Problem 1-5: the following data relate to jones company for the year ended december 31, 2011: • sales of credit $80,000 • cost of inventory sold on credit 65,000 • collections from customers 60,000 • purchase of inventory on credit 50,000 • payment for purchases 55,000 • cash collections for common stock 30,000 • dividends paid 10,000 • payment to sales clerk 10,000 a. determine income on an accrual basis. b. determine income on a cash basis.

Match the vocabulary word to the correct definition. 1. sexual harassment 2. terminate 3. recruitment 4. professional development 5. union a. any unwanted sexual attention, the suggestions that maintaining one’s job or professional advancement depends on sexual favors, or verbal and/or physical harassment of a sexual nature b. to fire from a job or end a professional relationship c. an organization of those in the same industry who join together to more effectively bargain with employers d. the process of attracting and hiring employees e. continuing education in a chosen field

An electronics store is running a promotion where for every video game purchased, the customer receives a coupon upon checkout to purchase a second game at a 50% discount. the coupons expire in one year. the store normally recognized a gross profit margin of 40% of the selling price on video games. how would the store account for a purchase using the discount coupon?

Amanufacturer has paid an engineering firm $200,000 to design a new plant, and it will cost another $2 million to build the plant. in the meantime, however, the manufacturer has learned of a foreign company that offers to build an equivalent plant for $2,100,000. what should the manufacturer do?