Answer:
The amount of Best Buy's cost of goods sold was $32,720 million
Explanation:
cost of goods sold = sales - gross profit
= $42,410 million - $9,690 million
= $32,720 million
Therefore, The amount of Best Buy's cost of goods sold was $32,720 million
Answer:
Test marketing
Explanation:
Test marketing is a marketing strategy that is undertaken to assess how a product or service will be perceived by the larger market. A small number of representatives is chosen to try the new product or service before the product is launched to the larger market.
The reason this credit is not allowed is because: A. If the other state allows California residents a credit for net income taxes paid to California
The types of tax.
In Economics, there are different types of tax and these include the following:
- Gift tax
- Excise tax
- Alcohol tax
- Income tax
- Estate tax
- Employment tax
- Net income tax
<h3>What is net income tax?</h3>
Net income tax can be defined as a type of tax which grants either deductions or exemptions from an employee's gross income. Additionally, a net income tax is a system of taxation which is designed and developed to assess taxes on the basis of gross income, gross dividends or gross receipts.
In conclusion, it is a fact that any form of deductions or exemptions that doesn't qualify for a credit is not considered as a net income tax in California and every other part of the world.
Read more on income taxes here: brainly.com/question/27008617
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Complete Question:
California residents are allowed a credit for net income taxes paid to another State on income also subject to the California income tax. However, the credit is not allowed for which of the following reasons?
A. If the other state allows California residents a credit for net income taxes paid to California
B. If the income taxed by the other state has a source within the other state under California law
C. If such states do not allow their residents a credit for net income taxes paid to California
D. The amount of the credit is greater than the same proportion of the total California tax as the income taxed by both states bears to the total income taxed by California
Answer:
$32,000
Explanation:
Calculation for the amount of accrued interest payable that should be reported
Using this formula
Accrued interest payable=Interest expenses- (Cash paid for interest -Accrued interest )
Let plug in the formula
Accrued interest payable=$85,000-($68,000-$15,000)
Accrued interest payable=$85,000-$53,000
Accrued interest payable=$32,000
Therefore the amount of accrued interest payable that should be reported will be $32,000
Answer:
(a) Total amount paid -$3000 will be recognized immediately as an expense.
(b) Only two month advertising expenses will be recognized as expense i.e $600 while the balance will be recorded as prepayment under current asset.
Explanation:
Monthly advertising expenses = 3,000/10
= $300
(a) Under Cash basis, the total amount paid in advance (i.e $3000) will be recognized as being expenses immediately.
(b) Under accrual basis, only two month advertising expenses already consumed will be recognized as an expense immediately while the remaining 8 months balance yet to be utilized ( $2400) will be accounted for as prepayment under current asset in the statement of financial position (i.e it will be deferred)
