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soldi70 [24.7K]
3 years ago
6

You and a friend go clothes shopping and find a great pair of jeans. They fit you perfectly, but they also cost $100. You are wi

lling to buy them, but you only have $50 in your wallet to spend on new clothes. Your friend likes the jeans and has the money to buy them. The jeans would count as a demand for _____.
1.you, because you are willing to buy them and they fit you perfectly
2.your friend, because he likes the jeans and has the money to buy them
3.both of you, because you both like the jeans
Business
1 answer:
Schach [20]3 years ago
8 0
3. Both of you, because you both like the jeans
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Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no b
Sveta_85 [38]

Answer:

$136

Explanation:

Date      Transaction       Units         Cost           Total          

3             Purchase             5            $20             $100

10            Sale                     3

17            Purchase            10            $24            $240

20           Sale                     6

23           Sale                     3

30           Purchase           10             $30            $300

using the first in, first out method, the COGS is calculated based on the oldest price of the units in merchandise inventory:

6 units were sold on May 20th, 2 of them costed $20 (May 3rd purchase) per unit = $40, while 4 of them costed $24 (May 17th purchase) = $96. Total COGS = $40 + $96 = $136.

7 0
3 years ago
On May 1, 2017, Pronghorn Company issued 2,500 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shor
dybincka [34]

Answer:

a. Prepare the entry to record the issuance of the bonds and warrants

May 1, 2017, bonds issuance

Dr Cash 2,550,000

Dr Discount on bonds payable 25,000

    Cr Bonds payable 2,500,000

    Cr Additional paid in capital - stock warrants 75,000

b. Assume the same facts as part (a), except that the warrants had a fair value of $30. Prepare the entry to record the issuance of the bonds and warrants.

May 1, 2017, bonds issuance

Dr Cash 2,550,000

    Cr Bonds payable 2,500,000

    Cr Premium on bonds payable 20,000

    Cr Additional paid in capital - stock warrants 30,000

Detachable warrants must be recorded separately than the bonds. They must be recorded as APIC stock warrants.

4 0
3 years ago
Agee Storage issued 33 million shares of its $1 par common stock at $21 per share several years ago. Last year, for the first ti
Tpy6a [65]

Answer:

$23 million

Explanation:

Calculation to determine at what amount will Agee’s total paid-in capital decline

First step is to calculate the Cash paid for the first repurchase

Cash paid for the first repurchase = 1 million * 19

Cash paid for the first repurchase = $19 million

Second step is to calculate the Value of first purchase

Value of first purchase = 1 million * 21

Value of first purchase = $21 million

Third step is to calculate the Benefit on first repurchase

Benefit on first repurchase = 21 million - 19 million

Benefit on first repurchase = $2 million

Fourth step is to calculate Cash paid for second repurchase

Cash paid for second repurchase = 1 million * 24

Cash paid for second repurchase = $24 million

Fifth step is to calculate the Value of second purchase = Reacquired shares * Common stock price

Value of second purchase = 1 million * 21

Value of second purchase = $21 million

Last step is to calculate the Decline in total paid-in capital using this formula

Decline in total paid-in capital= Benefit on first repurchase + Value of second purchase

Decline in total paid-in capital = 2 million + 21 million

Decline in total paid-in capital = $23 million

Therefore what amount will Agee’s total paid-in capital decline is $23 million

8 0
2 years ago
Effect of Inventory Errors
pav-90 [236]

Answer:

Effect of Inventory Errors

1. Kate Interiors Company:

Ending Inventory of $378,500 counted as $366,900.

This shows that Ending inventory is undervalued by $11,600 ($378,500 - 366,900).

The cost of goods sold will be overstated by $11,600 and the net income understated by $11,600 in the income statement.

In the balance sheet, the assets are understated by $11,600 and Equity (Retained Earnings) understated by the same amount.

2. Waterjet Bath Company:

Ending Inventory of $719,880 counted as $728,660.

This shows that Ending inventory is overvalued by $8,780 ($728,660 - 719,880).

The cost of goods sold will be understated by $8,780 and the net income overstated by $8,780 in the income statement.

In the balance sheet, the assets are overstated by $8,780 and the Equity (Retained Earnings) overstated by $8,780.

Explanation:

An overstatement of Ending inventory results in understated cost of goods sold and overstated net income.  Conversely, an understatement of ending inventory results in overstated cost of goods sold and understated net income.

7 0
3 years ago
Respond by (1) Identifying the type of syllogism below (Categorical, Disjunctive, Conditional) and (2) explain, in your own word
USPshnik [31]

The type of syllogism being used in the given sentence is a conditional syllogism.

<h3>What is Syllogism?</h3>

This refers to the use of reasoning in order to draw conclusions about something based on two premises.

Hence, we can see that conditional syllogism was used in the given premises and this is because it made use of either-or to show that if the sidewalk was wet, then that means that it must have rained.

This reasoning is faulty because there are different possible reasons for the sidewalk to be wet and not just rainfall.

Read more about syllogism here:
brainly.com/question/361872

6 0
2 years ago
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