I can barely see is that supposed to say gross
Answer:1. Poole journal $
Date
April 10
Cash account Dr 50,925
Cash sales Cr 48,500
Sales tax. Cr. 2425
Narration. Cash sales inclusive of sales tax.
Waterman journal $
Date
April 15
Cash account Dr 26750
Cash sales Cr. 25,000
Sales tax. Cr. 1750
Narration. Cash sales inclusive of sales tax
Explanation:
Firms are authorized by the government to collect sales tax on their behalf at the time of sales and such amount when collected are treated as liability by the firm to be remitted to the goverments.
At the point of sale the sales tax is showing as percentage to be charged on sales separately e.g 5% on sales figures.
If the tax percentage is not separated at the time of sales and the sales is made inclusive of sales tax then the sales tax like in the above scenario will be 7/107 * $26,750 which gives $1750
Tax is calculated using the formula:
Tax amount = (% Tax)
After-tax income can be calculated using the formula:
After-tax income = (1 - %tax / 100) * Income
We are given that:
% tax = 40%
Say for the income, this is only the amount needed for
the Mercedes so, Income = $60,000
After-tax income = (1 – 40 / 100) * $60,000
<span>After-tax
income = $36,000</span>
The firm should produce more output to maximize its profit. In a perfectly competitive industry, firms will have marginal revenue equal to price. Therefore, the marginal revenue is $25.
In macroeconomics, an industry is a branch of an economic system that produces a closely-related set of raw materials, items, or offerings. For instance, one would possibly refer to the wooden enterprise or to the insurance industry. While comparing a single institution or agency, its dominant supply of revenue is generally used by industry classifications to categorize it within a particular enterprise. As an example, the global widespread industrial classification (ISIC) – used at once or thru derived classifications for the professional data of most countries internationally – classifies "statistical devices" via the "monetary activity wherein they especially have interaction". Enterprise is then defined as a "set of statistical gadgets which can be classified into the identical ISIC category". however, a single business need not belong just to one enterprise, which includes when a big business (regularly known as a conglomerate) diversifies throughout separate industries.
Learn more about industry here
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In a perfectly competitive industry, the market price is $25. A firm is currently producing 10,000 units of output, its average total cost is $28,its marginal cost is $20, and its average variable cost is $20. Determine whether the following statements are true or false:
