Shel Katz bought a $6,000 desk at Furniture.com. Based on her income, Shel could only afford to pay back $600 per month. The charge on the unpaid balance is 2% each month. The U.S. Rule is used in the calculation. Calculate the balance outstanding at the end of month 2.
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Shel Katz bought a $6,000 desk at Furniture.com. Based on her income, Shel could only afford to pay back $600 per month. The charge on the unpaid balance is 2% each month. The U.S. Rule is used in the calculation. Calculate the balance outstanding at the end of month 2.
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- An employee is paid every two weeks. She worked the last week of December and the first week of January, and got paid $2,000 on January 10th. How would this be recorded under the cash and accrual methods? Group of answer choices Under the accrual method, one-half of the amount paid - $1,000 – is an expense in December and the other half is an expense in January; under the cash method, the $2,000 is an expense in January. Under the accrual method, $2,000 is an expense in January and under the cash method $2,000 is an expense in January. Under the accrual method, $2,000 is an expense in December and under the cash method $2,000 is an expense in JanuaryEna Sharples opened a retail shop on January 1. She invested $10,000 of her own money. She rented a store for $2,000 per month, paying first and last month’s rent on January 1. She bought store fittings for $5,000 in cash. She bought goods for resale at a cost of $10,000, on credit, payable on February 15. She incurred other expenses of $1,000 in January, all of which were paid for in cash. Her cash sales were $15,000, and she also sold $2,000 on credit, which she expects to collect by the end of February. At the end of January her inventory had a cost of $3,000. Amortization on the store fittings is estimated at $100 for the month. The sales revenue recognized in January was?Ena Sharples opened a retail shop on January 1. She invested $10,000 of her own money. She rented a store for $2,000 per month, paying first and last month’s rent on January 1. She bought store fittings for $5,000 in cash. She bought goods for resale at a cost of $10,000, on credit, payable on February 15. She incurred other expenses of $1,000 in January, all of which were paid for in cash. Her cash sales were $15,000, and she also sold $2,000 on credit, which she expects to collect by the end of February. At the end of January her inventory had a cost of $3,000. Amortization on the store fittings is estimated at $100 for the month. What is The operating profit as % of sales for January?