Who Benefits from a Futures Contract, a Call Contract, and a Put

question 10

Essay

Who benefits from a futures contract, a call contract, and a put contract, if prices fall?

Grasp the accounting procedures for special payroll considerations and employee benefits.

Understand and apply the correct journal entries for notes payable and receivable transactions.

Identify and record employer and employee responsibilities regarding FICA and unemployment taxes.

Understand sales tax collection and remittance requirements.

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Definitions:

Credit Sales

Sales made by a business where payment is delayed, allowing the customer to pay at a later date.

Selling Expenses

Costs incurred directly in the selling of products or services, including advertising, sales commissions, and retail store expenses.

General and Administrative Expenses

Costs related to the overall operations of a company that are not directly tied to a specific functional area.

Gross Profit

The revenue a corporation retains after removing the costs related to the creation and sale of its products or the provision of its services.