected wildlife living organisms such as elephants, fish, trees, gaming, etc.

In an attempt to reduce poaching of elephant tusks for ivory, officials in Kenya burned illegally gathered ivory. Economists tend to point out that the supply of ivory has fallen, leading to an increase in price and reward for poaching in accordance with the law of supply.

This ultimately implies that, an increase in the price level of a product usually results in a decrease in the quality of real output demanded along the aggregate demand curve.

6 0
3 years ago
Brian makes ​$27,000 per year. how much can brian expect to contribute to fica taxes? question 7 options: $2,065 $1,674 $391 $2,
Sophie [7]
<span>To find the amount of FICA taxes one has to contribute, there are two values needed. First, the Social Security tax rate is 0.062 (6.2%) on the first $127,200 in wages, and then the Medicare tax is 0.0145 (1.45%) on the first $200,000 in income. Adding these two figures gives the total FICA taxes. 6.2 percent of $27,000 is $1,674, and 1.45 percent of $27,000 is $391.50. Adding these two values together (1674 + 391) gives a total of $2,065, or choice (A).</span>
5 0
3 years ago
The appellate court decides that the trial court committed reversible error by including evidence found by law enforcement. Law
olga2289 [7]

Answer:

  1. Now that the very evidence that lead to conviction of the defendant, that person will no longer serve the sentence given as a punishment as a result of the crime committed.
  2. Yes, the defendant would be free to go for now, unless they can produce any more evidence to charge him with the crime he allegedly committed.
  3. Conventionally it would go back to the trial court until and unless specified otherwise by the judge.
  4. It could go all the way up to the supreme court depending on whether the legal counsel handling the case puts in a request for it.

Hope that answers the question, have a great day!

7 0
3 years ago
Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.
svetoff [14.1K]

Answer:

A. True

Explanation:

This two principles i.e matching principle and the revenue recognition principle are interrelated to each other

The matching principle is that the principle in which the expenses of a particular period and the revenues incurred of a particular year should be matched.  

Whereas the revenue recognition principle stated that whenever the revenue is earned it should be recorded whether cash is received or not  

So for recording the adjusting entries, these two principles are required

6 0
3 years ago
A firm engages in a new type of financial transaction that has a material effect on its earnings. An analyst should most likely
slega [8]

Answer:

management has not explained its business purpose

Explanation:

Since in the question it is mentioned that the firm is engaged in the new financial transaction that contains the material impact on the earnings so this represents that it could be come under the pre existed accounting standards.

Also everyone should be aware of the business purpose plus it is not established for changing off the financial statements

So it would be suspicious because the purpose of the business could not be explained

4 0
3 years ago
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