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victus00 [196]
3 years ago
5

A Nike Hoodie has a retail price of $99.00 and it costs the retailer $49.50. What is the mark-up

Business
1 answer:
guajiro [1.7K]3 years ago
6 0

Answer:

100%

Explanation:

Mark-up is the difference between selling price and cost price

Selling price =$99.00

Cost price = $49.50

Mark up = $99- 49.50

=$49.50

As a percentage

= $49.50/$49.50 x 100

= 1 x 100

= 100%

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Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,600 account of a customer
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Answer: Please see explanation for answers

Explanation:

1. Journal entry to record bad debt on January 31st

Date            Account Titles and Explanation            Debit            Credit

Jan. 31st      Allowance for doubtful account            $1,600

Account receivables  ( Customer C. Green)                                  $1.600

2. Journal entry to record recovery of bad debt on March 9

A) To reinstate Amount previously written off

Date            Account Titles and Explanation                  Debit            Credit

March 9 Account receivables  ( Customer C. Green)    $1,100

Allowance for doubtful account                                                          $1,100

B) To record payment of account

Date            Account Titles and Explanation             Debit            Credit

March 9            Cash                                                   $1,100

   Account receivables( Customer C. Green)                                  $1,100

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Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to ​, and man
yanalaym [24]

Complete Question:

Company uses the​ percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to ​$500,000, and management estimates 2% will be uncollectible. The amount of expense to report on the income statement was $8,000. The Allowance for Uncollectible Accounts prior to adjustment has a credit balance of $2,000. The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be

Answer:

The balance of Allowance for Uncollectible​ Accounts, after​ adjustment, will be

$10,000

Explanation:

a) Data and Calculations:

Net credit sales = $500,000

Uncollectible estimate = 2% of net credit sales

Uncollectible Accounts expense = $8,000

Allowance for Uncollectible Accounts = $2,000 before adjustment

Allowance for Uncollectible after adjustment = $500,000 * 2% = $10,000

6 0
3 years ago
George transfers cash of $150,000 to Finch Corporation, a newly formed corporation, for 100% of the stock in Finch worth $80,000
kolbaska11 [484]

Answer:

Finch has an interest expense deduction of the amount of $6,300.

Explanation:

Based on the information given in a situation where Finch pays George interest of the amount of $6,300 in which the amount of $7,000 was the principal payment on the note which means that Finch will have an interest expense deduction of the amount of $6,300 reason been that the amount of interest that was paid to George which is $6,300 will be the amount that is allowed for deduction.

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3 years ago
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