Answer and Explanation:
The first statement is true as the land refers to the all-natural resources that consist of fertile land, forest, etc
The second statement is also true as it states the mental and the physical productivity of workers
The third statement is false as the capital involved the tools, machinery, equipments, etc
And, the last statement is true as the entrepreneur ability states the resources management, innovative drive, etc
Producers to supply more & consumers to buy less
Purchases Debit $80,000
Accounts Payable Credit $80,000
Work in process Roasting Department Debit $42,000
Purchases Credit $42,000
Production Debit $22,500
Purchases Credit $22,500
<h3>What is Inventory?</h3>
Inventory is the current asset of a company which it sells to customers and gain profits, the inventory is also known as Stock. The raw material is converted into finished goods by manufacturing companies.
The purchases are debited with payable's account being credited and then the purchases/ inventory is issued for the production of goods, and is therefore charged as the work in process.
Learn more about Inventory at brainly.com/question/27256758
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Explanation:
hope I help
Answer:
Explanation:
The preparation of the partial balance sheet for Sage at December 31, 2020 is presented below
NASH COMPANY
Partial Balance Sheet
At December 31, 2020
Current liabilities
Notes payable $3,176,480
Long term debt
Note payable refinanced in the year 2021 $3,867,520
The computation is shown below:
For note payable i.e shown in the current liabilities is
= $7,044,000 - $6,043,000 × 64%
= $3,176,480
And, the refinanced note payable is
= $6,043,000 × 64%
= $3,867,520
