Accounting for the sale of merchandise, purchase of merchandise, and accounting for freight and sales tax is important for a Merchandising business. In Merchandising businesses, there is a dual nature to the transactions. In this Discussion, you will look at merchandise shrinkage as well as the financial statements for a merchandising business. The Laurel Co. is owned and operated by Paul Laurel. Paul: Maria, I have a question about this recent balance sheet. Maria: Sure, what’s your question? Paul: That’s what I thought. But as you know, we normally receive a 2% discount from our suppliers for earlier payment, and we always try to take the discount. Maria: That’s right. I can’t remember the last time we missed a discount. Paul: Well, in that case, it seems to me the accounts payable should be listed minus the 2% discount. 150,000. Every little bit helps. You never know. It might make the difference between getting the loan and not. How would you respond to Paul Laurel’s request? This week’s Assignment will introduce gross profit for a merchandising business, review the income statement and understand how to determine net sales, gross profit, and expenses. Templates are required to use for the Assignments.
Download the template from the spreadsheet icon below. To assist you in making sure that you are on the right track with your Assignment, view the solutions to self-check your work. If you have questions, please contact your instructor. Upload your Excel file to the Assignment Dropbox by the end of the unit. In order to ensure full functionality for these homework templates, it is recommended that you download/save each Excel template to your computer in the .xlsx format. 880,000. a.What is the amount of the gross profit? Compute the gross profit percentage (gross profit divided by sales). Will the income statement necessarily report a net income? 5,000,000. a.What was the amount of net sales? What was the amount of gross profit? Obj|2 The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) selling, (b) administrative, or (c) other?
For each response, click on the link for the job description your classmate provided and ask at least one follow-up question about that job. In addition to the questions, using Highlanders, Juju, and the Online Psychology Career Center, suggest at least one other position that your classmate may be interested in based on his or her initial post. Continue to monitor the discussion forum until 5:00 p.m. MST on Day 7 of the week and respond to anyone who replies to your initial post. Carefully review the Discussion Forum Grading Rubric for the criteria that will be used to evaluate this Discussion Thread. Throughout this course, you have been exploring the ways in which social psychological principles can be applied to various careers. This week, you will create a literature review of articles that cover some of the main topics of applied social psychology. You should frame your review as if you were explaining the purpose of the field to someone who does not know about social psychology. To do this, you will write a literature review that contains five articles, each of which focuses on a different theory.
Two of the five articles can be from the literature review for your case study that you wrote last week; however, they each must cover different theories. The other three articles should pertain to different theories that have been discussed throughout the course or that will be discussed in Week Six. Remember, even though these articles are not necessarily related, the literature review must still have a thesis statement (e.g., Applied social psychology is a field that is important because it is relevant to…) and a conclusion that reinforces your claim. Since you are allowed to use your review of two articles from your previous literature review, please ensure you make any necessary modifications to your analysis so that they match the thesis statement and conclusion of this literature review. The literature review must be five to seven pages in length, not including title and reference pages. All of the articles that you use must be recent (published within the past 10 years). You should also cite other material (e.g., seminal works about the theories) as appropriate to help you contextualize and explain the articles that you are discussing.
As a side note: you may be able to draw from articles that you have used in this literature review when completing the Integrative Literature Review for PSY699, the capstone course. Carefully review the Grading Rubric for the criteria that will be used to evaluate your assignment. This week you have read research on the theories of relationships, intimacy, love, social identity, self categorization, and social comparison. Now you will have a chance to showcase what you have learned by creating a recommendation based on this scenario about the creation of a dating website. Your post should be approximately 500 words in length and include appropriate APA-style citations and references as outlined in the Ashford Writing Center. In addition to citing the assigned works you read this week, please locate and cite at least two more peer-reviewed journal articles on any of the areas studied this week to support your position. These articles should be recent (published within the last 10 years). Guided Response: Review several of your colleagues’ posts and respond to at least two of your peers.