Answer:
Purchases on credit in 2017 are $15,007
Explanation:
Credit Purchases can be determined by opening a Total Accounts Payable T - Account as follows :
Total Accounts Payable T - Account
Debit :
Closing Balance $12,603
Cash Payments $20,338
Totals $32,941
Credit :
Opening Balance $17,934
Credit Purchase (Balancing figure) $15,007
Totals $32,941
Answer:
d.
Explanation:
Financial Statements depicts the financial position of a firm at a particular point of time or specified date. The users of financial statements use various types of analysis to understand or compare the current financial statements of the company to prior years or with those of the competitors.
‘Ratio Analysis’ is used to analyze the performance of a company. It is used to analyze the liquidity, profitability, solvency and operational efficiency of the company.
Accounts receivable turnover is the ratio of net credit sales to average accounts receivable. It can be calculated as:
Average accounts receivable = 
Accounts turnover ratio = 
No. of days of sales in receivables can be derived using the below mentioned formula:
No. of days of sales in receivables = 
Answer:
a curved line; diminishing marginal returns
Explanation:
The specific factor model is one that assumes that a country produces two goods using two factors of production in a perfectly competitive market. That is labour and and capital.
The production possibility frontier is defined as the maximum combination of two products that can be produced by a country. The PPF tends to be curved because of the law of diminishing returns. As more of one factor of production is added it will result in reduced output of the product over time.
Answer:
Gain $72,480
Explanation:
Calculation for the amount of gain or loss that Sheffield should recognize on the exchange
Using this formula
Gain/Loss= Book value – Fair value
Let plug in the formula
Gain/Loss= $978,480 – $906,000
Gain=$72,480
Therefore the amount of gain or loss that Sheffield should recognize on the exchange will be $72,480
