A gift shop owner purchases items to sell in her store. She purchases a chair for $125 and sells it for $275. Determine the following: a. dollar markup b. markup percentage on cost c. markup percentage on selling price

Q: Mary operates a wholesale business that distributes canned food. She receives a complaint from a…

A: Option a is the answer.

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A:

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A: Following is the correct answer

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A: 13% discount = Total x 13% = $6956.36 x 13% = $904.33

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A: The journal entries are prepared to keep the record of day to day transactions of the business.

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A: The sales invoice is prepared at the time of sale.

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A:

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A: Supplier is a person or a firm that provide raw materials or products to an organisation. Supplier…

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is