The balance sheet of Phototec, Inc. a distributor of photographic supplies, as of May 31 is given below: PHOTOTEC, INC, Way 31 Assets Cash $ 8,000 Accounts receivable 72,000 Inventory 30,000 Buildings and equipment, net of depreciation 500,000 Total assets $610,000Liabilities and...

What is the difference between retail price and cost price?

Question The budget committee of Henning Ltd collects the following data for its melbourne store in preparing budgeted income statements for may and June 2007. 1) sales for may are expected to be $600,000. Sales in June and July are expected to be 10% higher than the preceding month. 2) cost of...