Answer: Option D
Explanation: In simple words, gross profit refers to the amount of revenue that the company is left with after deduction for the expenses that are incurred to make and sell that specific product.
The low pay to supplier means that the company will have a low cost to produce the product which will result in increase in gross profit.
Hence the correct option is D.
Answer:
1. Income determines who will get what is produced
2. Consumers decide what to produce by what they are willing to buy
3. Demand determines how much will be produced
4. Businessmen decide how to produce goods to make a profit
5. Producers the human resources that make the products or perform the services
Explanation:
1. Income determines who will get what is produced
The level of disposable income in a target market determines the quality and quantity of products that will channeled to that market.
2. Consumers decide what to produce by what they are willing to buy.
It is consumers that dictates the tune in market because they are the ones paying for the goods, they have the decision-making power on what they will buy which in turn determines what firms will roduce.
3. Demand determines how much will be produced. Demand is a measure of what consumers are willing buy and in what quantity. The size of demand determines the size of the market that firms are going to supply with their products.
4. Businessmen decide how to produce goods to make a profit.
Firms use the generic strategy of cost reduction (cost leadership) or quality improvement (Product differentiation) as strategic options to decide wihich alternative will yeild more revenue.
5. Producers the human resources that make the products or perform the services.
Producers are the people at the factory floor or service centers manufacturing the good or rendering the service.
Answer:
April 1
J1
Trade Receivable - Mann Company $5,500 (debit)
Revenue $5,500 (credit)
J2
Cost of Goods Sold $2,500 (debit)
Merchandise $2,500 (credit)
April 2
Merchandise $9,000 (debit)
Trade Payable - Wild Corporation $9,000 (credit)
April 4
Merchandise $1,000 (debit)
Trade Payable - Ryan Company $1,000 (credit)
April 10
J1
Discount Allowed $110 (debit)
Trade Receivable - Mann Company $110 (credit)
J2
Cash $5,390 (debit)
Trade Receivable - Mann Company $5,390 (credit)
April 11
Trade Payable - Wild Corporation $9,000 (debit)
Cash $9,000 (credit)
Explanation:
Note : Leiss uses the perpetual inventory system
Therefore,
Recognize the Cost of Goods Sold with each sale that is made.
Answer: Four years
Explanation:
I just took a test over this
Spencer corp.'s attorney calculates that the company will ultimately control to pay between $250,000 and $500,000 relating to current litigation. spencer should accrue a contingent liability and loss of: $250,000.
<h3>What is contingent liability?</h3>
Liabilities that may be incurred by a company dependent on the result of an uncertain future event, such as the result of an ongoing lawsuit, are known as contingent liabilities. When they are both probable and reasonably estimable as a "contingency" or "worst case" financial consequence, these obligations are not recorded in a company's records and are not displayed on the balance sheet.
The kind and size of the contingent liabilities may be described in a footnote to the balance sheet. It is feasible to categories a loss's possibility as remote, improbable, or probable. It can be known, reasonably estimable, or not reasonably estimable whether a loss can be estimated. It might or might not happen.
Hence, Spencer corp.'s attorney calculates that the company will ultimately control to pay between $250,000 and $500,000 relating to current litigation. spencer should accrue a contingent liability and loss of: $250,000.
To learn more about contingent liability refer to:
brainly.com/question/17371330
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