Answer and Explanation:
The journal entries are shown below:
1. On Sep 30
Cash $15750
To Sales $15,000
To Sales taxes payable ($15000 ×5%) $750
(Being the cash receipts is recorded)
For recording this we debited the cash as it increased the assets and credited the sales and sales tax payable as it increased the revenue and liabilities
2 On Sep 30
Cost of goods sold $12,000
To Merchandise inventory $12,000
(Being the cost of goods sold is recorded)
For recording this we debited the cost of goods sold as it increased the expenses and credited the merchandise inventory as it reduced the assets
3 On Oct 15
Sales taxes payable $750
To Cash $750
(Being cash paid is recorded)
For recording this we debited the sales tax payable as it reduced the liabilities and credited the cash as it decreased the assets
The answer for the blink would be Zero-based budgets.
Answer: See explanation
Explanation:
The retained earnings will be calculated as:
= Begining retainers earnings + Net income - Dividend.
Year 1:
Retained earning = 0 + 2000 - 1700
= 300.
Year 2:
Retained earning = 300 + 2600 - 1600
= 1300
Year 3:
Retained earning = 1300 + 2600 - 2200
= 1700
Year 4:
Retained earning = 1700 + 5900 - 2900
= 4700
Year 5:
Retained earning = 4700 + 8800 - 3100
= 10400
Answer:
Cost of goods available for sale = $12,480
Explanation:
<em>The cost of goods available for sale is the sum of the value of the opening inventory plus the cost of new purchase. The cost of new purchase would include carriage inward cost if any.</em>
<em>For Oriole company , the cost of goods available for sale would be computed as follows:</em>
$
Opening inventory 2,340
Purchases
June 12 5,460
June 23 <u> 4,680 </u> <u> 10,140</u>
Cost of goods available for sale <u>12,480</u>
<em>Note that the sales made are not relevant for the purpose of determining the cost of goods available for sale. Also, the closing inventory would have been deducted from the cost of goods available for sale to arrive at the cost of goods sold should the question require it.</em>
Answer:
The correct answer is E. respond quickly
Explanation:
Respond quickly is a great strategy to gain customers' fidelity.
