Indicate how each event affects the elements of financial statements.Use the following letters to record your answer in the box shown below each element.You do not need to enter amounts.Enter only one letter for each element.
-Pearl Company sold merchandise to a customer for $800 cash in a state where the sales tax rate is 5%.(Ignore the effect of cost of goods sold. )
Definitions:
Stackelberg Leader
A firm that has a dominant position in a market or industry, dictating terms and strategies that other firms, or followers, adapt to.
Lump Sum Tax
A tax that is a fixed amount, no matter the change in circumstance of the taxed entity, not affected by the taxpayer's income or activity level.
Outputs
Refers to the goods or services produced by a company or economy, indicative of productivity or production levels.
Discount Sources
Various origins from which price reductions can be obtained, such as coupons, sales promotions, or bulk buying.
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