Business studies December axam papers

Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the discount period, what amount

madam [21]

Answer:

The amount that will be reported on the income statement as net sales is $2,940 and as gross profit is $940.

Explanation:

Given:

Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60.

If the customer pays within the discount period.

Now, to find the amount reported on the income statement as net sales and as gross profit.

Cost of merchandise = $2,000.

As, merchandise sold for $3,000.

So, to get the net sales we deduct the discount:

Merchandise on terms 2/30, n/60.

$3,000-2\%\ of\ 3000\\\\=3,000-\frac{2}{100}\times 3000\\\\=3,000-0.02\times 3000\\\\=3,000-60\\\\=\$2,940.$

Thus, the net sales is $2,940.

Now, to get the gross profit we subtract cost of merchandise from net sales:

$\$2,940-\$2,000\\\\=\$940.$

Hence, gross profit is $940.

Therefore, the amount that will be reported on the income statement as net sales is $2,940 and as gross profit is $940.

7 0

3 years ago

Acquired $60,000 cash from the issue of common stock. Received an $8,200 cash advance for services to be provided in the future.

emmainna [20.7K]

Answer:

TRIAL BALANCE:

Debit Credit

Cash 79600

AR 7500

Supplies 400

slaries expense 3100

op- expense 16100

supplies expense 1600

dividends 2000

Account Payable 3000

saalaries expense 3100

Unearned Revenue 5100

Common Stock 60000

Service revenue 39100

110300 110300

Explanation:

We have to record eahc time an accoutn is used and once we got all transactions we determiante the balance

Cash

Debit Credit

60000

8200

28500

15100

2000

96700 17100

79600

AR

Debit Credit

36000

28500

7500

Supplies

Debit Credit

2000

1600

400

salaries expense op- expense supplies expense

Debit Credit Debit Credit Debit Credit

3100 16100 1600

Account Payable

Debit Credit

2000

16100

15100

15100 18100

3000

Salaries Payable

Debit Credit

3100

Unearned Revenue

Debit Credit

8200

3100

5100

Common Stock

Debit Credit

60000

Service revenue

Debit Credit

36000

3100

39100

Then we construct the trial balance which all these account balance.

5 0

3 years ago

DiskSan has to order flash transistors ($5 each) to create USB flash memory drives. Their monthly demand is 10,000 units, their

Bingel [31]

Answer

Economic order quantity will be 447.21

Explanation:

We have given monthly demand = 10000 units

We know that 1 year = 12 month

So Annual demand (D) = monthly demand × 12 months = 10000 × 12 = 120000 units

Cost of transistor = $5 per unit

Monthly Holding cost = 10% of cost = 10% of $5 = $0.50

So annual holding cost (H) = monthly holding cost × 12 = $0.50 × 12 = $6

Setup cost(S) = $5

We know that economic order quantity is given by

Economic order quantity = $\sqrt{\frac{2DS}{H}}=\sqrt{\frac{2\times 12000\times 5}{6}}=447.21$

7 0

4 years ago

Emily, whose husband died in December 2013, maintains a household in which her dependent mother lives. Which (if any) of the fol

pickupchik [31]

Answer:

c. surviving spouse

Explanation:

7 0

3 years ago

3. How do global factors influence the economy in your country?

77julia77 [94]

Answer

Hi,

In a developing nation, global factors that can influence the economy are political populism, global insecurity and the refugee crisis

Explanation

Making the explanation from 2016, this year was a challenging and difficult one for the global economy. First it was marked by political populism where President Donald Trump, Marine Le Pen and other influential figures took advantage weak economies and low productivity growth to talk on real wages and consumption.

The U.S presidential election being a major political event in 2016, the main issue was on the possibility of restoring the US as a global force for stability after Obama. Security issue raised due to inferior foreign policies and unwillingness to direct military forces in difficult regions.

Refugee was a major factor during 2016 where millions of individuals entered Europe seeking asylum. Many people were displaced in 2015 with countries like Germany, Hungary and Sweden receiving high inflows of refugee.

Good luck!

5 0

3 years ago

Business studies December axam papers​

Business studies December axam papers