Sales discounts, sales returns, sales discounts
These 3 are subtracted from sales revenue, then cost of goods sold is subtracted from sales revenue to get gross profit
Revenue is the money a business earns by selling products or offering services. Sales and revenue can and often are used interchangeably to refer to the same thing in accounting. It is important to remember that income does not always equal money received. One portion of the sales proceeds may be paid in cash and the other portion may be paid on credit using methods such as accounts receivable.
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you just got a promotion and it came with a 25% raise in salary. you now sell your 2 old cars that you owned and buy 4 new ones. please calculate your income elasticity?
There are two income elasticities – one is for old car and the other is for new car. Income elasticity for old car = %change in QD / %change in income .
What is Income elasticity ?
The amount of a given product that is requested relies on factors other than only its price (see elasticity of demand) and the prices of related products (see cross price elasticity of demand). One such element is income.
What are some income elasticity example?
A negative 50% change in demand, or a drop of 5,000 divided by the starting demand of 10,000 automobiles, is multiplied by a 20% change in real income, or the $10,000 change in income divided by the initial value of $50,000, to determine the income elasticity of demand.
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trulife health systems has opted for a top-down approach to changing how the company functions so that efficiency is increased. what is the change likely to entail?
The change likely to entail expanding adoption of healthcare innovations and other medication price drop steps .
What is truelife health systems and what is opted by the company for a better change?Truelife health is a service agency grew and growing for constantly providing help in terms of health to those in need.The company has opted for multiple steps to enhance the output and to provide better service for public welfare.Here is asked the change likely be entailed by company to increase the effiiciency.Hence the change is to expand the adoption of healthcare innovations and drop the prices of medicines.Other steps also have taken along to quicken the process of enhancement and increase the efficiency.To know more about health visit:
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The health benefits tom receives from his employer cover 43% of the total monthly premium of $345.00. how much does tom have to pay each month? a. $148.35 b. $196.65 c. $302.00 d. $288.00 please select the best answer from the choices provided a b c d
The health benefits Tom receives from his employer cover 43% of the total monthly premium of $345.00 is $196.65 . option B is correct.
The medical supplies or services that a health insurance plan covers. The health insurance plan's coverage documents outline covered benefits and disallowed services. Inpatient and outpatient hospital care, prescription drug coverage, pregnancy and childbirth, mental health services, and other things are among them. Certain programs offer more services. Plans must cover children's dental expenses. Adult dental insurance is an optional benefit .the monthly premium you pay for health insurance. In addition to your monthly premium, you often have to pay a deductible, copayment, and coinsurance for your medical care. A premium tax credit may be able to help you save money if you have a Marketplace health plan.
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the ownership of land include: (select all that apply) the ownership of land include: (select all that apply) mineral rights none of the options surface rights air rights
Once you close on the property, you become the owner and have the rights of possession, control, exclusion, enjoyment, and disposition.
Use rights and quiet pleasure Right to exclude others and to grant others a right to use (via licenses and leases). Right to dispose of or transfer ownership of the property to another party through gifting, inheritance, or sale.
How do we define ownership of land?Unless the lot or parcel has been sold under a real estate contract, the vendee or grantee shall be deemed to be the owner, the term "owner of land" means the record owner of at least a majority ownership interest in a separate and legally created lot or parcel of land, as determined by the records of the county auditor.Specifications of Ownership
Right to possess means the ability to keep what he possesses in his possession:use and enjoyment of:Right to consume, abridge, or abridge (liberties):Right to be perpetual and of indefinite duration:True right:Ownership is residual in nature:To learn more about ownership of land refer to:
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in the first half of the nineteenth century, when prospective entrepreneurs obtained bank loans to finance their new ventures, the loans were issued in the form of
In the first half of the nineteenth century, when the prospective entrepreneurs obtained bank loans to the finance their new ventures, loans were issued in the form of Bank Notes
What is a Bank Note?Bank note refers to a negotiable note in which one party can pay a specific amount of money to another party. It is payable on the bearer's demand.
Before the emergence of modern societies people used to used valuable objects such as gold and silver to pay for goods and services through the system of barter. Later paper money and coins replaced these physical asserts as the medium of currency. At present only the government issues banknotes. Although earlier the commercial banks also issued bank notes, Presently the Reserve bank issues the bank notes and mint money . Bank notes have natural advantage than coins as they are lighter and easy to carry but they are less durable than coins. Bank notes are created with high security features like security thread and optically variable ink. The creator of paper currency is China, as the first paper money was issued in the form of receipts during the dynasty of Tang in the 7th Century. Presently the US Bureau of Engraving and Printing prints the Federal Reserve Notes.To know more about Bank Notes, visit:
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one of the advantages of the matrix structure is: group of answer choices the ability to balance conflicting objectives higher performance flexibility teamwork all of these
A matrix structure has the advantage of "providing flexibility, enhanced cooperation, and creativity," according to technical and organizational theory.
What exactly is matrix structure?Matrix Structure is a term used to describe the organizational method of establishing a firm's business in which reporting relationships are established in a grid or matrix style rather than the usual conventional hierarchy.The matrix structure is known to have many advantages because it allows the company to make the best use of the resources it has rather than looking outside the company for more expertise and recruiting employees from outside the organization.Matrix Structures of Various Types
Matrix Structure Flaw .Matrix Structure that is Balanced .Matrix Structure that is Strong .To learn more about matrix structure refer to :
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share 3 key takeaways from the course and lecture how does your project relate to your career identity? how will you use the information in your future career development/job search?
Initiation, exploration, decision-making, preparation, and implementation are the five phases that are essential to successful career planning, according to the model presented in this study (Magnusson, 1991, 1992).
How will you use the information in your future career development ?The steps are sequential, despite the fact that some clients may start at the initiation stage and work their way through to implementation. At this point, knowing yourself better is the key to choose the correct career.Write down your interests, personality type, goals, and values that pertain to your line of work on a piece of paper.This will enable you to focus on jobs that complement your own characteristics.Explore each profession in detail after that. Knowledge-based, skill-based, entrepreneur-based, and freelance job options are the four main categories.Every type of career path caters to a particular set of skills that aid in job performance. Career growth versus career development.Career growth, on the other hand, is the big picture, the total progress of someone's professional life; it is characterized by the various positions and responsibilities you take on throughout your career journey. Career development is achieved by developing abilities in the short term. An individual's vision, goals, motivation, and learning styles are reflected in their career progression.Instead of concentrating solely on the current employment, it discusses the potential for a comprehensive career path.To learn more about career development refer
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an improvement project requiring an initial investment of $30,000 has been proposed. the annual revenue estimates and associated probabilities are as follows: -$15,000 (0.4), $15,000 (0.5), $20,000 (0.1). the estimated life of the project is 10 years. determine whether the project is a good investment if the marr is 10% using: a) the optimistic, most likely and pessimistic approach; b) the exact probabilities.
future worth: project A 11,615.26
project B 12,139.18
It should choose project B as their future value is greater
IRR of project A: 13.54%
We should remember that the IRR is the rate at which the net value is zero thus, equals the inflow with the cash outlay marr.
It is calculate with excel or financial calculator due to the complex of the formula.
Explanation:
Project A
We calculate the future value of the cash flow per year and cost as we are asked for future value. investment The salvage value is already at the end of the project life so we don't adjust it.
Revenues future value
C 15,000
time 8
rate 0.12
FV $184,495.3970
Expenses future value
C 3,000
time marr 10
rate 0.12
FV $52,646.2052
Cost future value
Principal 40,000.00
time 10.00
rate 0.12000
Amount 124,233.93
Net future worth: -124,233.93 cost - 52,646.21 expenses + 184,495.40 revenues + 4,000 salvage value
future worth 11,615.26
Project B
cost:
Principal 60,000.00
time 10.00
rate 0.12000
Amount 186,350.89
expenses 52,646.21 (same as previous)
revenues
C 24,000
time 7
rate 0.12
FV $242,136.2815
TOTAL 242,136.28 + 9,000 - 52,646.21 - 186,350.89 = 12,139.18
Internal rate of return of project A
we write the time and cash flow for each period investment .
Time Cash flow
0 -40,000
1 -3,000
2 -3,000
3 12,000
4 12,000
5 12,000
6 12,000
7 12,000
8 12,000
9 12,000
10 16,000
IRR 13.54%
Then we write on excel the function =IRR(select the cashflow)
and we got the IRR of the project
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in a complicated negotiated, minmetals in china agreed to purchase at least 24,000 tons of copper cathode for $35 million from pasar in the philippines. according to the terms of the sale, pasar will provide at least $12 million worth of coal to a chinese power company that will provide the electricity needed to operate minmetals. this is an example of a(n):
Passer will provide at least $12 million in coal to a Chinese power company that will provide the electricity required to operate the minmetals, according to the terms of the sale. This is an illustration of a(n): countertrade
What is countertrade?Countertrade refers to the exchange of goods or services for which payment is made in whole or in part with other goods or services rather than with money. A monetary valuation, on the other hand, can be used in countertrade for accounting purposes. The term bilateral trade refers to transactions between sovereign states. Countertrade is a type of reciprocal international trade in which goods or services are exchanged for other goods or services rather than hard currency. This type of international trade is more common in developing countries that have limited access to foreign exchange or credit.
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List and explain four costs and risks of holding little inventory
Answer: death and starvation
Explanation:
if you are on little supply that’s not good for the human body. However you will be able to survive about 4 months.
what amount would a person with actual cash value coverage receive for two-year-old furniture destroyed by a fire? the furniture would cost $11,000 to replace today and had an estimated life of five years.
A individual with actual cash value coverage would get $6,600 for two-year-old furniture that was destroyed in a fire.
How would you define insurance?Risk management uses insurance as a tool. By purchasing insurance, you protect yourself from unanticipated financial losses. The insurance provider pays you or a person of your choosing if something unfavorable happens to you.
What are insurance premium payments?The money that a person or company spends on an insurance policy is known as the insurance premium. Payment of premiums is required for health, life, vehicle, and home insurance. Once the premium has been collected, it is given to the insurance provider.
In the given query,
Insurance payment = Replacement cost - Depreciation
= $11,000 - [($11,000 / 5) × 2]
= $11,000- $4,400
= $6,600
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payton corporation has sales of $200,000, a contribution margin ratio of 35%, and a profit of $40,000. if 10,000 units were sold, what are total variable costs?
The total variable costs are $130,000 if 10,000 units were sold.
The contribution margin describes the portion of the sales revenue that is not used up by variable cost; therefore in this case we can find the total variable costs by subtracting the contribution margin from the sales.
First, we determine the amount of contribution margin as follows;
contribution margin = 35% of $200,000
contribution margin = (35/100) × 200,000
contribution margin = $70,000
Now we determine the total variable costs as follows;
total variable costs = sales revenue - contribution margin
Substituting the values in this equation to find the total variable costs;
total variable costs = $200,000 - $70,000
total variable costs = $130,000
Therefore, the total variable costs are calculated to be $130,000.
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the information age is a period in history where the production, distribution, and control of information is the primary driver of the economy. group of answer choices true false
The production, dissemination, and regulation of information serve as the main economic drivers of the information age.According to Bell's Law, a new computer class emerges roughly every ten years, creating a new industry.
What is the meaning of the Information Age?The Information Age is a time period in history that started in the middle of the 20th century and was marked by a quick transition from the traditional industries created by the Industrial Revolution to an economy predominately centered on information technology. The "information era," a time in human history marked by the transition from industrial production to one centered on information and computerization. The reason this time in history is known as the Information Age is because it allows for rapid access to knowledge that would have previously been difficult or impossible to find. The production, dissemination, and regulation of information serve as the main economic drivers of the information age.According to Bell's Law, a new computer class emerges roughly every ten years, creating a new industry.
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Do not recall password and i am not receiving password reset email. i wish to cancel my subscription and not be charged now that i am done with school.
In case you did no longer request to acquire those password reset emails, the high-quality route of action is to disregard them.
With software being utilized in so many regions of lifestyles, it is not unusual now to acquire a password reset notification without inquiring for it.
That may be due to a simple typo or someone genuinely trying to advantage get the right of entry to a person else's account. it is able to be puzzling—even alarming—to acquire these emails.
If a person maintains trying to request a password reset, your e-mail address can be fetched through malware, phishing emails, or attacking internet sites.
Run anti-virus/anti-malware scans in your laptop. make certain not to submit your electronic mail cope with publicly or subscribe to suspicious internet pages.
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at a sales volume of 34,000 units, choice corporation's sales commissions (a cost that is variable with respect to sales volume) total $741,200. to the nearest whole dollar, what should be the total sales commissions at a sales volume of 32,300 units? (assume that this sales volume is within the relevant range.) (round intermediate calculations to 2 decimal places.)
Total sales commissions at a unit sales volume of 424,960.
What is volume?Volume is a measurement of three-dimensional space that is occupied. It is frequently numerically quantified using SI derived units or various imperial units. Interrelate is the definition of length. Every three-dimensional object requires some amount of space. The volume of this space is measured. Volume is defined as the space occupied by an object within the boundaries of three-dimensional space. It is also referred to as the object's volume capacity. Volume is a measurement of an object's capacity. For example, the volume of a cup is 100 ml if it can hold 100 ml of water up to the brim. Volume is also the amount of space occupied by a three-dimensional object.The complete question is :
At a sales volume of 35,000 units, Thoma Corporation's sales commissions (a cost that is variable with respect to sales volume) total $448,000.
To the nearest whole dollar, what should be the total sales commissions at a sales volume of 33,200 units? (Assume that this sales volume is within the relevant range.)
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if damaged, obsolete (out-of-date), or deteriorated goods can be sold, they will be included in inventory at their original cost. group startstrue or false
This is true. if damaged, obsolete (out-of-date), or deteriorated goods can be sold, they will be included in inventory at their original cost.
What is an obsolete good?This is the term that is used to refer to the good that is already at the inventory which is known to be at the end of its life cycle. That is the good has not been used for a very long time and it has not been sold either. It may not even be sold in the future.
For a good that is of this nature, it would have to be included at the original cost that it had in the inventory when it was bought at the time.
Hence the answer is true.
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This is true. If broken (or damaged), old, or worn-out goods can still be sold, they will be added to the inventory at their original cost.
What is the term "obsolete good?"This is the term used to describe a product that is already in the inventory but has reached the end of its life cycle. In other words, the item has not been used or sold for an extended period of time. It may not be sold at all in the future.
For a product of this sort, it must be included in the inventory at the original cost it had at the time it was purchased.
Thus, the response is true.
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A market with negative externalities will tend to _____ compared to a market producing the socially optimal output.
A market with negative externalities will tend to overproduce and sell at lower price compared to a market producing the socially optimal output.
Overproduction, or oversupply, means you have got an excessive amount of of some thing than is important to fulfill the demand of your marketplace. The resulting glut ends in decrease prices and probably unsold items. That, in flip, results in the price of manufacturing – such as the value of exertions – increasing significantly.
The choice for longer than important manufacturing runs or product batch sizes because of lengthy setup times. Ordering extra substances than necessary, just in case. awaiting disrupted production flows. Unbalanced manufacturing ranges, cells, or departments
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when interest is compounded continuously: a) the cash flow must also occur continuously. b) the cash flow must be converted into continuous cash flow. c) the interest rate must be converted into an annual rate. d) none of the abov
The correct answer is d. When interest is compounded continuously the cash flow may not occur continuously.
Compound interest, often known as interest on principal and interest, is the adding of interest to the loan or deposit principal. Reinvesting interest, or restoring it to the lent capital instead of paying it out or requiring payment from the borrower, results in interest being earned on the principal amount plus already accumulated interest in the next period. In finance and economics, compound interest is common. In contrast to simple interest, which does not compound since past interest is not applied to the principal for the current period, compound interest allows interest to build over time.
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if you were to run a sports team, what would be your financial and customer metrics? explain why you chose the metrics you choose. do they compete with or help each other? if you are not familiar with a sport, feel free to use the baseball example from moneyball.
Financial measures make economic data sets' qualities visible that might not be obvious from a single glance at the statistics.
Each financial measure offers a distinct message about a body of economic data, and they all deal with economic data. Profitability, account receivable aging, and days sales outstanding are some examples of financial measures (which tells how many days, on average , it takes to receive payment from the invoice date)
Non-financial measures can give insight into an organization's impact on stakeholders and society as well as act as leading indicators of future financial performance. Non-financial measures can be used to determine what changed in order to enhance and why specific financial results occurred. Non-financial criteria include, for instance, a company's reputation, competitiveness, and innovation and customer influence and value.
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which of the following are value chain activities that can enhance differentiation? multiple select question. strict quality specifications on raw materials from suppliers superior product features and performance resourceful attempts to clone features of products from successful competitors product innovations and technological advances
Value chain activities that can enhance differentiation product innovations and technological advances, strict quality specifications on raw materials from suppliers, superior product features and performance.
The process through which a finished product is created, from its conceptualization to its delivery to a consumer, is known as a value chain. The supply chain outlines every stage of production, including the sourcing, production, and marketing phases, where value is added. A firm analyzes its value chain by analyzing the specific processes involved in each stage of its operations. A value-chain analysis' goal is to boost process efficiency so that a business can provide the most value for the least amount of money.
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charlie corporation purchased 30,000 shares of bravo converting for $270,000 in 2016. on october 30, 2020, charlie declares a property dividend in which one share of bravo will be distributed for every ten shares of charlie outstanding. at that time, market price of bravo is $28 per share. if there are 270,000 shares of charlie outstanding, how much gain and net reduction in retained earnings charlie recognize?
In 2016, Charlie Corporation paid $270,000 for 30,000 shares in Bravo Converting. Charlie announces a property dividend on October 30, 2020, in which one share of Bravo will be distributed for every 10 shares of Charlie that are currently outstanding.
$171,000 is the gain on retained earnings.
Net decrease: $81,000
supplied data;
10,000 shares are held in total.
The cost of purchasing the shares was $90,000.
Declared property dividend equals one share for every ten shares.
thus,
for 90,000 Shares Outstanding declared dividend on property
= 9,000
$28 is the market price per share.
90000 outstanding shares
In 2016, Charlie Corporation paid $270,000 for 30,000 shares in Bravo Converting. Charlie announces a property dividend on October 30, 2020, in which one share of Bravo will be distributed for every 10 shares of Charlie that are currently outstanding.
Now,
Retained earnings increase
Declared property dividend = (Market price per share - Purchasing price per share)
= ( $28 - ) × 9,000
= 171,000
and,
Net decrease equals market price - Gain
= $28 × 9,000 - $171,000
= $81,000
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north company budgets overhead costs for the next year of $5,240,000 for indirect labor and $550,000 for factory utilities. the company uses machine hours as its overhead allocation base. if 150,000 machine hours are planned for this next year, what is the company's plantwide overhead rate?
The company's plantwide overhead rate is calculated to be $38.60 per machine hour.
The company's plantwide overhead rate can be calculated by dividing the sum of overhead costs of indirect labor and factory utilities by the total machine hours planned for the next year. As the overhead cost of indirect labor is $5,240,000 and the overhead cost of factory utilities is $550,000; the plantwide overhead rate can be calculated as follows;
plantwide overhead rate = (overhead cost of indirect labor + overhead cost of factory utilities) ÷ machine hours
plantwide overhead rate = $5,240,000 + $550,000 ÷ 150,000
plantwide overhead rate = 5,790,000 ÷ 150,000
plantwide overhead rate = 38.60
Therefore, the plantwide overhead rate is calculated to be $38.60 per machine hour.
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ashburn corporation issued 10-year bonds two years ago at a coupon rate of 8.4 percent. the bonds make semiannual payments. if these bonds currently sell for 105 percent of par value, what is the ytm? (do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Intermediate calculation - The YTM is 7.85%.
What is intermediate calculations?
The process of rounding involves bringing a value to its closest meaningful number. The final results are rounded, and intermediate calculations are truncated. Any math operation contained in a formula is an intermediate calculation. The value that is carried over into another calculation is referred to as an intermediate step. On a worksheet, a step in between is noted and may or may not be reported. The result that is reported is the conclusive response.
Given that,
Coupon rate = 8.4%
Years = 20 years - 2 years = 18 years × 2 = 36 years
Par value or future value= $1,000
Present value = $1,000 × 110% = $1,100
Monthly payment or PMT = (8.4% × $1,000) ÷ 2 = 42
In semi annual payments, we multiply by 2 in years and divide by 2 in PMT as in case of YMT
So, YMT = Rate × 2 = 3.93% × 2 = 7.85%
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in 2022, a taxpayer (with no employee compensation) was allocated $165,000 of self-employment income. calculate the amount of self-employment tax the taxpayer would owe.
Based on the amount the taxpayer was allocated in 2022, the amount of self-employment tax that the taxpayer would owe is $25,245
How to find the self-employment tax?The self-employment tax that a person owes is often based on three things which are their self-employment income, the social security taxes to be paid, and the Medicare taxes. This means that the self - employment taxes charged to people are often for the benefit of the less fortunate in the United States.
In the year 2022, the Social security tax for those who are self - employed is 12.4%.
The Medicare tax for those who are self - employed comes to 2.9%.
The total self - employment tax is therefore:
= 12.4% + 2.9%
= 15.3%
The amount of self-employment tax that the taxpayer would owe in 2022 is:
= 15.3 % x 165,000
= $25,245
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Determine cost of goods sold for x-mart, assuming that beginning inventory was $5,000. Net purchases were $20,000 and ending inventory was $9,000.
The cost of goods sold formula can be expressed simply as follows: Starting inventory + purchases ending inventory = cost of goods sold. The following formula combines all the inventory information for the entire accounting period: Beginning stock plus purchases equals the cost of the available products (i.e., cost of goods available for sale.) So, cost of goods sold = cost of goods available - cost of items ending inventory.
Explanation:
Beginning inventory is $5,000
Net purchases is $20,000
Ending inventory is $9,000
Therefore the cost of goods sold can be calculated as follows
= (5,000+20,000)-9,000
= 25,000-9,000
= 16,000
Hence the cost of goods sold is $16,000
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in the project planning process, it was determined that a cost-plus incentive pricing (cpif) contract will be used for the selected general contractor with a 70/30 share ratio and a target cost of $500.000 with a $50,000 fixed fee. at the end of project, costs came in at $476.000. how much was the seller paid according to the terms of this cpif contract?
A sum of $5,33,200 was paid to the seller as per the terms of this CPIF agreement.
The target cost of the project = $5,00,000
The actual cost of the project = $4,76,000
The estimated savings of the project = The target cost of the project - The actual cost of the project
= 500,000 - 476,000
= $24,000
The predetermined fixed fee = $50,000
The share ratio = 70/30
This represents a 70% share of the buyer and 30% of the seller/contractor.
The Final Fee = (The estimated savings × The sellers share percentage) + The predetermined fee
= 24,000 × 0.30 + 50,000
= 7,200 + 50,000
= $57,200
The final price paid to the seller = The actual cost of the project + The Final Fee
= $476,000 + $57,200
= $533,200
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customer service is a key attribute of sharon's shoe shop. sharon expects all of her employees to provide excellent service, and her performance appraisals go over this area in detail. which criterion for effective performance is sharon using?
Customer service is a key attribute of Sharon's shoe shop. The criterion for effective performance is Sharon using Fit with strategy.
Customer service is the support and advice that a company provides to people who purchase or use its products and services. Different industries require different levels of customer service, but ultimately, the idea of well-delivered service is to increase revenue. formed in the ages. This gave rise to the customer service he is known for today. It is very interesting to look back in history and see how this industry has evolved.
Inform you and your employees about the products you sell. Respond to customer questions and respond quickly (even if it's negative feedback). Do whatever it takes to make your customers happy and feel special.
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all of the following are true about neoliberalism except that it a. seeks to control costs by lowering wage expenses b. characterizes the type of policies designed by powerful international financial institutions c. has been spreading globally d. refers to a recent revival of economic liberalism e. is characterized by the policy that environmental protection and job safety are too important to be left unregulated
They must understand that every culture they study is influenced by and shapes other cultures. What phrase describes money or resources invested in a company with the goal of making a profit political.
A populist economic and political structure, socialism is founded on the common, collective, or public ownership of the means of production. The equipment, resources, and manufacturing facilities utilized to create products that are intended to directly meet human needs are among those means of production understand. Three structural positions make up the contemporary world system: the core, semiperiphery, and periphery. The term "globalization" refers to the growing interconnectedness and interdependence of global economies and cultures. This is because they make other countries follow the same political policies to develop better agreements and everyone be on a similar structure and it would be easier.
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modcloth inc. offers an unconditional return policy. it normally expects 2% of sales at retail selling prices to be returned before the return period expires. assuming modcloth records total sales of $10 million for the current period, what amount of net sales should it record for this period?
The amount of net sales it should record is $9,800,000 if the total sales are $10 million.
The net sales can be described as the total sales minus returns and discounts. In this case, the formula for net sales can be given as;
Net sales = Total sales - return
As the expected return of this company is 2%, we first calculate the expected amount of returns from the total sales of $10 million.
Return = 2% of $10,000,000
Return = (2/100) × 10,000,000
Return = 0.02 × 10,000,000
Return = $200,000
Now by using subtraction, we calculate the net sales as follows;
Net sales = $10,000,000 - $200,000
Net sales = $9,800,000
Therefore, the amount of net sales it should record for this period is calculated to be $9,800,000
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hansen construction, inc., has consistently used the input method based on costs incurred to recognize revenue over time. during year 1, hansen started work on a $3 million fixed-price construction contract. the accounting records disclosed the following data for the year ended december 31, year 1: costs incurred $ 930,000 estimated costs to complete 2,170,000 amounts billed 1,100,000 collections 700,000 how much loss should hansen have recognized in year 1? $230,000 $0 $100,000 $30,000
The loss recognized by Hansen will be equal to $100000.
Revenue may be defined as the benefits and profits that are earned by any company from the selling of its manufactured products. There are many expenses incurred during manufacture of the products by any company. If the cost of manufacturing is less than the revenue, then the company is in profit and if the cost of manufacturing is more than the revenue, then the company is in loss. According to the question If the amount spent by Hansen Construction in 1 year is $930,000 and the amount estimated that it still needs is $2,170,000 to complete the contract, their total cost for the contract is $3,100,000. Since the contract is fixed price at $3,000,000, then Hansen is going at a loss of $100,000. So, Hansen should recognize the whole $100,000 loss in year 1 as soon as it is able to estimate it.
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