They won 21 out of their 30 basketball games.
Answer:cost of goods sold for Liberty to enter on her Schedule C = $12,000
Explanation:
Cost of goods sold (COGS) of a company are all the costs ie( the raw materials and labor ) involved directly in the production of the particular goods sold by the company.
Given
Beginning Inventory = $50,000
Purchases regarding Labour and materials= $20,000
Ending inventory = $58,000
Cost of Goods Sold is calculated as Beginning Inventory + Purchases During the Period – Ending Inventory
$50,000 + $20,000 - $58,000
$70,000 - $58,000
$12,000
Answer:
The answer is C.
Explanation:
Credit sales is $6,000
Bad debt is 3% of net credit sales which is $180($6,000 x3%)
Creating allowance for doubtful debt entry is one of the prudent method and it tells us that some customers won't pay part of what they are owing. And it is also a contra account that offset bad debt.
According to the accounting rule, debit increases asset and expenses and vice-versa while credit decreases liability, equity, income and vice versa.
So we have have:
Dr Bad debt expense $180
Cr Allowance for Doubtful Accounts $180
