Issued 28,000 shares of non-par common stock in exchange for $280,000 in cash. purchased equipment at a cost of $36,000. $9,000 cash was paid and a notes payable to the seller was signed for the balance owed. purchased inventory on account at a cost of $86,000. the company uses the perpetual inventory system. credit sales for the month totaled $110,000. the cost of the goods sold was $66,000. paid $4,000 in rent on the warehouse building for the month of march. paid $5,800 to an insurance company for fire and liability insurance for a one-year period beginning april 1, 2021. paid $66,000 on account for the merchandise purchased in 3. collected $49,500 from customers on account. recorded depreciation expense of $900 for the month on the equipment.

Select the correct answers. mila is at a flea market. she has $50 in her wallet. she decides that she will spend $15 on jewelry, $20 on a pair of jeans, $5 on a t-shirt, and $10 on something to eat. she likes a one-of-a-kind t-shirt, but the seller is not ready to sell it for less than $8. she thinks of five ways to deal with this situation. which two choices indicate a trade-off?

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u. s. company and i don’t make decisions based on what’s good for the u. s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?

You speak to a business owner that is taking in almost $2000 in revenue each month. the owner still says that they are having trouble keeping the doors open. how can that be possible? use the terms of revenue, expenses and profit/loss in your answer