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Alenkasestr [34]
3 years ago
11

MY STORE bought sweaters at a wholesale price of $12 and sold them for $34.99. Ron says the markup is $46.99 but you say he is w

rong. Show Ron how to find the markup amount.
Retail price= (wholesale price x markup %) + wholesale
Markup %= (retail - wholesale) x 100/wholesale
Discount= (OG price x discount %)
Sale price= OG price - discount
Discount %= (OG price - sale price) x 100/OG price
Business
1 answer:
bija089 [108]3 years ago
3 0

Answer:

Markup %= (retail - wholesale) x 100/wholesale

Explanation:

Mark up is the difference between the selling price and the buying price. It represents profits that a business makes or desires to make from the sale of an item.

Mark-up is expressed as a percentage of the buying price. For my store, profits will be calculated by getting the difference between the wholesale price( buying price) and the selling price( retail price).

Mark will be = <u>retail price- wholesale price</u>    x 100

                                wholesale price.

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Answer:

<em>Corrected Income for 2020 is $ 86540 and for 2021 is $160,610 </em>

Explanation:

Ivanhoe Co.

Correction of Income for              2020             2021

The before-tax income                $104,000      $81,200

1) Sales                                             (39,000)         39000

2) Inventory                                      (9,400)            9,400

3) Entry  wrongly made                    14,400           14,400

4) Correct Entry                                15,680           15,680

5<u>) Add Depreciation                           860               930</u>

<u>Corrected Income                       $ 86540         $ 160,610   </u>

<u></u>

1) Sales are included when the purchaser gets the title . They are the liability of the seller so they will be deducted from 2020 sales and added to 2021.

2) Ending inventory is deducted from COGS as it is understated it will be deducted from 2020 income and added to the 2021 income when it becomes the opening inventory.

3) Interest was received not given so the it will be treated as revenue not expense and added to the income statement.

4) Actual interest received  was ($ 240,000- $16,000)* 7% = $ 15680. So an entry for actual interest will be made.

5) Additional amount of depreciation was charged to 2020 and 2021 income statement  which will be added back. 10 % of $ 8600= $ 860 for 2020 and 10% of $ 9,300= $ 930 for 2021

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Answer:

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Answer:

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