Stinky Processing Company, a VAT-registered taxpayer, is a processor of refined sugar. In May 2020, the records of the company revealed the following:
Sales during the month, exclusive of VAT
Total sales 1,180,000
Purchases of sugarcane from farmers 500,000
Purchases of packaging materials from VAT suppliers, exclusive of VAT 120,000
The VAT payable for May 2020 would be?
Answers
The VAT payable for May 2020 is 63,600. This is calculated by subtracting the input VAT (7,200) from the output VAT (70,800) based on the taxable sales (1,180,000).
To calculate the VAT payable for May 2020, we need to determine the taxable sales and the input VAT on purchases. Let's break down the calculations:
1. Taxable Sales:
Total Sales = 1,180,000
Since the sales are exclusive of VAT, the taxable sales would be the same as the total sales amount.
Taxable Sales = 1,180,000
2. Input VAT on Purchases:
Purchases of Sugarcane from Farmers = 500,000
This purchase does not involve VAT since it is acquired from farmers who are not VAT-registered suppliers.
Purchases of Packaging Materials from VAT Suppliers, Exclusive of VAT = 120,000
Since this purchase is made from VAT suppliers, it includes VAT. To determine the VAT amount, we need to calculate 6% of the purchase amount.
VAT Amount = 120,000 * 6% = 7,200
Therefore, the Input VAT on Purchases is 7,200.
3. VAT Payable:
To calculate the VAT payable, we need to find the difference between the output VAT (taxable sales) and the input VAT (VAT on purchases).
Output VAT (Taxable Sales) = Taxable Sales * 6%
Output VAT = 1,180,000 * 6% = 70,800
Input VAT (VAT on Purchases) = 7,200
VAT Payable = Output VAT - Input VAT
VAT Payable = 70,800 - 7,200 = 63,600
Therefore, the VAT payable for May 2020 would be 63,600.
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Related Questions
Comparative
balance sheet accounts of Marcus Inc. are presented below.
MARCUS INC.
COMPARATIVE BALANCE SHEET ACCOUNTS
AS OF DECEMBER 31, 2010 AND 2009
December 31
Debit Accounts 2010 2009
Cash $ 42,000 $ 33,750
Accounts Receivable 70,500 60,000
Merchandise Inventory 30,000 24,000
Investments (available-for-sale) 22,250 38,500
Machinery 30,000 18,750
Buildings 67,500 56,250
Land 7,500 7,500
$269,750 $238,750
Credit Accounts
Allowance for Doubtful Accounts $ 2,250 $ 1,500
Accumulated Depreciation—Machinery 5,625 2,250
Accumulated Depreciation—Buildings 13,500 9,000
Accounts Payable 35,000 24,750
Accrued Payables 3,375 2,625
Long-Term Note Payable 21,000 31,000
Common Stock, no par 150,000 125,000
Retained Earnings 39,000 42,625
$269,750 $238,750
Additional data (ignoring taxes):
1. Net income for the year was $42,500.
2. Cash dividends declared and paid during the year were $21,125.
3. A 20% stock dividend was declared during the year. $25,000 of retained earnings was capitalized.
4. Investments that cost $25,000 were sold during the year for $28,750.
5. Machinery that cost $3,750, on which $750 of depreciation had accumulated, was sold for $2,200.
Marcus’s 2010 income statement follows (ignoring taxes).
Sales $540,000
Less: Cost of goods sold 380,000
Gross margin 160,000
Less: Operating expenses (includes $8,625 depreciation and $5,400
bad debts) 120,450
Income from operations 39,550
Other: Gain on sale of investments $3,750
Loss on sale of machinery (800) 2,950
Net income $ 42,500
Instructions
(a) Compute net cash flow from operating activities using the direct method.
(b) Prepare a statement of cash flows using the indirect method.
Answers
(a) To compute net cash flow from operating activities using the direct method, we need to calculate the cash received from customers and cash paid to suppliers and employees.
(b) To prepare a statement of cash flows using the indirect method, we need to start with net income and make adjustments for changes in non-cash balance sheet accounts and for cash flows from operating, investing, and financing activities. We can use the information provided in the question to prepare the following statement of cash flows:
MARCUS INC.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2010
Cash flows from operating activities:
Net income $42,500
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense 8,625
Loss on sale of machinery 800
Gain on sale of investments (3,750)
Increase in accounts receivable (10,500)
Increase in merchandise inventory (6,000)
Increase in allowance for doubtful accounts 750
Increase in accounts payable 10,250
Increase in accrued payables 750
Net cash provided by operating activities 43,425
Cash flows from investing activities:
Sale of investments 28,750
Sale of machinery 2,200
Purchase of machinery (15,000)
Purchase of land -
Net cash provided by investing activities 15,950
Cash flows from financing activities:
Issuance of common stock (20% stock dividend) 25,000
Cash dividends paid (21,125)
Repayment of long-term note payable (10,000)
Net cash used in financing activities (6,125)
Net increase in cash 53,250
Cash at beginning of year 33,750
Cash at end of year $87,000
The statement of cash flows starts with net income of $42,500 and makes adjustments for non-cash items such as depreciation, as well as changes in balance sheet accounts such as accounts receivable, merchandise inventory, and accounts payable. The statement then includes cash flows from investing activities such as the sale and purchase of investments and machinery, and cash flows from financing activities such as the issuance of common stock, payment of dividends, and repayment of long-term debt. The statement ends with the net increase in cash for the year, which is $53,250, and the ending cash balance of $87,000.
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for which person would renting a home be a better option than getting a mortgage?
Answers
Answer:
Someone who wants ro avoid spending time and money on maintenace
Explanation:
what do you mean by teaching profession? write with example.
Answers
Answer:
Teaching is the specialized application of knowledge, skills and attributes designed to provide unique service to meet the educational needs of the individual and of society. The choice of learning activities whereby the goals of education are realized in the school is the responsibility of the teaching profession.
Answer:
Teaching is the specialized application of knowledge, skills and attributes designed to provide unique service to meet the educational needs of the individual and of society. The choice of learning activities whereby the goals of education are realized in the school is the responsibility of the teaching profession.
Explanation:
the demand for professional education is increasing this day. put your argument to support the statement
Answers
Explanation:
I hope it helps you... and please marks me as brainliests...
on january 3, 2021, madison corp. purchased 30% of the voting common stock of huntsville co., paying $3,000,000. madison decided to use the equity method to account for this investment. at the time of the investment, huntsville’s total stockholders’ equity was $8,000,000. madison gathered the following information about huntsville’s assets and liabilities:
Answers
The amount of goodwill associated with the investment is: C. $336,000.
Amount of goodwillFirst step is to calculate the Identifiable Excess Paid
Buildings=$600,000 − $400,000 = $200,000
Equipment=$1,400,000 − $1,200,000 = $200,000
Franchises =$480,000 − 0 = $480,000
Identifiable Excess Paid=($200,000 + $200,000 + $480,0000)×30%
Identifiable Excess Paid= $880,000 × 30%
Identifiable Excess Paid = $264,000
Second step is to calculate the book value
Book value=$8,000,000 × 30%
Book value= $2,400,000
Third step is to calculate the goodwill
Good will=$3,000,0000-$2,400,000-$264,000
Goodwill=$336,000
Therefore the amount of goodwill associated with the investment is: C. $336,000.
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The complete question is:
On January 3, 2021, Madison Corp. purchased 30% of the voting common stock of Huntsville Co., paying $3,000,000. Madison decided to use the equity method to account for this investment. At the time of the investment, Huntsville's total stockholders' equity was $8,000,000. Madison gathered the following information about Huntsville's assets and liabilities:
Book Value Fair Value Buildings (10-year life)$400,000 $600,000 Equipment (5-year life) 1,200,000 1,400,000 Franchises (8-year life)$0 $480,000
For all other assets and liabilities, book value and fair value were equal. Any excess of cost over fair value was attributed to goodwill, which has not been impaired.
What is the amount of goodwill associated with the investment?
A. $264,000.
B. $600,000.
C. $336,000.
D. $480,000.
E. $0.
Rosewood Company made a loan of $12,600 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. The amount of interest revenue that Rosewood would report during the years ending December 31, Year 1 and Year 2, respectively, would be:
Answers
The amount of interest revenue that Rosewood would report during the years ending December 31, Year 1 and Year 2, respectively, would be: $567; $189.
Interest revenue for December 31, Year 1 from April - December
Interest revenue=($12,600 × 6% × 9/12 months)
Interest revenue=$567
Interest revenue for December 31, Year 2 from January - March
Interest revenue=($12,600 × 6% × 3/12 months)
Interest revenue=$189
Inconclusion the amount of interest revenue that Rosewood would report during the years ending December 31, Year 1 and Year 2, respectively, would be: $567; $189.
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Which multimedia and interactive elements do you think would best support your viewpoint on the topic you chose for your blog? Write two to four sentences explaining what multimedia and interactivity you will use and why.
Answers
Answer:
I will use images and details from credible websites, which will boost my own credibility and support my claim. I will also use charts and graphs from trusted web resources, such as government and university sites, to make my supporting evidence clear
Explanation:
I took the test
Brainiest???
The Use of videos, audios, and images in the blog will not only make it attractive but also make it credible.
Best Way to Write BlogTo write a credible and attractive blog we need to use multimedia such as videos, images, link of credible websites. We can also use other elements which can autocorrect grammer mistakes, can easily provide best charts and graphs.
The use of these elements can give a better outlook to our blog, and also create a sense of trust and credible information.
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What is the difference between a simple contract and a specialty contract
Answers
Answer:
free points
Explanation:
ok thx
what is real gdp calculator online
Answers
The real GDP calculator (GDP - gross domestic product) he-lps you find the real economic growth by changing the nominal GDP into real GDP using a price index deter-mined by the GDP deflator formula.
The GDP growth rate is calcu-lated by using percent-age change. Real GDP is used to calculate real gro-wth not just increasing wages and increase in price. GDP is import-ant because it gives inform-ation about the size of the economy and how an eco-nomy is performing. The growth rate of real GDP is of-ten used as an indicator of the general hea-lth of the economy. In broad terms, an incr-ease in real GDP is interpreted as a sign that the econ-omy is doing well.
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Utility is an important aspect of market research because it can save a company lots of time and money.
true or false
Answers
The given statement that Utility is an important aspect of market research because it can save a company lots of time and money is false.
What is market research?Market research is defined as the process of actively questioning latent customers to find out the viability of a brand-new service or product.
Market research modifies a business to determine its target market and find comments and another input from customers about their involvement in a product or service.
Utility is critical to the market, but it does not support to save money because it is similar to bills.
Therefore, the given statement is false.
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Which statement best summarizes the law of demand ?
A. Sellers only supply goods that are in high demand from buyers.
B. Buyers are more likely to buy a products that is supplied in large quantities.
C. Sellers can easily substitute a product in high demand with another product.
S. Buyers are more interested in purchasing products as those products decline in price.
Thank you :)
Answers
Buyers are more likely to buy a product that is supplied in large quantities.
What is the law of demand?The law of demand states that the quantity purchased varies inversely with the price. In other phrases, the better the rate, the lower the quantity demanded.
What are the types of demand?Individual and Market DemandOrganization and Industry DemandAutonomous and Derived DemandDemand for Perishable and Durable GoodsShort-term and Long-term DemandLearn more about the law of demand here https://brainly.com/question/24019366
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_____ are items used to assist in producing other products and services.
Support products
Unsought products
Convenience products
Shopping products
Components
Answers
Components are items used to assist in producing other products and services. These are typically raw materials or parts that are combined with other components or materials to create a finished product.
Components can vary in complexity and size, ranging from small screws and bolts to large machinery parts or electronic circuits.
One of the key features of components is their role in the manufacturing process. They are essential for ensuring that products are produced efficiently and with a high level of quality. For example, a car manufacturer may require thousands of different components, including engines, transmissions, and wheels, to produce a single car.
In addition to their role in manufacturing, components can also have a significant impact on the performance and quality of the finished product. The choice of components can affect everything from the durability and reliability of a product to its overall functionality and aesthetics.
Overall, components are critical elements in the production of products and services. They play a vital role in ensuring that products are produced efficiently, with a high level of quality, and meet the needs of consumers.
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lollllaoqlqlwlwkwjebsnan
Answers
The Earth has a moment of inertia, I = 8.04×10^37 kg*m^2. The Earth rotates at a moderate angular velocity of 7.2921159 ×10^−5 radians/second.
Using Conservation of Angular Momentum we can find the new rotation of the earth.
L=I*omega= 8.04×10^37 kg*m^2 * 7.2921159 × 10^−5 = 5.86286*10^33.
5.86286*10^33 = (8.04×10^37 + 1.5424*10^22) *omega
-> solve for omega = 7.292115899502489e-05
This is 4.97511e-15 rad/s slower than earth's original rotation. This translates to 6.752*10^-10 seconds = 0.6752 nanoseconds longer per day.
internal control elements identify each of the following as relating to the control environment, control procedures, or monitoring: line item description classification 1. safeguarding inventory in a locked warehouse 2. hiring of external auditors to review the adequacy of controls 3. personnel policies
Answers
The internal control elements can be identified and classified below according to their description as follows:
Control Procedures - Safeguarding inventory in a locked warehouseMonitoring- Hiring of external auditors to review the adequacy of controlsControl Environment- Personnel policiesHow does each description relate to the term?The control procedure refers to actions aimed at mitigating risks in an organization, such as protecting inventory in a closed warehouse. Monitoring, on the other hand, can refer to hiring external auditors, helping with compliance and determining weaknesses.
And personal policies are related to the control environment, as they refer to the actions and behaviors that together will transform the organizational culture.
Therefore, together such measures guarantee greater control and compliance of organizational activities.
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Which of these is an example of negligence?
O A. A young girl pulls another young girl's hair.
• B. An elderly woman gets knocked over when someone tries to steal
her purse.
• C. A custodian leaves a broom on the floor and a visitor trips over it.
O D. A company falsely accuses another company of using fake
products.
SUBMIT
Answers
Answer:
is d A company falsely accuses another company of using fake
Chris is disturbed by his supervisor’s encouragement to use the corporate credit card whenever he dines out, even if it is not work-related, because “no one ever will ever know.” This is against Chris’ moral principles, and he refuses to take part in the dishonest behavior. Chris shows___________ in this scenario.
Answers
In this scenario, Chris shows integrity by refusing to engage in dishonest behavior that goes against his moral principles.
Integrity is the quality of being honest, having strong moral principles, and adhering to them, even when it may be difficult or unpopular. Chris is demonstrating integrity by refusing to use the corporate credit card for non-work-related expenses and standing by his principles, even though his supervisor has encouraged him to do so.
Explain integrity.Being trustworthy and sustaining high moral standards are characteristics of integrity. Someone with integrity behaves honourably and morally even when no one is looking.
Integrity denotes consistency, whether or if an action is honest. Even if it's inaccurate, being true about a subject entails being honest. Being honest, by definition, entails being truthful and telling the truth. Integrity comes from having steadfast moral values and upholding them with honesty.
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When an sbu has become a _____________, it is essential to either invest in it heavily to gain better market share, acquire competitors to get the necessary market share, reposition its products, or drop it?
Answers
Answer:
problem child
Explanation:
A problem child is a business-related term that is used to describe a situation in which there is a form of low market share but in an increasing and quick thriving enterprise or industry at large.
Hence, in this situation, the correct answer is a PROBLEM CHILD.
Given that when an SBU has become a PROBLEM CHILD, it is essential to either invest in it heavily to gain better market share, acquire competitors to get the necessary market share, reposition its products, or drop it.
6. Describe at least three things a bank would consider about you when deciding whether to give you a loan. (1-3 sentences. 3.0 points)
Answers
Explanation:
Your Credit History
Your Ability To Pay The Loan
Your Cash Flow History
1. What is product slotting?2. What are the main goals of product slotting?3. What are the benefits of effective slotting? 4. What is On-Going slotting? 5. Why organisations need product profiling for effective slotting?6. What are the some of the most important data we need before slotting?
Answers
Product slotting is the practice of assigning products to specific storage locations in a warehouse or distribution center based on several factors to maximize efficiency and optimize workflow. It is a method of organizing product placement and placement in a warehouse, distribution center, or any other storage facility.
The primary goals of product slotting are as follows:To reduce the overall travel time for pickers or operators.To improve accuracy and order fulfillment rates.To increase the speed and efficiency of order fulfillment and inventory management.The benefits of effective slotting are as follows:Increased order processing speed.
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Product slotting is the process of assigning products to specific locations in a store or warehouse. The main goals of product slotting are to maximize sales, improve operational efficiency, and reduce costs. Effective slotting provides benefits such as reduced out-of-stock situations, improved customer satisfaction, increased productivity, and optimized space utilization.
Explanation:Product slotting refers to the process of assigning products to specific locations or slots within a retail store or warehouse based on various factors such as demand, sales volume, size, and weight. The main goals of product slotting include maximizing sales and revenue, improving operational efficiency, and reducing costs. Effective slotting provides several benefits such as reduced out-of-stock situations, improved customer satisfaction, increased productivity, and optimized space utilization.
On-Going slotting is an ongoing process of regularly reviewing and adjusting the product placements within the store or warehouse to ensure optimal performance. Organizations need product profiling for effective slotting to gather essential data about the products, such as item dimensions, weight, demand patterns, shelf life, and product compatibility. Some of the most important data needed before slotting include historical sales data, product attributes, stock turnover rates, and the physical characteristics of the facility.
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What 3 shoe companies are mentioned as having sponsor deals? how many countries does each sponsor?.
Answers
The 3 shoe companies having sponsor deals along with the total count are: nike - 32, adidas - 28, puma 15.
Sponsorship is the act of supporting an event, activity, person, or organization through financial support or the provision of goods or services. The support is provided by the sponsor, who serves in a similar capacity as a benefactor. The question asks about the Top 3 shoes companies. They are: 1) Nike - An American multinational firm called Nike, Inc. designs, develops, produces, distributes, and sells footwear, apparel, equipment, accessories, and services on a worldwide basis. Near Beaverton, Oregon, in the Portland metro area, the company has its headquarters. 2) Adidas AG is a multinational company based in Germany that designs and makes clothing, accessories, and shoes. In Bavaria's Herzogenaurach, it was founded. It is the largest sportswear manufacturer in Europe and the second-largest in the world after Nike. 3) Puma SE, generally known as Puma, is a global company that designs and produces sports and leisure footwear, clothes, and accessories. It is headquartered in Herzogenaurach, Bavaria, Germany. Puma is the third-largest manufacturer of sportswear in the world.
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The wages of factory maintenance personnel would usually be considered to be: Indirect labor Manufacturing Overhead A. No Yes B. Yes No С. Yes Yes D. No No a. Option A b. Option B c. Option C d. Option D
Answers
Available choice C's "Manufacturing overhead cost" is the realistic solution. The term "manufacturing overhead" refers to the indirect expenses incurred by a corporation during its production process.
Do manufacturing overheads include indirect factory labor?
Manufacturing overhead, sometimes referred to as production overhead, factory overhead, or factory burden, is the collective term for all the supplemental expenses needed to run your firm. They could consist of: indirect labor, such as cleaning and maintenance staff
What are the components of indirect labor costs?
Wages paid to employees who carry out tasks that assist others in producing goods and rendering services are referred to as indirect labor costs. The cost of labor is the component that is not directly related to production.
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Question 15 of 20
A business that wants to increase productivity for its main product needs to:
Answers
Discover the response to your inquiry. A company that wishes to boost production by investing in equipment that makes it easier to produce more products...
Why is it called a company?
Discover the response to your inquiry. A company that wishes to boost production by investing in equipment that makes it easier to produce more products... Etymology. The Old French word compagnie, which first appeared in the Salic law (c. 1150) and meant "society, companionship, intimacy; body of troops," is where the English word "company" derives from. Companio originally derived from Late Latin and meant "one who eats bread with you." types of businesses Any business created in accordance with the 2013 Companies Act is referred to as a "company."
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How has the free enterprise system contributed to technological innovation?.
Answers
Technological innovation has been contributed to by the free enterprise system because people came up with new technologies knowing that they could profit from them.
How has free enterprise driven technological innovation?The free enterprise system encourages people to go into business and make profit with minimal government interference in their affairs.
This encouraged people to come up with new innovations because they know that they can profit from these for themselves instead of worrying about the government taking their hard earned profit.
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Click this link to visit the O*NET page for the Athletic Trainers career. Scroll to the Wages & Employment link. According to O*NET, what is the projected growth for Athletic Trainers between 2012 and 2022?
average (10 to 19 percent)
faster than average (15 to 21 percent)
much faster than average (29 percent or higher)
slower than average (3 to 9 percent)
Answers
Answer:
much faster than average (29 percent or higher)
Explanation:
C
Answer:
C. much faster than average (29 percent or higher)
Explanation:
__________ is important for devloping self-reglation and promoting language. Varying rates. Motivation. Play. Secure relationships. Challenged. Screening tool. I will mark brainlest
Answers
Identify the problem by analyzing the given scenario. An IT software company is losing market share because it fails to launch new products in a timely manner. Decisions are centralized at the top, and employees have little or no voice. One way to solve this problem is to use teams to eliminate ____ in the company.
Answers
Explanation:
to eliminate their best efforts in the company
Answer:
"bureaucratic barriers"
Explanation:
i got it right on plato
__________ is the assignment of various functions, such as human resources, accounting, or legal work, to outside organizations.
Answers
Outsourcing is the assignment of various functions, such as human resources, accounting, or legal work, to outside organizations.
Outsourcing is a business strategy that involves hiring an external company to perform certain business functions instead of completing them in-house. This practice has become increasingly popular among organizations due to its cost-effectiveness and the ability to access specialized skills.
By outsourcing certain functions, businesses can focus on their core competencies, reduce overhead costs, and increase efficiency. Outsourcing can also provide access to technology and expertise that would be too expensive to develop in-house.
However, outsourcing also has some disadvantages, such as the risk of losing control over the outsourced processes and potential communication and cultural barriers with the external company. Overall, outsourcing can be a beneficial strategy for companies when implemented carefully and strategically.
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A study of the potential demand for a new hospitality and travel business is called______
Answers
Answer:
market analysis
Explanation:
A market analysis is the studies the dynamics of the study market such that of a potential rise in demands for a new hospitality and travel business. The market analysis is also a part of the global environmental analysis. It identifies the possible strengths and weaknesses along with the opportunities and threats. It areas include market trends, growth probability, and key success factors.Phyllis graduated with a degree in chemistry and started her career as a laboratory scientist with Dow Chemical. While at Dow, she met a sales representative from PPG Industries who suggested she might enjoy an opportunity to work directly with customers and assist them by answering product questions, making recommendations about new products and serving as an assistant to the field sales team. Phyllis applied for the position and is now working at PPG. She enjoys the opportunity to use her technical skills to assist customers and doesn't mind being on the phone or answering e-mails from customers. What type of sales channel is Phyllis working in
Answers
Answer: Inside selling
Explanation:
Based on the information given in the question, the sales channel that Phyllis is working in is the inside selling.
inside selling refers to the act of selling goods to the customers through phone or online rather than meeting the customers in person. Inside sales makes use of the phone, internet and emails to reach out to the customers.
an employee can be dismissed if their job surplus to requirements' outline why this state ment is false