The answer is <span>Kiichiro Toyoda</span>
Gross Profit is calculated by deducting the cost of goods sold, sales return and sales discount from the sales. The operating expenses is not considered for gross profit. The same is deducted from the gross profit for finding the net profit.
Gross Profit = Sales - Cost of goods sold - Sales Return - Sales Discount
Gross Profit = $150,000 - $67,000 - $13,000 - $6,000
Gross Profit = $150,000 - $86,000
Gross Profit = $ 64,000
Thus, gross profit is $64,000
Answer:
Land $434,696
Land improvements $108,609
Building $1,720,600
To Cash $2,263,905
(Being the amount paid in cash is recorded)
Explanation:
The journal entry is shown below:
Land $434,696
Land improvements $108,609
Building $1,720,600
To Cash $2,263,905
(Being the amount paid in cash is recorded)
The land, land improvements and the building increases the assets so it is debited while the cash is credited as the cash is paid
The computation of the land is shown below:
= Purchase price of the land + purchase price for the old building + paid amount for tear down the old building + cost to fill and level the lot
= $224,000 + $119,000 + $37,000 + $54,696
= $434,696
Answer:
They all are barriers to entry.
Explanation:
For an imperfectly competitive firm: the marginal revenue curve lies below the demand curve because any reduction in price applies to all units sold.
Answer:
$217,800
Explanation:
1.)Income as per new method (695,000 + 331,000) $1,025,000
Less Actual reported income until 2021 (395,000 + 267,000 ) $662,000
Balance $363,000
Hence:
40%*$363,000
=$145,200
$363,000 -145,200
=$217,800
Therefore amount will be debited to Construction in Process account, to record the change at beginning of 2021 will be $217,800
