The following information was drawn from the Year 1 accounting records of Ozark Merchandisers:
a. Inventory that had cost $17,400 was sold for $31,320 under terms 2/20, net/30.
b. Customers returned merchandise to Ozark five days after the purchase.
c. The merchandise had been sold for a price of $784.
d. The merchandise had cost Ozark $560.
e. All customers paid their accounts within the discount period.
f. Selling and administrative expenses amounted to $3,132.
g. Interest expense paid amounted to $240.
h. Land that had cost $6,400 was sold for $8,640 cash.
Required:
1. Determine the amount of net sales.
2. Prepare a multistep income statement.

Answer and Explanation:

1. The computation of net sales is shown below:-

Net sales = Gross Sales - Sales Returns - Sales Discounts

= $31,320 - $784 - ($$31,320 - $784) × 2%)

= $31,320 - $784 - $610.72

= $29,925.28

2. The preparation of multistep income statement is shown below:-

Income Statement

Net sales revenue                $29,925.28

Cost of Goods Sold              $16,840

($17,400 - $560)

Gross Profit                           $13,085.28

Selling and Administrative

Expenses                              $3,132

Income from Operations      $9,953.28

Other Income / Expense

Gain on sale of land  $2,240

($8,640 - $6,400)

Interest Expense      $240       $2,000

Net income                              $11,953.28

answer: a. the kind of population living in your neighbourhood.

the census explorer data tool by the us census bureau allows the user to zoom in on any neighbourhood within the united states and find the kind of people residing in that by race and age.  

the tool needs to needs to be used twice – once in order to find what type of people reside in a neighbourhood, and then to see the age groups of the people in the same neighbourhood.

answer; by looking at total product,marginal product,and changes in both after changes in inputs