Journalize the following sales transactions for Smith Printing Equipment using the periodic inventory system. Explanations are not required
March 2 Smith sold $45,800 of printing equipment on account, credit terms 2/10, n/EOM
March 5 Smith received a $2,500 sales return on damaged goods from the customer
March 11 Smith received payment from the customer on the amount due.
What will be an ideal response
Date Accounts and Explanation Debit Credit
March 2 Accounts Receivable 45,800
Sales Revenue 45,800
March 5 Sales Returns and Allowances 2,500
Accounts Receivable 2,500
March 11 Cash ($43,300 âˆ' $866 ) 42,434
Sales Discounts ($43,300 x 0.02 ) 866
Accounts Receivable ($45,800 âˆ' $2,500 ) 43,300
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When there is a mismatch between job requirements and the skills of available workers, the resulting unemployment is called
A) structural unemployment. B) frictional unemployment. C) cyclical unemployment. D) underemployment.
Approximate the following binomial probabilities by the use of normal approximation. Twenty percent of students who finish high school do not go to college. What is the probability that in a sample of 80 high school students
a. exactly 10 will not go to college? b. 70 or more will go to college? c. fourteen or fewer will not go to college?
Rocky Corporation, an S corporation, reports the following results for the current year:Ordinary income$70,000Long-term capital gain20,000Municipal bond interest income10,000Domestic corporate dividends6,000Charitable contributions16,000Rocky's AAA and accumulated E&P balances at the beginning of the year are $80,000 and $50,000, respectively. Rocky makes a $100,000 cash distribution to its sole shareholder on June 1 and a second $100,000 cash distribution on December 1. The shareholder's basis for Rocky stock on January 1 was $120,000. Discuss the tax consequences of these transactions.
What will be an ideal response?
According to Jim Collins, a person who organizes people and resources toward the effective and efficient pursuit of predetermined objectives can be categorized as a(n)
A. contributing team member. B. Level 5 executive. C. competent manager. D. highly capable individual. E. effective leader.