The debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are presented in the following T accounts. Cash (5) 13,860 Accounts Receivable (1) 14,850 (3) 990 (5) 13,860 Merchandise Inventory (4) 575 (2) 8,800 Estimated Returns Inventory (4) 575 Customer Refunds Payable (3) 990 Sales (1) 14,850 Cost of Merchandise Sold (2) 8,800 Describe each transaction. 1. Sold merchandise on account. 2. Recorded the cost of the merchandise sold and reduced the merchandise inventory account. 3. 4. 5. Check My Work5 more Check My Work uses remaining.

In business,what would be the input, conversion and output of operating a summer band camp

Which of the following statements is correct? large corporations are taxed more favorably than sole proprietorships. corporate stockholders are exposed to unlimited liability. due to limited liability, unlimited lives, and ease of ownership transfer, the vast majority of u.s. businesses (in terms of number of businesses) are organized as corporations. most businesses (by number and total dollar sales) are organized as partnerships or proprietorships because it is easier to set up and operate in one of these forms rather than as a corporation. however, if the business gets very large, it becomes advantageous to convert to a corporation, mainly because corporations have important tax advantages over proprietorships and partnerships. most business (measured by dollar sales) is conducted by corporations in spite of large corporations’ often less favorable tax treatment, due to legal considerations related to ownership transfers and limited liability.

Salt corporation's contribution margin ratio is 78% and its fixed monthly expenses are $30,000. assume that the company's sales for may are expected to be $89,000. required: estimate the company's net operating income for may, assuming that the fixed monthly expenses do not change.