Answer:
The answer is:
Disagree
The matching principle is violated
Explanation:
The order of a customer worth $40, 000 was received at year end. However, the merchandise will only ship in the year following the fiscal year. When goods are shipped, revenue is recognised on shipping the goods or receipt of the goods by the customer. According to the information provided, merchandise will only be shipped in 2021, therefore the customer will only receive the goods in 2021. Given this information, recognising revenue in the current period would be an incorrect treatment of the transaction and contravene the matching principle. This principle indicates that revenue and the costs associated with the revenue should be recognised in the same period.
The sale should not be recognised in 2020 because the goods' delivery and the costs incurred in delivering those goods will only be incurred in 2021. No indicated payment, cash or otherwise, was received in lieu of this transaction. Recognising this sale in the income statement and the associated asset in the statement of financial position could be misconstrued as an attempted enhancement of Pastel Inc.'s financial position for the 2020 fiscal year end.
Pay the full balance when you receieve your monthly statement
Since i am the signing agent who fills out the ID form, then, i am at responsibility to sign the Patriot Act form as well.
<h3>What is
Patriot Act form?<u> </u></h3>
The Patriot Act/customer ID form is a form that help the government to fight the funding of terrorism and money laundering activities.
The Patriot Act/customer ID form is necessitated by the Federal law and its requires all financial institutions to obtain, verify, and record information that identifies every customer.
However, if the signature line on the Patriot Act has escrow officer's name printed on it on the signature line and i am the signing agent who fills out the ID form, then, i am at responsibility to sign the Patriot Act form as well.
Read more about Patriot Act form
<em>brainly.com/question/7472599</em>
Answer:
$151,200
Explanation:
The cost of goods sold is the beginning inventory plus purchases plus freight-in, minus purchases returns and allowances minus ending inventory
Cost of goods sold extract of income statement:
Beginning inventory $29,200
Purchases $144,000
Freight-in $8,000
Purchases returns and allowances <u> ($5,000)</u>
Net purchases <u>$147,000</u>
cost of goods available for sale $176,200
ending inventory <u> ($25,000)</u>
cost of goods sold $151,200
The cost of goods sold is $151,200,which would be deducted from net sales in order to arrive at gross profit
Answer:
2. entry or exit of firms in the market.
Explanation:
A perfect competitive market is when there are many buyers and sellers of homogenous goods and services.
Firms sell homogenous products both in the short and long run.
There are no barriers to entry and exit of firms into the market.
Firms in a perfect competition earn zero economic profit in the long run. If in the short run, firms make economic profit, firms enter into the market in the long run.
If in the short run, firms make economic profit, firms leave the market in the long run.
