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Lorenzo Company sells goods under the terms 2/15, n/30. It uses the calendar month as its reporting period. Its cost of goods is 80% of selling price and its historical experience is that on average of 30% of sales gets paid within the discount period. Its October 31st balance sheet shows a balance of $1,000 in the Provision/Reserve for Sales Discounts account. For the month of November, Lorenzo reported gross sales revenue of $800,000. During November, discounts were availed for gross sales of $200,000, of which $60,000 was from sales in October and the remaining $140,000 was from sales in November. (a) What is the amount of net sales revenue that Lorenzo should report on its November income statement? (b) What is the amount of COGS that Lorenzo should report on its November income statement? (c) What amount should Lorenzo report as the balance in the Provision/Reserve for Sales Discounts account on its November 30th balance sheet?
What strategies do interest groups use and what factors influence their choice of strategies? (For example: financial resources, type of membership, number of members, etc.) Source material: Textbook chapter 11 on Groups and Interests.
Mikey W. Smitty is confident that demand for his “Western Rap” CD will substantially exceed the breakeven point computed in Problem 6-3. So, Mikey is contemplating having his CD cut at a classier (and pricier) studio. What is the breakeven point for ..
In what sequence would the jobs be ranked according to the following decision rules: (a) FCFS, (b) EDD, (c) SPT, and (d) LPT? All dates are specified as manufacturing planning calendar days. Assume that all jobs arrive on day 275. Which decision i..
A warehouse needs pest treatment that requires opening all the windows and covering the building with a tent for 48 hours. Opening the windows means deactivating the alarm system. Assume that if a theft occurs, the total amount stolen will exceed $25..
While federal funding of primary and secondary education and federal influence on local schools have both grown considerably in recent years, K–12 education is still largely under the control of state and local governments. How might U.S. public scho..
Emotional intelligence refers to the control one has over his or her emotions and how emotions are expressed. Describe how you could use these skills in the workplace, either in your current job or in one you aspire to hold.
What are the portfolio weights for a port folio that has 135 shares of Stock A that sell for $48 per share and 165 shares of Stock B that sell for $29 per share?
Managing the product through successive stages of the product life cycle is an important role for a product manager. Assess the three ways to manage a product through its life cycle, including examples to help clarify your assessment. Indicate the re..
Some courts have held that certain shareholders are fiduciaries of each other. These are shareholders of:
Do you think all forms of abortion are morally defensible? Why or why not? Should abortion for any reason remain legal, or should it be restricted to certain circumstances, and for what reasons?
Examine Huizingas "Play Theory." Why is "play" differentiated from other activity? What makes play "play" and not just another activity one does in the day?
Write a memo to attach to the agenda for a team meeting. State the issues you know of.
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