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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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Slower economic growth

Explanation:

Increasing tax rates can generally and obviously discourage

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savings, because people earn lesser disposable income,

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Although specific tax adjustments for certain income categories can assist with the reallocation of economic resources.

But in the long-run economic growth will be slowed down by tax cuts because it will increase deficits by lesser funds being generated for the government over time

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What are four common types of changes and trends that can offer business opportunities?
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Some of the changes that may pose a great opportunity for business are: (1) change in the demands of the consumers (it may be in style, taste, etc) (2) rapid technology, (3) global banking opportunities, and lastly (4) government enhancing ties with the private owners of different business units. 
8 0
3 years ago
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Common stocks have less security than ______________ stock, but it also has greater potential for reward.
Yuri [45]

Your answer is, Preferred.

<h3><u>What is a Preferred Stock</u></h3>

Preferred stock is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument.

<h3><u>Impact of a Preferred Stock</u></h3>

Companies that offer preferred shares instead of issuing bonds can accomplish a lower debt-to-equity ratio. That allows them to gain significantly more future financing from new investors. A company's debt-to-equity ratio is one of the most common metrics used to analyze the financial stability of a business.

<h3><u>The 5 types of Preferred Stock</u></h3>
  • cumulative
  • participating
  • convertible
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Thus, <u>option c</u> is your answer.

Learn more about a Preferred Stock here: brainly.com/question/18068539

6 0
2 years ago
Assume that you have a balance of $4000 on your credit card and that you make no more charges. If your APR is 23.9% and each mon
KatRina [158]

Answer:

The balance will be less than $100 after 44 months payment

Explanation:

In this question, we are asked to calculate the time at which the Balance on a credit card would be less than $100.

To calculate this, we proceed as follows;

The monthly Interest rate = 23.9%/12 = 1.99166667%

Balance after t months = Credit Card balance * [(1 + Monthly interest rate ) * (1- Minimum payment rate)]^t

The credit card balance is $4,000, and the minimum payment rate is 5%

We plug these values into the equation to get;

$4,000 * [(1+1.99166667%) * (1 - 5%)]^t

= $4000 *[1.0199166667 * 0.95]^t

= $4000 * (0.968920836)^t

Balance after t months < 100

$4,000 * (0.968920836)^t < 100

(0.968920836)^t < 0.025

t = 43.9 months = 44 months

6 0
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Andrei [34K]

Answer:

$600

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The written down amount is $725, which is bad debt and provision is not required for it.

The increase in allowance for bad debt is always Written Off by using the provision and at the year end the amount that must have been written off is $600 which is the increase in the provision. This means that the Allowance for Bad Debts is​ $600.

3 0
3 years ago
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