Answer:
(A) Kleiner Merchandising Company:
Goods available for sale = $24,500
Cost of goods sold = $17,900
Gross profit = $3,600
Net income = $1,550
(B) Krug Service Company:
Net income = $16,300
Explanation:
(A) Kleiner Merchandising Company:
Goods available for sale:
= Beginning inventory + Net purchases
= $11,000 + $13,500
= $24,500
Cost of goods sold:
= Goods available for sale - Ending inventory
= $24,500 - $6,600
= $17,900
Gross profit = Net sales - Cost of goods sold
= $21,500 - $17,900
= $3,600
(b) Kleiner Merchandising Company:
Gross profit = $3,600
Net income = Gross profit - Expenses
= $3,600 - 2,050
= $1,550
Krug Service Company:
Net income = Revenues - Expenses
= $26,000 - $9,700
= $16,300
Answer:
4) The FDIC Deposit Regulations Act
Explanation:
Federal Deposit Insurance Corporation (FDIC) was created by the Banking Act of 1933, and its main function if to provide deposit insurance to depositors in US depository institutions (banks, credit unions, etc.).
In an event of a bank failure, the FDIC protects the depositor's money as long as the bank is insured by the FDIC. The FDIC covers accounts of up to $250,000.
Answer:
Yes, the firm Commodities Exchange Corporation is liable to E-products Inc. as it has entered into a contract with Brenda who had written authority to buy on behalf of the firm.
Explanation:
Indeed, the risk of Commodities stretches out to E-Products. This is mostly a direct result of the risk of the chief is towards the operator for the agreement the specialist is the gathering in the interest of the head. Aside from this, there is an express power having a place with Brenda as she was given the approval from the head. Because of express, an evident position E-Products got the affirmation that Commodities is being spoken to by Brenda.
There is no close to home risk of Brenda to pay for the different fringe gadgets to the E-Products. Because of evident position, it was a reality clear to E-Products that Brenda is just going about as an operator for Commodities. As these items were purchased for the utilization of the head as opposed to the individual utilization of Brenda in this way she doesn't have any obligation.