Larkspur Furniture uses a perpetual inventory system and pays GST on an accrual basis. Larkspur engaged in the following transactions during July 2021. Transactions are inclusive of GST where relevant.
July 2 Purchased inventory for cash, $1 045
5 Purchased store supplies on credit for $495
8 Purchased inventory of $3 300 on account. Freight charges of $253, were added to the purchase invoice.
9 Sold goods for cash, $1 320. The cost of these goods was $700.
10 Received the electricity bill, $302.50.
11 Returned $220, of the inventory purchased on 8 July. It was damaged in transit.
12 Purchased inventory for cash for $3 663.
14 Sold inventory on credit terms $11 160, less a $600 quantity discount (cost, $5000). Note: GST applies after the discount.
24 Received returned inventory from the 14 July sale, $440. Larkspur Furniture had despatched the wrong goods by mistake. A credit note was issued. Larkspur’s cost of the inventory received was $250. Ignore previous quantity discount.
Borrowed $5,000 from the bank. Signed a bill payable to the bank for this amount.
Purchased a computer on credit for $2,200.
Required:
1. Journalise the preceding transactions for Larkspur Furniture using multi-column special journals.
Post transaction amounts to ledger accounts and prepare a trial balance.
Complete the GST Section of the Business Activity Statement for July. As you are only reporting for one month, you will need to use the quarterly reporting option on the BAS statement.
Journalise payment of GST to the ATO on August 1, 2021.
A junior accountant is confused about why GST appears on the statement of financial position but not the statement of financial performance. Explain how and why this happens.
Chart of Accounts
101 Cash at bank 203 GST collected
102 Inventory 204 GST paid
103 Store supplies 401 Sales revenue
104 Accounts receivable 402 Sales returns and allowances
150 Office Equipment 501 Cost of goods sold
201 Accounts payable 601 Freight-in
202 Bill payable 602 Electricity expense
Answers
Goods and services tax (gst) is a value-added tax applied to the sale of goods and services. it is collected by businesses on behalf of the government.
when a business collects gst from its customers, it creates a liability called gst collected (account 203). this liability represents the amount of gst collected but not yet remitted to the tax authorities.
on the statement of financial position (balance sheet), the gst collected is reported as a liability because it represents an amount owed to the tax authorities. it reflects the obligation of the business to remit the collected gst.
on the other hand, the statement of financial performance (income statement) focuses on the revenue, expenses, and profitability of the business. since gst is a tax collected on behalf of the government and not a revenue earned by the business, it is not considered as part of the business's income or expenses. the payment of gst to the tax authorities is recorded as a separate transaction outside the statement of financial performance. this transaction is typically journalized as a decrease in the gst collected liability (account 203) and a decrease in the cash or bank account (account 101). it represents the settlement of the gst liability with the tax authorities.
again, please note that the specific task you provided requires detailed knowledge of larkspur furniture's accounts and accounting practices. it would be best to consult an accountant or refer to the company's specific accounting guidelines for accurate completion of the task.
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Related Questions
Market research is used to gather information needed to make a business
Answers
Answer:
Yvonne observe ochre oxen
A video game system is on sale for 25% off its original price. If the original price is $200, how much money will be saved?
Answers
Answer:
$50
Explanation:
25% = 1/4
200 / 4 = 50
50*3=150, which is 25% off.
Briefly explain economics
Answers
Answer:
The branch of knowledge concerned with the production, consumption, and transfer of wealth.
Explanation:
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. The building blocks of economics are the studies of labor and trade.
The American Labor movement was considered radical compared to what was happening in Europe. true or false
Answers
Answer:
true took the test brainliest please
In which type of credit does the bank allow you to borrow money up to a specific amount? In , the bank allows you to borrow money up to a specific amount, which is your.
Answers
Answer:
revolving credit
credit limit
Explanation:
The type of credit where the bank allows you to borrow money up to a specific amount is called a "line of credit"
What is a credit?Credit refers to the ability to borrow money or access goods or services with the understanding that you will pay for them at a later time. Credit can come in various forms, including loans, credit cards, lines of credit, and installment plans.
When you apply for credit, a lender or creditor will review your credit history and credit score to determine your creditworthiness. Your credit score is a numerical representation of your creditworthiness.
A higher credit score generally indicates a lower risk of defaulting on a loan or credit obligation, and may make it easier to obtain credit with favorable terms.
Using credit responsibly can help you build a positive credit history and improve your credit score over time. This can make it easier to obtain credit in the future, and may result in lower interest rates and more favorable terms.
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Determine the following cash flows: a. Cash collected from customers b. Cash payment for interest.
Answers
Cash payment for interest = Interest expense + Increase in interest payable - Decrease in interest payable.
a. To determine the cash collected from customers, you need to consider the sales made on credit and the cash sales. Cash collected from customers can be calculated using the following formula:
Cash collected from customers = Sales on credit + Cash sales - Increase in accounts receivable.
b. To determine the cash payment for interest, you need to consider the interest expense and any changes in interest payable.
Cash payment for interest can be calculated using the following formula:
Please note that these formulas assume there are no other factors affecting cash flows related to customers or interest.
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What do you mean by the benchmarking?
Answers
Benchmarking is a valuable tool that can be used in many different fields, from business and finance to engineering and technology.
Essentially, benchmarking is a process of comparing a specific performance metric of one product, process, or organization against a standard or other similar products, processes, or organizations.
The goal of benchmarking is to identify areas for improvement and to set performance goals.
In benchmarking, the benchmark is a standard or a reference point that is used for comparison. This benchmark can be a specific product, process, or organization, or it can be an industry standard.
The benchmark is used as a measure of performance, and the goal is to determine how closely the product, process, or organization being evaluated matches the benchmark.
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An upper-level is manager proposes that his organization implement a system to consolidate shipping and exception data from multiple carriers so that consumers know when their purchase will ship and when it will arrive. What business strategy does this represent?.
Answers
An upper-level manager proposes that his organization implement a system to consolidate shipping and exception data from multiple carriers so that consumers know when their purchase will ship and when it will arrive. This represents a differentiation business strategy.
What are business strategies?A business strategy lays out the course of action that will be taken to fulfill the organization's vision and goals, as well as how to make decisions that will increase the company's financial stability in a cutthroat market.
In order to differentiate themselves from the products that their rivals may provide in the market, businesses must offer clients something special, distinctive, and different. Increasing competitive advantage is the main goal of putting a differentiation strategy into practice.
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a company issued 40 shares of $1 par value common stock for $5,000. the journal entry to record the transaction would include which of the following?.
Answers
The journal entry for the recording of the issuance of shares by the company, would include a C. credit of $40 to common stock.
How is stock issuance recorded?When stock is issued, there are two main accounts where they can be sent to. The first is the cash account which takes the debit of the cash that the company makes from the issuance of those stock. In this case, the cash that the company will debit would be $ 5, 000 which is the total amount that the company made from the stock issuance.
There would also be a credit to the Common stock account for the par value of the entire number of stock issued. This means that in this case, the credit to the common stock account would be:
= Par value of stock x Number of stock issued
= $ 1 x 40 shares
= $ 40
Options for this question include:
debit of $4,000 to common stockcredit of $20,000 to common stockcredit of $40 to common stockdebit of $20,000 to common stockFind out more on stock issuance at https://brainly.com/question/25562729
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**you sold 500 shares short at $75 per share. the initial margin was 50%. at what stock price would you receive a margin call if the maintenance margin is 25%?
Answers
Stock Price you receive a margin call if the maintenance margin is 25% will be $46.66.
500 shares × $70 × 0.5 = $17,500 (loan amount)
0.25 = (500P - $17,500)/500P
0.25* 500P = 500P - 17500
375P = 17500
P = $46.66
An share price is the cost of a solitary portion of various saleable value portions of an organization. In layman's terms, the stock cost is the most elevated sum somebody will pay for the stock, or the least sum that it very well may be purchased for.
An margin call is normally a marker that protections held in the edge account have diminished in esteem. At the point when an edge call happens, the financial backer should decide to either store extra assets or marginable protections in the record or sell a portion of the resources held in their record.
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The impact of Furman v. Georgia (1972) was that states had to
promise to use the death penalty only with approval from the Supreme Court.
throw out the old Miranda warning and write a new one.
agree to throw out all state laws regarding crime and impose national standards.
create clear standards to be applied fairly before imposing the death penalty.
Answers
Answer: D.create clear standards to be applied fairly before imposing the death penalty.
Explanation: The answer it's right there
The impact of Furman v. Georgia (1972) was that states had to
create clear standards to be applied fairly before imposing the death penalty.The Furman v. Georgia caseThis was a case that had to do with the cruel and the unusual way that people faced in the death penalty.
The case ruled that the death penalty was unconstitutional if it was applied in a discriminatory way.
It ruled that the eight amendment was being violated if used in this way.
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Today the right to peaceably assemble is equated with the right of free speech and with freedom of the press. These rights and freedoms became merged
a. when Congress passed a law doing so.
b. when the states amended the Constitution to do so.
c. when a new constitutional convention was held.
d. by precedent.
e. by practice.
Often, the theoretically correct, or rational, policy is not enacted because
a. administrators lack the discretion to adopt rational policies.
b. bureaucrats, as humans, behave irrationally.
c. administrative rules hinder consideration of all options.
d. the policy will result in too much job loss.
e. the 'right' policy is politically unacceptable.
The American Bar Association's role in screening candidates for the federal bench was defined by
a. national law.
b. custom.
c. the Constitution.
d. the Judiciary Act of 1946.
e. the Supreme Court.
For many years, when government turned its attention to a major problem, its usual approach was to
a. create a coalition of business and citizen groups.
b. assign the problem to an existing agency with a minimum of disruption of routine.
c. delay action until sufficient staff and resources became available.
d. create a new agency or bureau.
e. create a study of the problem.
Answers
Today the right to peaceably assemble is equated with the right of free speech and with freedom of the press. These rights and freedoms became merged when Congress passed a law doing so.
No law may be passed by Congress that establishes a certain religion, forbids its practice, limits press or speech freedom, or restricts the ability of the public to peacefully assemble and petition the government for redress of grievances. Unless a similar proposal is currently being examined in that chamber, if it is approved, it advances to the other chamber. If neither chamber approves it, the measure is dead. If a legislation receives the support of both the House and the Senate, it is sent to the President.
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Disadvantages of choosing a job that is extremely popular or in demand
Answers
The disadvantage of choosing a job that is very popular or a job that is in high demand is that after a while such a job may become saturated or it would become monotonous.
What is a high demand job?This is the term that is used to refer to a job that the people that wpould employ labor are constantly in need of. Such a job is one that would require the people that have the qualification to opt in and get the places and the roles that they are to fill.
The issues that may arise from such a job that is in high demand is that after a period, such a job may have a lot of persons that would want to fulfil the role.
The number of qualified persons may become more than the job that is available for the people to do in the long run.
Hence this is a disadvantage. Therefore I would conclude by saying that the disadvantage of choosing a highly popular job is that the number of persons that are willing to fulfil the role may exceed the job overtime.
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Broussard Skateboard's sales are expected to increase by 15% from $8.6 million in 2019 to $9.89 million in 2020. Its assets totaled $3 million at the end of 2019. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2019, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 4%, and the forecasted payout ratio is 60%. Use the AFN equation to forecast Broussard's additional funds needed for the coming year. Enter your answer in dollars. For example, an answer of $1.2 million should be entered as $1,200,000. Do not round intermediate calculations. Round your answer to the nearest dollar.
Answers
The Additional Funding requirement (AFN) will be $743,240.
Additional funding needed for next year [AFN]
Next year's expected sales = $9,890,000
Profit margin after tax
Profit margin after tax = next year's expected sales × profit margin
= $9,890,000 × 4.00%
= $395,600
Dividend pay-out
Dividend pay-out = after tax profit margin × dividend payout ratio
= $395,600 × 60%
= $237,360
Add to retained earnings
Additions to retained earnings = profit margin after tax - dividend pay-out
= $395,600 - $237,360
= $158,240
Increase in total assets
Increase in total assets = Total assets × percentage increase in sales
= $3,000,000 × 15%
= $450,000
Increase in spontaneous responsibilities
Increase in accrued liabilities = [accounts payable + accruals] × percentage increase in sales
= [$450,000 + $450,000] × 15%
= $900,000 × 15%
= $135,000
Additional Funding Needed [AFN]
Therefore, Additional Funds Needed [AFN] = Increase in total assets - Increase in outstanding liabilities - add in retained earnings
= $450,000 - $135,000 - $158,240
= $743,240
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when purchase costs are (rising/declining) , lifo will report the lowest cost of goods sold yielding the highest gross profit and net income.
Answers
When purchase costs are declining, LIFO (last-in, first-out) will report the lowest cost of goods sold, yielding the highest gross profit and net income.
LIFO stands for last-in, first-out, and it is a method of accounting for inventory costing. The last goods obtained are the first to be sold under this approach. As a result, the value of inventory on the balance sheet is based on the oldest inventory items.
LIFO has a big effect on the cost of goods sold and, as a result, net income. When purchase costs are increasing, LIFO will report the highest cost of goods sold and the lowest gross profit, lowering net income. When purchase costs are decreasing, however, LIFO will report the lowest cost of goods sold and the highest gross profit, raising net income. Therefore, when purchase costs are declining, LIFO will report the lowest cost of goods sold, yielding the highest gross profit and net income.
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1.11. Writing Skills Problem
Staff members from the marketing department of your firm are doing a splendid
job selling products to customers. Many of the customers are so pleased, in fact,
they are also buying shares in the company's stock, which means that they receive
a copy of the firm's annual report. Unfortunately, questions sometimes arise that
the marketing staff members are woefully inadequate at answering. Technical
questions about the firm's financial condition and performance are referred to the
chief financial officer, but the director of marketing has asked you to write a memo
in which you explain the key elements in an annual report so that marketing rep
resentatives are better prepared to respond to questions of a more general nature.
Required: Write a memo no longer than one page (single-spaced, double-spaced
between paragraphs) in which you describe the contents of an annual report so
that marketing personnel can understand the basic requirements. The memo
should be dated and addressed to B. R. Neal, Director of Marketing, from you;
the subject is "Contents of an Annual Report."
To the Student: In business writing, the primary elements are clarity and concisentess.
You must keep in mind the audience you are addressing and the objective of the
communication.
Answers
The given written information in a formal manner based on the given question is shown;
[Your Name]
[Your Title]
[Date]
B. R. Neal
Director of Marketing
[Company Name]
Subject: Contents of an Annual Report
Dear Mr. Neal,
I am writing to provide you with a concise overview of the key elements in an annual report, so that our marketing representatives are better equipped to respond to general inquiries from our valued customers.
An annual report typically comprises the following sections:
Letter to Shareholders: This introductory letter from our CEO highlights the company's achievements, challenges, and strategic direction.
Company Overview: This section presents a summary of our business model, key markets, and competitive advantages.
Financial Highlights: It outlines the company's financial performance over the past year, including revenue, profitability, and key ratios.
Management's Discussion and Analysis (MD&A): Here, our management team provides a comprehensive analysis of the financial results, discussing the factors influencing performance and future prospects.
Financial Statements: These statements include the balance sheet, income statement, cash flow statement, and statement of equity. They provide a detailed snapshot of the company's financial position, results of operations, and cash flows.
Notes to Financial Statements: This section contains additional details and explanations related to the financial statements, including accounting policies, contingencies, and other relevant information.
Corporate Governance: It outlines our corporate governance practices, board structure, and executive compensation.
Risk Factors: This section identifies and discusses potential risks and uncertainties that may affect the company's future performance.
Sustainability and CSR: Here, we highlight our environmental, social, and governance initiatives, showcasing our commitment to responsible business practices.
Auditor's Report: This report provides an independent assessment of the financial statements' fairness and adherence to accounting principles.
By familiarizing themselves with these sections, our marketing representatives will gain a better understanding of the annual report's structure and content, enabling them to respond more confidently to general inquiries.
If any technical or financial questions arise, please direct them to the Chief Financial Officer for expert guidance.
Thank you for your attention to this matter.
Sincerely,
[Your Name]
[Your Title]
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The homeownership voucher assistance program is available to ______ to help pay monthly homeownership expenses.
Answers
The homeownership voucher assistance program is available to First-time homeowners to help pay monthly homeownership expenses.
This is further explained below.
What is homeownership?Generally, Owner-occupancy, also known as home-ownership, is a kind of housing tenure in which a person owns the house in which they reside and is thus referred to as the owner-occupier, owner-occupant, or homeowner. This type of housing tenure is also known as homeownership.
The residence might be a house, such as a single-family house, an apartment, a condominium, or a housing cooperative. Other options include the phrase "housing cooperative."
In conclusion, First-time homeowners may get financial support with their monthly homeownership costs via a program called the homeownership voucher assistance program.
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Amy-Jo works for herself selling weight-loss products door to door. This is
A. not typical, because most door-to-door salespeople work for companies.
B. not typical, because products are rarely sold door to door.
C. typical, because most door-to-door salespeople are self-employed.
D. typical, because most weight-loss products are sold door to door
Answers
Answer:
C. typical, because most door-to-door salespeople are self-employed.
Explanation:
Army-Jo can be classified as a small scale retailer. It is normal for entrepreneurs with businesses with the same classification to conduct door-to-door by themselves.
A majority of salespersons who do-to door sales are self-employed. As a business doing do-to-door selling is much profitable because of reasons such as
Selling door to door eliminates the need for a store, which is expensive to establish.Hiring a good salesperson is expensive due to the wages involved.Door-to-door is less costly. Only time expense is incurred.Answer:
its D
Explanation:
:P
You learned about the various types of information systems that revolve around the different data, knowledge, information, and decision-making activities at different levels in the organization. In this activity, identify and explain any three types of information systems related to specific functional areas of business that this lesson hasn’t mentioned.
Answers
An information system is a coordinated group of parts used to gather, store, and process data as well as to deliver knowledge, information, and digital goods. Information systems include the following, decision support system, transaction processing system, management information system.
Types of information systems includeDecision support system: A decision support system is an information system that analyzes business data and other information relevant to the firm.
Transaction processing system: The process of collecting, modifying, and retrieving transactions is automated by the transaction processing system. This type of information system's particular characteristic is that it improves the efficiency, dependability, and consistency of commercial transactions.
Management information system: The management information system helps managers. such as measuring and analyzing business performance, making choices, creating a business plan, and establishing processes. By examining the roles and duties, it also gives managers feedback.
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PLEASE ANSWER QUICKLY: (FIRST ANSWER GETS BRAINLIEST)
Manuel wants to better manage his money and has started to seriously focus on financial planning. He has looked at his accounts and his other resources. What is the NEXT step Manuel should take in the financial planning process?
Identify his short-term and long-term financial goals.
Identify his potential goals.
Periodically review and revise his financial plan.
Answers
Answer: A. Identify his short-term and long-term financial goals.
Explanation:
You're welcome :)
After going over his accounts and resources, Manuel should reflect on his short-term and long-term financing.
What is short and long-term finance?Short period financing methods cast off a mortgage to make a purchase, commonly with a time period of much less than 365 days. Trade credit, commercial bank loans,commercial paper and secured loans.
Long period finance may be described as any economic device with an exceeding one year, consisting of financial institution loans, bonds, leasing, and different sorts of debt finance, public finance instruments.
So from the above declaration, it's clear that short and long-time period financing, is the ideal answer.
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This activity is important because it covers important terms for effective money management. The goal of this exercise is to identify the best ways to manage your personal finances. Complete each statement with the correct term. Note not all terms will be used.
Answers
Remainder Part of the Question:
Build Your Financial Base Terms:
The ______ is one of the best places to put your money.
A _______ is one of the worst places to keep long-term investments.
You can use a _______ to keep track of purchases.
Your _______ is likely to be the largest of the most important investments you make.
It is wise to plan your financial future with _______.
Available Options are:
Credit Card, Bank Account, Home, Uncertainity, Excitement, car, insurance, stock market, payday loan.
Answers:
A. Stock market
B. Bank Account
C. Credit Card
D. Home
E. Insurance
Explanation:
A. The Stock Market is one of the best places to put your money.
Stock markets are the source of raising funds for investments by the companies. The stock market helps the investor to choose the investment with appropriate returns and risks. Furthermore the investor can also diversify its return by managing the portfolio of investments.
B. A Bank Account is one of the worst places to keep long term investment
The lowest returns are on saving accounts hence it is the worst place for long term investments.
C. You can use Credit Card to keep a track of your purchases.
Credit cards can be used for tracking all of purchases because monthly statement mailed to you includes all the spendings during the year.
D. Your Home is likely to be the largest of the most important investments you make
Buying home is considered as one of the largest investments as it takes substantial savings of the person to buy an house. A roughly estimate would be the savings of 3-4 years for a small house for a couple.
E. It is wise to plan your financial future with Insurance.
Because Insurance helps you to lower your financial risks. The risk is associated with life, home, car, and physical assets and thus the investor must use insurance facility.
the innovations in information technology today is changing structures to more _____ with people being able to work remotely
Answers
The innovations in information technology today are changing structures to be more **flexible** with people being able to work remotely.
The advancements in information technology, particularly in communication and connectivity, have revolutionized the way we work. The ability to work remotely, enabled by technology such as high-speed internet, video conferencing, and collaboration tools, has significantly increased flexibility in work arrangements. Companies are now able to adopt more flexible structures that accommodate remote work, allowing employees to work from anywhere and at their preferred schedules.
This shift towards flexibility brings several benefits. It improves work-life balance, reduces commuting time and costs, enhances productivity by eliminating geographical constraints, and enables companies to tap into a global talent pool. With the integration of information technology, organizations can create a more adaptable and responsive work environment, fostering innovation and agility.
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A "market" is when ever or where ever an ___________ takes place.
Flag question: Question 2
Question 22 pts
2. The goal of the consumer in a market economy is to use his or her limited income to buy:
Group of answer choices
The set of goods and services that maximizes the consumer's total utility.
The greatest number of goods and services possible.
Those goods and services with the lowest prices.
The goods and services that maximize profits for businesses.
Answers
A "market" is when ever or where ever an exchange takes place.
Market is the place where the buyers and sellers meet to carry out transactions of goods and services. A market is a place where the forces of supply and demand operate. It is a process of buying and selling of goods and services in the economy, whether it is for consumption or production, between buyers and sellers.
According to the market economy, the goal of the consumer is to use his or her limited income to buy the set of goods and services that maximizes the consumer's total utility. It is because the market economy provides choices to the consumer to decide what to buy. In a market economy, consumers have the freedom to choose what to purchase based on their preference and budget. So the market economy encourages the producer to produce those goods and services that consumers want. Therefore, the goal of the consumer in a market economy is to use his or her limited income to buy the set of goods and services that maximizes the consumer's total utility.
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Pls help will mark brainleist
Answers
Answer:
D Values
Explanation:
Mitchell Corporation manufactures a single product. The selling price is $85 per unit, and variable costs amount to $68 per unit. The fixed costs are $16,500 per month. What will be the monthly margin of safety (in dollars) if 1,800 units are sold each month
Answers
Answer: $ 70,500
Explanation:
Given, Number of units = 1800
Per unit selling price = $85
Total Sales price = (Number of units ) x (Per unit selling price)
= 1800 x $ 85
= $153,000
Variable cost per unit = $68
Total variable cost = 1800 x $68 = $122,400
Contribution Margin = (Sales price ) - (Variable cost)
= $ (153000-122400)
= $30,600
Fixed cost = $16,500 per month
Profit = (Contribution Margin) - (Fixed cost)
= $(30,600-16,500)
= $14,100
PV ratio = (Contribution Margin) ÷ (Total sales) x 100%
= $ (30,600÷153,000)x 100%
=20%
Margin of Safety = (profit) ÷ (PV ratio)
= ($14,100) ÷ (20%)
= ($14,100) ÷ (0.20)
= $ 70,500
Hence, the monthly margin of safety = $ 70,500
a country which was forced to reduce its industrial production by a more powerful competitor was
Answers
A country which was forced to reduce its industrial production by a more powerful competitor was subjected to industrial suppression or industrial dominance.
Industrial suppression or dominance occurs when a more powerful competitor, often a larger or more advanced country, imposes measures or actions that hinder or limit the industrial production of another country. This can be done through various means, such as imposing trade barriers, tariffs, or quotas, engaging in unfair trade practices, or leveraging economic and political influence.
The intention behind industrial suppression is typically to protect the dominant competitor's own industries and maintain a competitive advantage in the global market. By limiting the industrial production of another country, the dominant competitor can maintain control over key industries, market share, and economic influence.
The country facing industrial suppression may be forced to reduce its production levels, limit exports, or face challenges in competing with the more dominant competitor. This can have significant economic implications, including reduced economic growth, loss of jobs, and a decline in the country's overall industrial competitiveness.
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What accounting book should a merchandising business use to show a payment and transaction history for each customer who bought items
with credit?
When a company has customers who buy units of merchandise on credit, its accountant will post entries in the ____
Answers
Answer:
Accounts receivable subsidiary ledger.
Explanation:
Answer: accounts receivable subsidiary ledger
Explanation:Specialized journals are useful when posting entries for frequent business transactions. For example, a cash receipt journal captures cash transactions. This is different from an accounts receivable subsidiary ledger, which shows a payment and transaction history for each customer who bought items with credit
Which warehouse ownership type provides the advantage of providing the client with the option of obtaining specialized services tailor-made to suit their needs without the disadvantage of high startup costs?.
Answers
The benefit of giving the client the choice to receive specialized services is something that the Contract warehouse offers.
What is Contract?A written or verbal agreement between two or more parties that results in a legal obligation is referred to as a contract.
A contract's terms are legally binding and have specific consequences and remedies in the event that they are broken. A breach of contract occurs when any clauses of the agreement are not carried out without a valid justification.
When an offer, negotiation, and acceptance are made by two or more parties, a contract is formed.
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Do a SWOT analysis (Strengths Weaknesses Opportunities Threats) for C&C Sports based on the materials provided. If you wanted to purchase baseball jerseys, baseball pants, or letter award jackets, what would you look for in a supplier?
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Quick delivery and fast customer response qualities would you search for in a provider if you wanted to buy baseball jerseys, baseball pants, or letter award jackets in SWOT.
Strengths -Fast customer response and speedy delivery are made possible by C&C's in-house manufacturing, which allows it to respond quickly and nimbly to changing market dynamics and consumer preferences.Deleveraging - By paying down its debt, the corporation is reducing the leverage on its balance sheet. Financial hazards linked to large debt use are significantly and dramatically lowering as the balance sheet gets thinner.Effective cost control results in rising net income even though the company's revenues are falling. This is because the business is controlling its costs as effectively as possible and trying to eliminate wasteful spending. As a percentage of cost of products sold, gross margin rises yearly.Weaknesses -Supply chain: If the organization encounters difficulties at any step or from any supplier, such as Paladin Polymers, it may experience logistical troubles in the future.Declining liquidity - Because of the company's subpar working capital management, its cash reserves are declining yearly. A decrease in operating cash flow is being caused by poor working capital management. If this problem is not resolved soon, the corporation could start having major cash flow issues.Cyclical decrease in sales - The company needs to take action to make sure that the cycle is a little bit smoother so that it does not encounter a major cyclical decline in sales in the future. The sales data are cyclical.Opportunities -Concentrate on selling high-quality products: According to the case, there is a solid market for uniforms that are long-lasting and of excellent quality. The business can use modern production techniques to improve the quality of its baseball uniforms, expanding its market and allowing it to charge more money.Diversification: The business may consider foraying into other related markets, such as football, basketball, and other uniforms. The demand for these uniforms would be significant because these are popular sports in the USA. The business may also consider producing and marketing sports-related accessories. These actions will aid in resolving the issue of cyclical sales as well.Threats -New competitors - As entry barriers are not very high, new firms may enter the market, which might hurt C&C's sales and profit margins. Moreover, C&C will lose market share to the new competitors.Cheaper goods made in low-cost nations like Bangladesh - The sale of niche and high-end uniforms will fall in the event of an economic slump. The demand for less expensive uniforms, which are typically produced in low-cost nations like China, Vietnam, or Bangladesh, will increase if the economy slows and enters a recession.To know more about SWOT Analysis
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Question 2
A style of writing in which the main point is stated early in the message.
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Answer:
this could be a hard lead if this has to do with writing an article of some sort Explanation: