Safety & knowledge of the job
The amount of cash received will be the net of discounts and sales returns.
Given,
the sales = $ 2,000
The sales return = $ 800
The discount will be allowed only if the payment is made within the discounts period i.e. 10 days. The sales were made in 15th July and Payment is made on 24th July, thus Carson company is eligible for the discount. The discount will be calculated on the sales net of returns
Net sales = $ 2,000 - $ 800 = $ 1200
Discount = 2 % X $ 1,200 = $ 24
The cash received = $ 2,000 - $ 800 - $ 24 = $ 1,176
Answer and Explanation:
There is no copyright infringement here. Savant homes had not taken a copyright protection for the design prior to this time. Also in the case it was found that the design is not in fact a unique design by Savant homes as it is used widely and was common before savant homes used it. And so it was a dummy model for everyone to copy from. Therefore the infringement was considered invalid as there was no ground for savant homes to claim it as am intellectual property
Answer:
The retained earnings statement showed a closing retained earnings of $226,120.00 as at 2017 year end.
Explanation:
In arriving at the closing retained earnings , I treated prior items retrospectively- that is as if the impact of such items have been in the accounts from day one,less the tax effect of all items involved.
For instance ,I deducted the understatement of depreciation in 2015 less of tax impact of 40%
Kindly find attached for details.
