Answer:
Answer D Tequila from Mexico.
Explanation:
Answer:
Newark's cost of sales is A $307,000
Explanation:
Cost of Sales can be determined by using the Missing figure Approach for this question.
Cost of Sales = Sales less Gross Profit
<u>Calculation of Sales figure :</u>
Cash sales, $450,000
Credit sales, $1,350,000
<em>Less</em> Sales returns and allowances, ($90,000)
<em>Less</em> Sales Discounts ($43,000)
Sales $1,667,000
<u>Calculation of Cost of Sales</u>
Thus Cost of Sales = $1,667,000 - $1,360,000 (given)
= $307,000
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hope this helps
Answer:
c. Because X's failure to disclose the condition of the faucet is not material.
Explanation:
In order to consider X's failure as material and therefore allowing Y to rescind the contract, the failure to disclose must involve an element of the contract that is in such a bad condition that it would make the contract as "irreparably broken".
In this case, contract law provides other remedies that Y can use to try to make X pay for the repairs, but Y cannot unilaterally rescind the contract.
Answer:
$7,000
Explanation:
the partnership's net income = $160,000 - $100,000 - $24,000 - $28,000 = $8,000
since net income is divided equally among the 4 partners, then each partner is allocated $2,000
Kellie's capital account = $5,000 + $2,000 (her share of profits) = $7,000
if she withdraws more than $7,000, then she should report a gain in excess of basis