What is the normal balance of the following accounts: Sales ?

Distinguish between a master budget and a sales forecast.

Total sales of tea in the United States grew from $\$ 1.84$ billion in 1990 to $\$ 11.5$ billion in 2015. Let $s(t)$ represent U.S. tea sales, in billions of dollars, $t$ years after 1990. Data: teausa.com a) Determine a linear function that fits the data. b) Use the function from part (a) to predict U.S. tea sales in 2020. c) In what year will U.S. tea sales be $\$ 15$ billion?

Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Categorize the following accounts as selling expenses: Sales Staff Salaries and Advertising Expense. Categorize the remaining expenses as general and administrative.

Sales discounts              $750     Office supplies expense$  500 
Office salaries expense       2,000     Cost of goods sold          9,000 
Rent expense-Office space     1,500     Sales                      20,000 
Advertising expense             500     Insurance expense           1,000 
Sales returns and allowances    250     Sales staff salaries        2,500

The origin of UGG in Australia lies in the wide-open beaches of Byron Bay $-$ a surfers' paradise. Surfers looked for ways to keep their feet dry and warm $–$ and handmade sheepskin boots offered natural warmth and comfort. The foundation was laid for a marketing phenomenon as the global brand now has sales of over US $\$1$ billion. The UGG boot is now globally well known; the promotion focuses on celebrity endorsements and prices are high to reflect the image of the brand. UGG offers online, premium outlets and, increasingly, its own stores as places for customers to purchase just UGG products. These products include more than just boots as there are now UGG men's footwear products and even a range of bridal shoes called 'I Do'! The shift towards increasing its retail operation means that UGG has put more emphasis on the extended marketing mix such as physical evidence. In its shops it has tried to match the fun-loving, free-wheeling image of its brand and its customers. Stores are in high-street locations with a welcoming exterior. Inside, the layout is spacious, light and colourful with quality fittings and furniture. There is ample seating to allow customers and their partners to relax as they try UGG products on for size.

In line with its retail expansion, UGG has upgraded its IT platform to improve the ordering and delivery process. The new software will gather sales, stock and orders in a single system, collecting data from the point of sale. From a customer-service perspective this means that orders can be filled more quickly and a closer relationship established.

Suggest two ways UGG uses physical evidence as part of its extended marketing mix.

Find the sales tax.

$$\begin{array}{|l| c c c c c|} \hline \textbf{Item} & \textbf{Total Selling Price} & \times & \textbf{Sales Tax Rate} & = & \textbf{Sales Tax}\\ \hline \text{Clothing} & \$81.39 & \times & 3\% & = & ? \\ \hline \end{array}$$

Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies. Interpret the gross margin ratio for Carrier.

How does a merchandiser determine net sales?

Yvonne opened a new video game store. The table shows a record of her sales for the first five weeks. To break even, she needs to sell at least $\$12500$ worth of merchandise each week. She assumes the sales trend will continue and wants to know what to expect over the next weeks.
Weekly Store Sales:

$$\begin{array}{| l | l |}\hline \text{Week } & \text{Sales $\$$}\\ \hline \text{1} & \text{8470}\\\hline \text{2} & \text{8920}\\\hline \text{3} & \text{9360}\\\hline \text{4} & \text{9790}\\\hline \text{5} & \text{10,210}\\\hline \end{array}$$

When will sales be twice the sales of week 1?

Solve.

Toni can be paid in one of two ways:

Plan A: A salary of $\$400$ per month, plus a commission of $8\%$ of gross sales;

Plan B: A salary of $\$610$ per month, plus a commission of $5\%$ of gross sales.

For what amount of gross sales should Toni select plan A?

Find the sales tax.

$$\begin{array}{|l| c c c c c|} \hline \textbf{Item} & \textbf{Total Selling Price} & \times & \textbf{Sales Tax Rate} & = & \textbf{Sales Tax}\\ \hline \text{Calculator} & \$21.75& \times & 5\% & = & ? \\ \hline \end{array}$$

Use the Midpoint Formula to estimate the sales of Big Lots, Inc. and Dollar Tree Stores, Inc. in 2005, given the sales in 2003 and 2007. Assume that the sales followed a linear pattern. (Source: Big Lots, Inc.; Dollar Tree Stores, Inc.)

Big Lots

$$\begin{array}{|l|c|c|} \hline \text{Year} & 2003 & 2007 \\ \hline \text{Sales (in millions)} & \$ 4174 & \$ 4656 \\ \hline \end{array}$$

What are the different types of retail sales transactions?

A fee that is sometimes paid for sales work is called a ___.