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kicyunya [14]
2 years ago
8

Elm Corporation is a merchandising company. The year began with inventory of $32,000, Purchases for the year were $57,000, and t

he Ending Inventory was $19,000. What is the Cost of Goods Sold that would be reported on the income statement?
Business
1 answer:
Alborosie2 years ago
4 0

Answer:

The cost of goods sold that would be reported on the incoem statement is $70000

Explanation:

The cost of goods sold is the value or cost of the inventory that a business sells to its customers. The cost of goods sold for the year can be calculated using the following formula.

Cost of Goods Sold (COGS) = Opening Inventory + Purchases for the year - Closing Inventory

Thus, Elm Corporation has a cost of goods sold to report on this year's income statement of:

COGS = 32000 + 57000 - 19000 = $70000

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If government spending occurs, there will be a(n) _______ of private-sector investors, described as a(n) _______ of that spendin
MrRa [10]

If government spending occurs, there will be a(n)crowding out of private-sector investors, described as a(n) opportunity cost of that spending.

<h3>What is government spending?</h3>

This is the term that is used to refer to all forms of expenditures that the government of a place may embark on.

Spending is an expansionary policy that helps to stimulate the government of a place.

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3 0
1 year ago
The supplies account had a beginning balance of $1,693. Supplies purchased during the period totaled $4,413. At the end of the p
olga55 [171]

Answer:

Debit Supplies expense $5,661

Credit Supplies account $5,661

Explanation:

At the time of purchasing supplies, the entries includes a debit to supplies accounts, and a credit to cash or accounts payable which is dependent on whether the cash purchased was done via cash or an account

For supplies used, debit supplies expense and credit supplies account. The movement in supplies account over a period is due to purchases and its expressed as;

Opening balance + Purchases - Supplies used = closing balance

$1,693 + $4,413 - Supplies used = $445

$6,106 - Supplies used = $445

Supplies used = $6,106 + $445

Supplies used = $5,661

6 0
2 years ago
If a customer credit score is within 2 points of the minimum of what the business will accept, should the business extend credit
Eduardwww [97]

Answer:

Explanation:

I wouldn't.

The business has drawn a rigid line in the sand. It has to maintain its standard. I might try and make a deal with the customer. "Come up with x% for a down payment."

If the score is high (like over 750), I would likely stretch my standard. 750 is a pretty high score and if you have that kind of a number, you know how to pay things back.

5 0
3 years ago
1. Which resource management task determines the type, quantity, receiving location, and users of resources? A. Track and Report
Rasek [7]

Answer:

C. Identify Requirements

Explanation:

Individuals who are assigned the responsibility of resource management should first of all identify resource requirements.

Identification of requirements relates to the quantum of resources required, the place where they are required and the recipient of those resources.

Resource needs and requirements change from time to time as per the situation. Resource requirements mean the quantity and the kind of resources that would be required for completion of a project.

Thus, Identify Requirements determines the type, quantity, receiving location and the users of those resources.

8 0
3 years ago
A Municipal Finance Professional (MFP) lives in State A. The MFP gives $200 to the election campaign of a personal friend who is
Darya [45]

Answer:

B The payment will not result in the employing firm being banned from doing municipal securities business with State B because it was made based on a personal relationship.

Explanation:

The rule of de minimis applies to persons making donations to candidates vying for elective positions.  $250 de minimis is applicable to a person who will vote for a candidate in an election.  If a person will not vote for the candidate, the de minimis is $150.

In this case, the MFP will not be voting for the candidate.  She is allowed to donate only $150.  Any excess will be refunded.  However, since the MFP is making the donation on his personal capacity, the firm as a separate entity will not be penalized for what the MFP does with her money.  It is likely that the firm does not even do contracts with the municipality.  However, they are not based in the same area.

8 0
3 years ago
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