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lions [1.4K]
2 years ago
8

There is one mistake in each of the following sentences. Find and correct them.

Business
1 answer:
kow [346]2 years ago
6 0
Either it is that they can’t stop producing cigarettes or there would be riots and chaos or it is that the price of cigarettes goes up and down from time to time.
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etermining Gross Profit During the current year, merchandise is sold for $990,000. The cost of the merchandise sold is $693,000.
otez555 [7]

Answer:

Results are below.

Explanation:

<u>A: To calculate the gross profit, we need to use the following formula:</u>

Gross profit= sales - cost of goods sold

Gross profit= 990,000 - 693,000

Gross profit= $297,000

B: <u>Now, the gross profit percentage:</u>

Gross profit percentage= (gross profit / sales)*100

Gross profit percentage= (297,000 / 990,000)*100

Gross profit percentage= 30%

C: F<u>inally, a net income is reported in the income statement at the moment of the sale</u>. It doesn't matter if the sale was paid or not.

6 0
2 years ago
What are commercial bank?
Bogdan [553]

Answer:

A commercial bank is a type of bankthat provides services such as accepting deposits, making business loans, and offering basic investment products that is operated as a business for profit.

6 0
3 years ago
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Hi uhhhhhhhhhhhhhhhhhhhhhhhhhhhhh wsp
ZanzabumX [31]

Answer:

HIIIIIIIIIIIIIIII

Explanation:

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2 years ago
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The information necessary for preparing the 2018 year-end adjusting entries for Winter Storage appears below. Winter's fiscal ye
natima [27]

Answer:

Adjusting entries are entries that indicate the events of the company that have occurred but not yet recorded by the company.

a. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31         Depreciation Expenses        $7,000

2018            Accumulated Expenses                             $7,000

                 (Record depreciation on equipment )

b. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31         Salary expenses                   $3,400

2018             Salary payable                                          $3,400

             (Record salary incurred but not paid)

c. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31            Interest receivables            $660

2018               (12,000 * 6% * 11/12)

                      Interest revenue                                         $660

                     (Record of interest earned)

d. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31           Insurance Expenses             $11,250

2018              (15,000 * 9/12)

                     Prepaid Insurance                                   $11,250

                     (Record payment of insurance expenses)

e. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31.           Supplies Expenses               $1,500

2018               Supplies                                                   $1,500

                      (Record of supplies)

f. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31,          Deferred revenue               $1,400

2018              (4,200 * 2 month / 6 month)

                     Service revenue                                     $1,400

                    (Record advance payment for services provided)

g. DATE          DESCRIPTION                    DEBIT        CREDIT

Dec 31,           Advertisement Expenses    $1,000

2018               Prepaid Advertisement                          $1,000

                     (Record payment for advertisement)

3 0
2 years ago
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