<u>Calculation of cost of goods sold under a periodic system:</u>
It is given that the beginning inventory is $100,000, cost of goods purchased is $500,000, and ending inventory is $130,000. The cost of goods sold can be calculated as follows:
Cost of Goods Sold = Beginning inventory + Cost of goods purchased- Ending inventory
= 100,000 + 500,000 – 130,000
= $470,000
Hence, the cost of goods sold is<u> $470,000</u>
<span>the terms of the sale are 15/15, n/30 indicates that the sales will include a 15% discount if the payment is finished within 15 days.
So, The net value of the payment in the 15th day would be:
$ 19,700 - (15% x $ 19,700)
= $ 19,700 - $ 2955
= $ 16,745</span>
Answer:
Intervene to protect the nature and the environment: government has to play an active role in preserving the nature from the industrial activities.
Protection of consumers and customers from malicious business activities.
Establishing a proper legal framework for the enterprises to operate under a healthy competition.
Establishing required antitrust laws to prevent unjust monopolies from taking over industries.
To enact labour laws and necessary regulations to regulate the labour market.
Explanation:
Answer:
The answer is increased dependence on banks for credit.
Explanation:
Because the dependence on bankd only happened when the Cotton Kingdom failed and the slavery time was over. So the farmers were left with a huge amount of cotton, debts, no British to buy it. They could not afford the expenses of the equipment, the field, without the bank loans, because in this time, the would need to hire paid workers.
Based on the amount earned and the monthly expenses, Eric should set aside <u>$16,200</u> for an emergency fund.
It is generally recommended that when settling cash aside for an emergency fund, the amount that one sets aside be 3 times their monthly expenses.
Eric's monthly expenses are $5,400 so the amount to be set aside should be:
= 5,400 x 3
= $16,200
In conclusion, Eric should set aside $16,200 for the emergency fund.
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