Answer:
The total cost of goods sold = $70,000
Explanation:
Given:
Initial inventory at the start of the year for Jackson Co. = $20,000
Total cost of purchases made during the year = $80,000
Inventory remaining at the end of the year = $30,000
Solution:
Total inventory for Jackson Co. during the year = 
Inventory remaining at the end of the year = $30,000
The cost of the goods sold can be calculated by subtracting the remaining inventory from the total inventory.
Thus, cost of goods sold can be given as :
⇒ 
⇒ 
The total cost of goods sold = $70,000
Answer & Explanation:
Assets = Capital + Liabilities
1) Investment Cash (+17...) (+17160)
2) Borrowings Cash (+7...) Loan (+7...)
3) Purchase Cash (-price paid) + Gain
Equip (+final price) (final - price paid)
4) Revenue Cash (+298...) Income (+298...)
5) Expense Cash (-210...) Expense (-210...)
3)* Price paid = 8700 or 8600 , Final price = 8300 or 7940 , Gain (Discount received) = 8700 - 8300 ie 400 (or) 8600 - 7940 = 660
Answer:
D. goods but not services; any other country; the United States
Let me know if I was wrong
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<Jayla>
Answer:
Following would be the journal entries in the books of Elizabeth Procter,
On July 1, 2013.
Notes Receivable A/C Dr. $80,000
To Equipment A/C $80,000
(Being equipment sold against notes receivable being recorded)
On June 30, 2014
Notes Receivable A/C Dr. 9600
To Interest Revenue A/C 9600
(Being accrued interest on notes receivable recorded)
On Sept 2014,
Cash A/C Dr. 92,000
To Notes Receivable A/C $80,000
To Interest Receivable A/C $9600
To Interest Revenue A/C $2400
(Being notes receivable and interest received receipt being recorded)
Interest Revenue refers to the income which has been earned as on a date.
Interest Receivable refers to the income which has not been received and which has been outstanding.
