Answer:
Imported, an advantage, more.
Explanation:
- This is done to discourage the use of foreign items and use of domestically made products. This helps the domestic companies to get their advantage in profit and sales. Thereby making the imported goods more expensive and discourages their use.
Debited in receipts and payments account.
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Answer:
sales tax payable 1,200 debit
cash 1,200 credit
Explanation:
To record this entry we need to understand the sales tax is not an expense for the company as is charged into the invoice and paid by the customers.
The company is an intermediate agent between the customer and the government. The company's role is to collects the tax and pay to the government. We need to record the payment of 1,200 to the government thus, we write-off the sales tax payable and credit the cash give away to the IRS
Answer:
The amount of check is $4,554
Explanation:
Term 1/10, n/30 means there is a discount of 1% is available on payment of due amount within discount period of 10 days after sale and net credit period of 30 days.
According to given data
Sales = $6,000
Returns = $1,400
Amount due = $6000 - $1,400 = $4,600
As the payment is made within discount period, so discount will be availed
Discount = $4,600 x 1% = $46
Amount of Check = $4,600 - $46 = $4,554
Answer:
3 billion
Explanation:
the financial account will be the cash inflow less the cash outflow:
Increase in foreign holdings of assets in the United States = $4 billion Increase in U.S. holdings of assets in foreign countries = -$1 billion
4 billion of dollar enter the US from aboard while 1 billion left the country with destination aboard in total the financial account will be:
4 billion - 1 billion = 3 billion
