Answer: $3000
Explanation:
Based on the information given, the amount of loan that Milly needs will be the addition of the down payment and the cash allowance and this will be:
= Down payment + Cash allowance
= $2500 + $500
= $3000
Molly needs a loan of $3000
Answer:
December 1, 202x, merchandise purchased for cash
Dr Merchandise inventory 3,300
Cr Cash 3,300
Explanation:
When a company uses a perpetual inventory system, any purchases or sales are recorded directly using the appropriate inventory account. When a company uses a periodic inventory system, you should use a purchase account instead.
Starting from a steady state with greater capital than the Golden Rule, a decrease in the saving rate results in a decline in investment.
<h3>What is the definition of the golden rule?</h3>
The Golden Rule instructs people to make decisions for others based on their own personal preferences. Putting yourself in another person's shoes or "doing unto others as you would have them do unto you" are two common definitions of the Golden Rule (Baumrin 2004).
The golden rule would advise us to release someone who has been convicted of a crime and given a prison sentence, for instance, because we would not want to go to prison ourselves. This holds true even if we use the platinum rule because it's likely that the prisoner would choose to stay out of jail or prison.
To learn more about Golden Rule, refer to:
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Answer:
B. Historical cost principle
Explanation:
In accounting, historical cost principle indicates that a business or an organization must record and account for both assets and liabilities at their purchase or buying price. In points that during bookkeeping, while recording the worth of an assets, the purchase price used in buying it must be recorded. Here, Lisa bought the building for $35000 but recorded $50000 because she believes that to be the real value. By doing so, lisa has violated the historical cost principle concept.
Answer:
The cost of goods available for sale is $650,100
Explanation:
Credit terms of 3/15, n/45 means that 3% discount for the payment within 15 days and the full amount to be paid within 45 days.
The discounts Northwest Fur Co. took = $560,000 x 3% = $16,800
Northwest uses a perpetual inventory system and the gross method to record purchases.
Net Purchases = Purchases - Purchase Returns - Purchases Discounts + Freight-In = $560,000 - $4,900 - $16,800 + $8,800 = $547,100
The cost of goods available for sale = Beginning merchandise inventory + Net Purchases = $103,000 + $547,100 = $650,100
