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JulsSmile [24]
3 years ago
6

Lily Company was started last year when Lily borrowed $70 cash from the local bank. Lily used that $70 cash to purchase inventor

y for $70. This year Lily Company sold that inventory for $100 cash. Which ONE of the following statements is TRUE with respect to Lily Company's balance sheet AFTER the sale of the inventory?a. Cash is $30.b. Accounts Payable is $30.c. Owners' Equity is $100.d. Owners' Equity is $30.e. Inventory is $30.
Business
1 answer:
aev [14]3 years ago
6 0

Answer:

d. Owners' Equity is $30

Explanation:

The owners equity is the amount of money that is own by the owner of the business or the business itself minus all of the debts that the business has, in this example, Lily just sold $100 in products, generating a profit of $30, because she bought that for $70, but she owns $70 of those $100 to the local bank, so eventhough she has $100, only $30 are actually owned by the business so Owner´s Equity equals $30.

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A difference in the subject matters of operas X and Y

Explanation:

A difference in ticket prices , operating expenses , merchandise sales with operas X and Y could directly explain the result indicated about the given statement.

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3 0
2 years ago
Irving’s Rib Shack is a regional chain of barbecue restaurants. They have a long-standing policy that the recipe for their signa
Drupady [299]

Answer:

The correct answer is <u>trade secret</u>

Explanation:

Trade secret can be considered as any secret or confidential information regarding business that provides a company with a competitive advantage over other company's in the market. Trade secret can be anything like commercial secrets, advertising strategies, recipe formula or manufacturing secrets etc. So therefore by reading the question it is quite clear that the intellectual property protection that keeps the recipe a secret is trade secret.

6 0
3 years ago
Blossom Company has the following inventory data:
Debora [2.8K]

Answer:

Ending inventory= $916.2

Explanation:

Giving the following information:

Nov. 1 Inventory: 35 units  $7.10 each

Nov. 8 Purchase: 142 units  $7.60 each

Nov. 17 Purchase: 71 units  $7.45 each

Nov. 25 Purchase: 106 units $7.80 each

Nov. 30 ending inventory: 118 units on hand. FIFO (first-in, first-out)

Ending inventory= 106*7.8+12*7.45= $916.2

8 0
3 years ago
Increased Efficiency, Inc. is looking for ways to shorten its cash conversion cycle. It has annual sales of $36,500,000, or $100
seraphim [82]

Answer and Explanation:

The cash conversion cycle refers to the cycle which includes the days inventory outstanding and days sales outstanding and deduct the days payable outstanding

The cash cycle = Days inventory outstanding + days sale outstanding - days payable outstanding

The computation is shown in the attachment below:

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6 0
3 years ago
A country might create safety standards for certain products that other nations can't comply with. As a result, these nations ca
otez555 [7]

Answer:

administrative trade policy

Explanation:

A country might create safety standards for certain products that other nations can't comply with. As a result, these nations can't be involved with exporting parts for those goods and trade does not exist. These safety standards are a form of administrative trade policy.

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3 0
3 years ago
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