Harry is talented at plumbing but lacks the cash flow management skills required to run a business. He opens his business, Harry's Plumbing Supplies, with the help of his nephew John- a business major. Smith purchases a faucet from Harry using a credit card. He notices a crack in the faucet and returns it to Harry. Smith contacts the credit card service provider for a refund. The credit card company removes the sale amount from Harry's account which is referred to as a(n) .

When the amount for land is 36,000 and the amount paid for expenses is 10,000, the balance of total asset is

Garfield corporation is considering building a new plant in canada. it predicts sales at the new plant to be 50,000 units at $5.00/unit. below is a listing of estimated expenses. category total annual expenses % of annual expense that are fixed materials $50,000 10% labor $90,000 20% overhead $40,000 30% marketing/admin $20,000 50% a canadian firm was contracted to sell the product and will receive a commission of 10% of the sales price. no u.s. home office expenses will be allocated to the new facility. the contribution margin ratio for garfield corporation is

Tri fecta, a partnership, had revenues of $369,000 in its first year of operations. the partnership has not collected on $45,000 of its sales and still owes $39,500 on $155,000 of merchandise it purchased. there was no inventory on hand at the end of the year. the partnership paid $27,000 in salaries. the partners invested $48,000 in the business and $23,000 was borrowed on a five-year note. the partnership paid $2,070 in interest that was the amount owed for the year and paid $9,500 for a two-year insurance policy on the first day of business. compute net income for the first year for tri fecta.