Answer:
Net Purchases = Cost of goods sold - Decrease in Inventory
= $308,000 - $16,500
= $291,500
Cash paid to Suppliers = Net Purchases + Decrease in accounts Payable
= $291,500 + $13,500
= $305,000
The summary entry is as follows:
Merchandise Inventory A/c Dr. $291,500
Accounts payable A/c Dr. $13,500
To cash $305,000
(To record the amount of cash paid to merchandise suppliers during 2018)
Based on the fact that the purely competitive firm is producing at point q, in the long run we should expect firms to leave the industry and market supply to fall so that product price rises.
<h3>What will happen in the long run?</h3><h3 />
At point Q, the firm is making losses as total costs are more then price. Firms will therefore leave the market to avoid making losses.
This decrease in production will lead to reduced supply which will push the prices back up to a $0 profit level.
Find out more on pure competitions in the long term at brainly.com/question/3291231
#SPJ1
Answer:
Being a member of any of these professional bodies gives you an edge in the Accounting profession.
Institute of Chartered Accountant of Nigeria
Institute of Chartered Accountant of Ireland
Institute of Chartered Accountant of England and Wales
Association of Accounting Technicians
Association of Certified Chartered Accountants
Chartered Institute of Management
and others
Explanation:
Advertisements, discount offer,sales,
Answer:
a. net worth
Explanation:
For this question, we applied the accounting equation which equals to
Total assets = Total liabilities + stockholder equity
Since the question said that
Total assets - total liabilities = ?
So, by use the above accounting equation
The Total assets - total liabilities = Net worth
Hence, the most appropriate option is a.