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lutik1710 [3]
3 years ago
13

The adjusted trial balance of Concord Company shows the following data pertaining to sales at the end of its fiscal year, Octobe

r 31, 2020: Sales Revenue $728,400, Delivery Expense $12,780, Sales Returns and Allowances $25,320, and Sales Discounts $12,380.
a. Prepare the revenues section of the income statement.
b. Prepare separate closing entries for (1) sales and (2) the contra accounts to sales.
Business
1 answer:
Sonbull [250]3 years ago
4 0

Answer:

Sales revenue    728,400

Sales R&A            (25,320)

Delivery Expense (12,780) * considered freight-out

sales discount   <u>   (12,380)    </u>

net sales:              677,920‬

sales revenue   728,400 debit

      income summary             728,400 credit

--to close revenues accounts--

income summary      50,480

  Delivery Expense                          12,780

   Sales Returns and Allowances  25,320

   Sales Discounts                           12,380.

--to close the contra account to sales---

Income summary  677,920

        Retained Earnings       677,920

Explanation:

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Answer:

goals of monetary policy

financial market stability

economic growth

high employment

price stability

Not goals of monetary policy

increasing the size of the financial market

high inflation

improving banks' profits

Dual mandate :  high employment

price stability

Explanation:

Monetary policy are policies taken by the central bank of a country to increase or reduce aggregate demand.

There are two types of monetary policy :

Expansionary monetary policy : these are polices taken in order to increase money supply. When money supply increases, aggregate demand increases. reducing interest rate and open market purchase are ways of carrying out expansionary monetary policy

Contractionary monetary policy : these are policies taken to reduce money supply. When money supply decreases, aggregate demand falls. Increasing interest rate and open market sales are ways of carrying out contractionary monetary policy

Goals of monetary policy include

  • financial market stability
  • economic growth
  • high employment
  • price stability

The dual mandate of the Federal Reserve was birthed as a result of the stagflation of the 1970s. Stagflation is a period of high unemployment and high inflation levels

The dual mandate are : high employment, stable prices and moderate long-term interest rates.

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3 years ago
Philip Morris expects the sales for his clothing company to be $670,000 next year. Philip notes that net assets (Assets − Liabil
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Answer:

the ending cash balance is $330,300

Explanation:

The computation of the ending cash balance is shown below:

Ending cash balance = Opening cash balance + Profit

= $270,000 + (9% × $670,000)

= $270,000 + $60,300

= $330,300

We simply added the opening cash balance and the profit so that the ending cash balance could come

Hence, the ending cash balance is $330,300

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Selling short against the box can no longer be done to defer tax to the next tax period

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