Answer:
a.
Date Account Title Debit Credit
Dec, 31. 2020 Cash $1,000
Customer Deposits $1,000
b.
Date Account Title Debit Credit
Dec, 31. 2020 Customer deposits $800
Cash $800
c.
Date Account Title Debit Credit
Dec, 31. 2020 Customer deposits $120
Breakage Revenue $120
Cost of goods sold(0.8 * 120) $ 96
Inventory $ 96
Answer:
(C) $94.00
Explanation:
The computation of the cost of goods sold for the sale of May 20 is shown below:
= Remaining units × cost price + remaining units × cost price
= 4 units × $15 + 2 units × $17
= $60 + $34
= $94
The 4 units come from May 1 and May 10 i.e 9 units - 5 units = 4 units
And on May 20, the 6 units were sold out of which 4 units were sold at price of $15 and rest 2 units were sold at a price of $17
Answer:
The maximum amount of good Y produced will be 960.
Explanation:
Smallville has a linear production possibility frontier in the production of good X and good Y.
It can produce 6 of X per hour or 8 of Y per hour.
It has 240 hours of labor and divides labor hours equally between the production of good X and good Y.
It means that both good X and good Y get 120 hours of labor each.
The amount of good Y produced in 120 hours
= 
= 960 units
Answer:
The answer is B.
Explanation:
Taxes are compulsory payment levied by a government of a country. It is not voluntary.
We have direct and indirect tax.
Direct taxes are those taxes that are imposed on individual and company. A company is charged at a rate after its profit is known. An individual earning salary is charged before the salary is collected.
Indirect taxed are those levied on goods and services. These types of taxed are pass on to the consumers in form of price of goods.
Tax is mandatory for everyone. Its a revenue for government
A manufacturer tries to benefit by using scarce resources in the following ways -
Scarce resources will reduce the cost of production leading to maximum profits.
Lesser cost of production will make it more budget friendly and popular among the customers.
Because of better margins, business can invest in research and development to offer better quality products to its customers.
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