Answer: Substitute
Explanation:
Substitute goods are the goods that can be used for the same purpose. Complement are the goods that are used together e.g. car and petrol.
It should be noted that when the price of a good increase, people move to the substitute and this will being about the rise in the quantity demanded of the other good.
Therefore, as the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 units to 114 units shows that the are substitutes.
Answer:
The sales budget is prepared below. See table below.
Explanation:
<em>A sales budget shows the expected revenue and units to be sold for a forth coming accounting period. The sales budget for Patrick Inc would look as follows:</em>
Sales budget
Month Units Revenue($)
January 41,000 1,435,000
February 38,000 1,330,000
March 50,000 1<u>,750,000</u>
<u>4,515,000</u>
Note the revenue per month is determined by multiplying the unit to be sold by the price per unit of $35
The appropriate journal entry is:Debit Cash $1313; debit Sales Discount $39; credit Accounts Receivable $1352.
<h3>Journal entry</h3>
Based on the information given the correct entry to record this transaction is:
Debit Cash $1313
{$1300+[($1300×4%)-($1300×3%)]}
[$1300+($52-$39)]
Debit Sales Discount $39
($1300×3%)
Credit Accounts Receivable $1352
[$1300 + ($1300×4%)]
Inconclusion the appropriate journal entry is:Debit Cash $1313; debit Sales Discount $39; credit Accounts Receivable $1352.
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