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SashulF [63]
2 years ago
10

Which leadership skill do you feel is most important for a small business to succeed for a

Business
1 answer:
tensa zangetsu [6.8K]2 years ago
4 0
In my opinion, reliability and consistency are two of the most important leadership skills for a small business to succeed for a long time. With these two characteristics a small business can build a returning customer base as well as a good rating on review websites. For example, many local barbershops provide consistent quality haircuts which builds reliability and in turn demand and returning customers.
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10 percent decrease in consumer incomes leads to a 20 percent decrease in the quantity demanded of good D. Instructions: Round y
Katyanochek1 [597]

Answer:

Income elasticity = 2

Normal good

Explanation:

Below is the given values:

Percentage decrease in consumers income = 10%

Percentage decrease in quantity demanded = 20%

Use the below formula to find the income elasticity:

Income elasticity = % change in quantity demanded / % in income

Income elasticity = -20/-10

Income elasticity = 2

Since the elasticity is 2 that means good is normal good.

4 0
3 years ago
The normal balances of sales, sales discounts, and sales returns and allowances are ________. debit, credit, and credit, respect
Y_Kistochka [10]
<h3><u>Answer;</u></h3>

credit, debit, and debit, respectively

<h3><u>Explanation</u>;</h3>

Normal balance of sales; Credit

Normal balance of sales discount; Debit

Normal balance of sale returns and allowances; Debit

  • A normal balance is the expectation that a particular type of account will have either a debit or a credit balance.
  • The normal balance of sales is credit.
  • The sales returns and allowances account is subtracted from sales because these accounts have the opposite effect on net income. Therefore, sales returns and allowances is considered a contra‐revenue account, which normally has a debit balance.
  • The account Sales Discounts is referred to as a contra-revenue account. Therefore;  its is debit balance.
5 0
4 years ago
Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving s
vesna_86 [32]

Answer:

2016

a. Dr Account receivable $1,353,000

Cr Sales revenue $1,353,000

Dr Cost of goods sold $979,100

Cr Inventory $979,100

b Dr Allowance for doubtful accounts $20,900

Cr Account receivable $20,900

c Dr Cash $669,200

Cr Account receivable $669,200

d Dr Bad debt expense $33,495

Cr Allowance for doubtful accounts $33,495

2017

e Dr Account receivable $1,544,700

Cr Sales revenue $1,544,700

Dr Cost of goods sold $1,318,300

Cr Inventory $1,318,300

f Dr Allowance for doubtful accounts $27,000

Cr Account receivable $27,000

Dr Cash $1,194,200

Cr Account receivable $1,194,200

h Dr Bad debt expense $33,147

Cr Allowance for doubtful accounts $33,147

Explanation:

Preparation of the journal entries to record Liang's 2016 and 2017 summarized transactions and its year-end adjustments to record bad debts expense

2016

a. Dr Account receivable $1,353,000

Cr Sales revenue $1,353,000

Dr Cost of goods sold $979,100

Cr Inventory $979,100

b Dr Allowance for doubtful accounts $20,900

Cr Account receivable $20,900

c Dr Cash $669,200

Cr Account receivable $669,200

d Dr Bad debt expense $33,495

Cr Allowance for doubtful accounts $33,495

($1,353,000-$669,200-$20,900=$662,900)

($662,900*1.90%+$20,900)

($12,595+$20,900=$33,495)

2017

e Dr Account receivable $1,544,700

Cr Sales revenue $1,544,700

Dr Cost of goods sold $1,318,300

Cr Inventory $1,318,300

f Dr Allowance for doubtful accounts $27,000

Cr Account receivable $27,000

Dr Cash $1,194,200

Cr Account receivable $1,194,200

h Dr Bad debt expense $33,147

Cr Allowance for doubtful accounts $33,147

($1,544,700+$662,900-$1,194,200-$27,000=$986,400)

($986,400*1.90%=$18,742)

($18,742+$27,000-$12,595=$33,147)

5 0
2 years ago
A company purchased land for $82,000 cash. Commissions of $8,000, property taxes of $8,500, and title insurance of $2,200 were a
AleksAgata [21]

Answer:

the amount that company should record the land is $97,600

Explanation:

The computation of the amount that company should record the land is shown below:

The Amount should be recorded for land is

= Purchase price + Commission + Property tax paid on behalf of seller + Title insurance

= $82,000 + $8,000 + $5,400 + $2,200

= $97,600

hence, the amount that company should record the land is $97,600

7 0
3 years ago
Gross Profit Method
AveGali [126]

Answer:

The answer is $119,000

Explanation:

cost of merchandise sold = Sales - Gross profit.

To find gross profit:

Gross profit rate x sales

0.42 x $1,450,000

= $609,000.

Now to calculate Cost of Sales:

Cost of Sales = Sales - gross profit

$1,450,000 - $609,000

$841,000

Now to calculate Estimated ending merchandise inventory:

Beginning merchandise inventory + purchases - cost of sales

=$100,000 + $860,000 - $841,000

=$119,000

5 0
3 years ago
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