Sidewinder, Inc., has sales of $686,723, costs of $335,000, depreciation expense of $80,000, interest expense of $45,000, and a
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Answer:
The addition to retained earnings is $95,751.
Explanation:
Addition to the retained earning is the net value of net earning of the year and dividend payment.
Net income
Sales $686,723
Costs (<u>$335,000)</u>
Gross income $351,723
Depreciation Expense <u>($80,000)</u>
Income before interest and tax $271,723
Interest Expense <u>($45,000)</u>
Income before tax $226,723
Tax 22% <u>($49,879)</u>
Net Income <u>$176,844</u>
Addition to Retained Earning = Net Income - Dividend Payment
Addition to Retained Earning = $176,844 - $81,093
Addition to Retained Earning = $95,751
Answer and Explanation:
The journal entries are shown below:
1. Inventory $1,800
Accounts Payable $1,800
(Being purchased on account)
2. Inventory $50
To Cash $50
(being freight paid)
3. Accounts Payable $51
To Inventory $51
(being the returned calculator is recorded)
4. Accounts Receivable $670
To Sales Revenues $670
(Being sales is recorded)
5. Cost of Goods Sold $460
To Inventory $460
(Being cost of goods sold is recorded)
6. Sales returns $40
To Accounts Receivable $40
(being sales return is recorded)
7. Inventory $28.20
To Cost of Goods Sold $28.20
(Being cost return is recorded)
8. Accounts Receivable $780
To Sales Revenues $780
(Being the sales is recorded)
9. Cost of Goods Sold $560
To Inventory $560
(Being the cost of goods sold is recorded)
Knowledge work includes, among other things, engineering, marketing, product design, and web design.
<h3>What distinguishes service work from manufacturing labor?</h3>
A service economy is built on knowledge-intensive industries and services in economic production, well-educated employees in the occupational market, and innovative enterprises in business. A manufacturing economy is driven by the mass production of products.
<h3>What are the names of networks of businesses that produce product designers, engineers, manufacturing firms, distribution channels, and consumer outlets?</h3>
A supply chain in business is a network of establishments that acquire raw materials, transform them into intermediate goods, and then distribute finished goods to customers.
To know more about marketing visit:-
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Answer:
2. False
Explanation:
Capacity to a contract refers to whether the person to a contract is legally competent to enter into such a contract.
For instance, lunatics, drunkards, minors, criminals and person of unsound mind are deemed incapable of entering into a contract.
A person diagnosed with dementia, which impairs his decision making would normally be regarded as incapable to signing a contract.
But, capacity is ascertained as per the situation i.e at the time the contract is signed or entered into.
In the given case, Ronald entered a contract while he was sane and in healthy state of mind. His judgement at the time of entering such a contract wasn't impaired by dementia.
Thus, the contract will be legally enforceable as per the law.
