Answer:
D. component in the calculation of cost of goods sold on the income statement.
Explanation:
In the income statement, cost of goods manufactured is transferred from the manufacturing account and added to the beginning finished goods while the ending finished goods is deducted to obtain the cost of good sold. This can be presented as follows:
<u>Details Amount ($)</u>
Beginning finished goods xx
Cost of goods manufactured <u> xxx </u><u> </u>
Cost of goods available for sale xxxx
Ending finished goods <u> (xx) </u>
Cost of good sold <u> xxx </u>
Answer:
$39,960
Explanation:
Considering all the transactions recorded;
When insurance is paid in advance, the entries required are
Debit Prepaid Insurance
Credit Cash account
As time elapses and the insurance expires,
Debit Insurance expense
As such amount that should have been posted to insurance expense
= $5400/3
= $1800
Adjustment required
= $5400 - $1800
= $3600
When a fee is received in advance for a service yet to be rendered, the revenue for such fee is said to be unearned. The entries required are
Debit Cash account and Credit Unearned fees or deferred revenue.
As the service is performed and the revenue is earned, debit Unearned fees and credit revenue.
Hence the revenue will be deducted ($775).
When the inventory closing balance is understated, the cost of goods sold is overstated and as such the net income which is posted to the retained earnings will be understated
. $795
Interest expense to be recognized
= 12% * 3/12 * $22,000
= $660
the proper amount of net income for 2021
= $37,000 - $660 - $775 + $3600 + $795
= $39,960
Answer:
Annual deposit= $4,169.59754
Explanation:
Giving the following information:
Donald Martin is 30 years and wants to retire when he is 65.
PV= 6,450 + 4,300= $10,750
i= 0.0854
Number of years= 35
First, we need to calculate the final value of the initial investment:
FV= PV*(1+i)^n
FV= 10,750*(1.0854^35)
FV= 189,257.05
Now, we can calculate the annual deposit required. We need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
FV= 1,000,000 - 189,257.05= 810,742.95
A= (810,742.95*0.0854) / [(1.0854^35)-1]
A= $4,169.59754
Answer:
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Answer:
c
Explanation:
A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopolistic competition has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
An example of monopolistic competition are restaurants
When firms are earning positive economic profit, in the long run, firms enter into the industry. This drives economic profit to zero
If firms are earning negative economic profit, in the long run, firms leave the industry. This drives economic profit to zero
in the long run, only normal profit is earned
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.
An example of a monopoly is a utility company
A price maker is a seller that sets the price for its goods and services. A monopoly and a monopolistic competition are price makers