Answer:
Debit Cost of Goods Sold $500
Explanation:
When inventory is purchased, debit inventory and credit cash or accounts payable. When inventory is sold, credit inventory (with the cost of inventory sold) and debit cost of goods sold(p/l).
Further more, sales is recognized by crediting sales account and debiting cash or accounts receivables.
As such, if original cost of the merchandise to X-Mart was $500, entries required would include a credit to merchandise inventory $500 and Debit Cost of Goods Sold $500.
Answer:
The amount of taxpayers that are part of the "older generation" is slowly rising and is higher than the amount in 1997.
Explanation:
Remember to run a successful government, you must have the income in which to run the government programs. Most of these funds come from taxpayer's. In this case, it is clear that younger people generally make more as well as are generally healthy, leading to a large amount of input of money into the government, with fewer withdrawals. This would give a huge boost to the government budget. Older people on the other hand tend to not work as much, so their taxes are generally lower. They also withdraw more from the Government through Social Security, and so leaves the government with a negative balance from them in most cases.
The chart on the other hand shows a <em>increase of percentage of older people</em>, which leaves a large gap in between the surplus and the spending, leading to a decrease of funding for the government. If this continues, the government would lose money, and would have to cut programs or face collapse. To fix this, they either have to, like stated above, cut programs, or give more taxes. Both are unacceptable to the American Public, which is what makes the government, as well as the average citizen, worried about the US government's funding surplus.
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Answer:
The answer is: $225,000
Explanation:
Ford should include a total gain of $225,000 in its income statement.
That gain is the result of the difference between the carrying value of the asset (land) and the carrying value of the liability (debt note).
$425,000 - $200,000 = $225,000 as total gain
Answer:
1. No because it is not realistic. 2. No because if you try you will make it back. 3. No because he needs a more indelf plan.
Explanation:
