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Mademuasel [1]
2 years ago
9

The cost of making a shirt is half of what the shirt normally sells for. today, however, the shirt is on a 15% discount from its

normal price. what is the current price of the shirt?
Business
1 answer:
Stolb23 [73]2 years ago
7 0
Let the cost of the shirt be y and the price by the which the shirt is sold is 2y.

Now, let's calculate how much does 15% represent from the price of the shirt:
15% discount = (15/100) x 2y = 0.3y
Therefore, the shirt is sold for : 2y - 0.3y = 1.7y

This means that at 15% discount, the shirt is sold at 1.7 of its original cost.
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When people conduct business without regard for government controls on price or quantity is called a black market. Please select
Natalija [7]

The statement ‘When people conduct business without regard for government controls on price or quantity is called a black market’ is true. The transactions made in the black market is illegal because it does not follow the set of rules by the government.

7 0
3 years ago
On June 5, Staley Electronics purchases 180 units of inventory on account for $18 each. After closer examination, Staley determi
Oduvanchick [21]

Answer along with its Explanation:

Journal entry to record the credit purchase of the 100 inventory units would be increase in inventory and accounts payables as under:

Dr Inventory Purchases $3,240

Cr Accounts Payables            $3,240

The journal entry to record the purchase return is the reversal of the inventory purchases and will be with purchase value of 20 inventory units at $18 per unit. The transaction is given as under:

Dr Accounts Payables $360

Cr Inventory Purchases    $360

The entry to record the sale of the inventory would be in two steps and are given as under:

Step 1: Record the increase in Credit Sales, which will also increase the accounts receivables and the sale value $31 per unit will be used.

Dr Accounts Receivables $4,960

Cr Revenue Account               $4,960

Step 2: Record the decrease in inventory as the asset after sale would be no more in the inventory so the cost of this inventory would be reduced to zero, which will be allocated to cost of goods sold.

Dr Cost of Goods Sold $2,880

Cr Inventory Account        $2,880

7 0
3 years ago
Force Corporation is owned equally by Luke and his sister Leia, each of whom own 200 shares in the company. Force redeemed 100 s
murzikaleks [220]

Complete question:

Force Corporation is owned equally by Luke and his sister Leia, each of whom own 200 shares in the company. Force redeemed 100 shares of Luke’s stock in the company on December 31 of this year paying Luke $1,000 per share. Luke’s income tax basis in each share is $500. Force has total E&P of $800,000. What are the tax consequences to Luke as a result of the stock redemption?

a)$50,000 capital gain and a tax basis in each of his remaining shares of $500.

b)$50,000 capital gain and a tax basis in each of his remaining shares of $1,000.

c)$100,000 dividend and a tax basis in each of his remaining shares of $500.

d)$100,000 dividend and a tax basis in each of his remaining shares of $1,000.

Answer:

$50,000 capital gain and a tax basis in each of his remaining shares of $500.

Solution:

The sale should be viewed as an swap as Luke decreases the shareholding from 50 per cent (200/400) to 33 per cent (100/300).

Luke is not regarded as the shareholder of any property held by his dad.

Luke records a capital benefit of $50,000, measured as $100,000 – $50,000.

∴ $50,000 capital gain and a tax basis in each of his remaining shares of $500.

7 0
3 years ago
Lesson 2
natali 33 [55]

Answer:

1) Taxes are compulsory financial charges levied upon taxpayers by government entities in order to fund their activities.

2) The IRS is the government agency responsible for collecting federal taxes and enforcing federal tax law.

3) Capital gains taxes are taxes levied upon the profit resulting from the sale of non inventory assets (e.g. land, house, stocks, etc.)

4) Two examples of state taxes are: corporate state taxes and real property taxes.

5) A pay stub or a pay slip is a document that itemizes what an employer pays to its employee. It includes the salary minus the deductions made.

4 0
3 years ago
An investor company owns 30% of the outstanding common stock of an investee company, which allows the investor to exercise signi
kodGreya [7K]

Answer:

Note: The full question is attached as picture below

a. Equity income that the investor should report in its income = Net income * Investor share = 400,000 * 30% = $120,000

b. Particulars                                 Amount

Equity investment opening           500,000

Add: Equity income                        120,000

Less: Dividend paid                        <u>60,000</u>

Equity investment at end of year  <u>560,000</u>

c. The fair value of the Investee company will remain at adjusted cost. and the investment is not adjusted to fair value

5 0
2 years ago
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