Answer:
a. Recording of transactions:
May 7, Accounts Receivable (Dr.) $900
Sales Revenue (Cr.) $900
May 15, Customer service Expense (Dr.) $360
Sales Allowance (Cr.) $360
May 20, Cash (Dr.) $495
Cash Discount (Dr.) $45
Sales Allowance (Dr.) $360
Accounts receivable (Cr.) $900
Explanation:
b. Net Sales :
Total Quote ($180 * 5 ) = $900
Less : Cash Discount 5% = 45
Less : Sales Allowance 40% = 360
Net Sales = $495
c. Outdoor expo will record sales after deducting the cash discount. This discount is availed by customer as repayment is made within 15 days. The sales allowance is subtracted from the gross sales as the compensation is made from the outdoor expo due to mistake from their guide on tour. The net sales reported in Income statement will be $495.
Answer:
The correct words for the blank spaces are (in that order): short; supply; inelastic; long; elastic; responsive.
Explanation:
Supply elasticity refers to the changes in quantity supplied as a result of changes in other factors of production. It measures the responsiveness of the change in the price of that particular good or service offered. In the short term, if there is not enough output, the quantity supplied will be inelastic (less responsive). The opposite happens in the long term with higher levels of output: the supply is likely to become more elastic.
Answer:
Explanation:
Dividends.
Usually now days, the rate of return is anywhere from 3 to 8 %. That means that if you have 10000$ worth of stock, you should expect about 300 dollars per year back. Doesn't sound like much, but it can build up.
Shares are what you buy that return the dividends. 1 share brings back so much money. You don't have to sell the shares to get the money. I have no idea what allotments and dispensations are when referring to stocks.
Answer:
True
Explanation:
The following statements are true; Unit-level activities are performed for each unit that is produced. Batch-level activities are performed for each batch regardless of how many units are in the batch. Product-level activities must be carried out to support a product regardless of how many batches are run or units produced. Customer-level activities must be carried out to support customers regardless of what products or services they buy. Organization-sustaining activities are carried out regardless of the company’s precise product mix or mix of customers.