Answer: The answer has been solved and attached
Explanation:
The work in progress and inventory is the inventory that has almost finished by a company and waiting so was to be changed to finished goods. We are told that direct labour is used, therefore we will have to debit work in progress inventory by $59,000 and credit payable factory payroll by $59,000.
Factory overhead are expenses that a company makes. We have to debit it by $22,000 and credit payable factory payroll by $22,000.
The solution has been attached.
- Companies buyback shares for a variety of reasons, including firm consolidation, increased equity value, and to appear more financially appealing.
-The disadvantage of buybacks is that they are frequently financed with debt, putting a burden on cash flow.
-Stock repurchases can have a modestly favorable impact on the economy as a whole.
Answer:
A. True
Explanation:
Gas and electricity are called necessity goods. They are deemed too important to do without. They are essential to life. These categories of goods are insensitive to changes in income level.
Two primary characteristics that define perfectly competitive markets that necessity goods deviate from are:
· Demand is elastic. In perfect competition demand is inelastic i.e. Increase in price will lead to a significant change in quantity demanded. This is not so in necessity goods because these goods are essential to life. So increase in price of these categories of goods or decrease in income level of households will not have effect on the consumption of the goods.
· Bargaining Power of Supplier is high. In perfect competition, bargaining power of supplier is low i.e. suppliers have little power in influencing the price of goods but for necessity goods, reverse is the case. The bargaining power of suppliers is a little bit higher. Suppliers can influence price while consumers adjust.
Answer:
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Answer:
Accrual basis accounting.
Explanation:
Financial statements can be defined as a document used for the formal communication or disclosure of financial information and statements to present and potential users such as investors and creditors. These includes balance sheet, statement of retained earnings and income statement.
The approach to preparing financial statements based on recognizing revenues when they are earned and matching expenses to those revenues is accrual basis accounting.