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fenix001 [56]
3 years ago
8

The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent s

ales tax on all sales: DATE TRANSACTIONS 20X1 May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,250 plus 8 percent sales tax, terms n/30. 15 Recorded cash sales, $3,300 plus 8 percent sales tax. 31 Received payment on account due from Bill Gomez for the sale on May 1. Required: Record the above transactions in a general journal:
Business
1 answer:
lara31 [8.8K]3 years ago
8 0

Answer and Explanation:

The journal entries are given below:

On May 1  

Accounts receivable $1,300

      To sales revenue  $1,250

       To Sales tax liability   ($1,250 ×8%) $100

(Being the sales is recorded on account)

On May 15  

Cash  $3,564

        To Sales revenue  $3,300

        To Sales tax liability  ($3,300 ×8%) $264

(Being the sales is recorded on account)

On May 31

Cash $1,300

       To Account receivable $1,300

(Being received payment on account due is recorded)  

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According to Franks and Smallwood (2013), information has not become the lifeblood of every organization, and that an increasing
miskamm [114]

Answer:

B. False.

Explanation:

The above statement is false in that it asserts that information has not become the lifeblood of every organization. While it's true that an increasing volume of information today has increased and exchanged through the social networks and web2.0 tools like blogs, microblogs and wikisa, this further lends credence to the indispensability of information in this contemporary times.

In contrast, what Frank and Smallwood(2013) preached was that information has now become a lifeblood of every organization. This is an undisputed reality in their study and intellectual intervention. Thus, they went on give a demographic distribution of information through the use of social networks and/or web2.0 tools like blogs, microblogs, and wikisa.

6 0
4 years ago
The Smith family adopted a child. The adoption procedure took about three months, and the family incurred various expenses. Will
kodGreya [7K]

Answer:

E. They will receive several tax deductions

Explanation:

Certain "reasonable and necessary" adoption related expenses are quantifiable for tax deductions, such as:

  • Court costs
  • Attorney's fees
  • Traveling expenses related to the adoption
  • Certain other costs directly related to the adoption process

3 0
3 years ago
Read 2 more answers
Orion would like to go on a trip to Ireland in two years. He wants to have $3,000 for the trip, so he is planning to invest mone
denis-greek [22]

Answer:

The answer is: If Orion wants to have $3,000 in two years, he must invest $2,572.02 today

Explanation:

To determine how much money Orion has to invest today in order to have $3,000 in two years, considering he will get an 8% compound interest rate, we can use this formula:

P = FV / (1 + r)²    

Where:

  • FV = $3,000
  • r = 8%

P = $3,000 / (1 + 8%)²

P = $3,000 / 1.1664

P = $2,572.02

4 0
3 years ago
Identify factors that could prevent an older, established company from effecting an enterprise-wide, customer-centric culture.
leva [86]

Answer:

A more established company may find it difficult to implement an enterprise-wide, customer-centric culture due to the following reasons:

A) Existence of a Multi-Product Business Model

A business entity that is well established with a lot of years under its belt will find it a tough challenge to shift from a product-oriented business model to a customer-oriented business model.

To be product-focused simply means that that a company has woven its organisational structure around products. For examples, a company that is into the gaming business may have teams for their Sports Betting Section, another for their online gaming section, game hardware section, gaming apps section etc.

First, for these various teams, their performance metric will largely depend on how functionally efficient their products are.  

Second, techy or geeky staff are seldom efficient when it comes to emotional intelligence - a key requirement for being customer efficient.

One way to handle this is to ensure that there is a central Customer Relationship Management team that oversees the customers for each product.

B) Organisational Inflexibility

As direct to the point as it sounds, getting market intelligence for with the intention to use them for decision making is challenging. What is tougher is the ability to implement the insights from such intelligence to effect a turn around in the way customers perceive and respond to a company's offerings.

The ability to quickly take gather market intel, agree on a strategic direction based on same and execute can be referred to organisational agility.  

The more bureaucratic and hierarchical an organisation is (this, by the way, characterises older and more established business systems) the less agile it is likely to be.

Cheers!

   

3 0
4 years ago
11. Which of these is an example of an element of a research report
Marat540 [252]
Conclusion. A conclusion is used to summarize everything covered during the report. Essential. A glossary is not necessary, a biography is about yourself not the topic you are reporting/researching. And an executive summary is not needed when you have an introduction and a conclusion. Therefor conclusion is the correct answer.
6 0
3 years ago
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