Answer:
- A chart of accounts is a list of the numbers assigned to each general ledger account.
- A subsidiary ledger contains detailed data for any general ledger account with many individual subaccounts.
Explanation:
A chart of accounts contains a list of all the numbers assigned to balance sheet and income statement accounts. The account numbers allow transaction data to be coded, classified, and entered into the proper accounts.
Subsidiary ledger
s are used to record details information for a general ledger account that contains many subaccounts, like accounts receivable (at last 1 subaccount per client), inventory (at least 1 subaccount per product) and accounts payable (at least 1 subaccount per creditor).
Answer:
$30,900
Explanation:
The beginning finished goods is $15,400
Raw materials purchased is $18,800
The cost of goods manufactured is $34,100
Ending finished goods is $18,600
Therefore the cost of gods can be calculated as follows
= 15,400+34,100-18,600
= 49,500-18,600
= 30,900
Hence the cost of goods sold by the company is $30,900
A market mix is the blending of four marketing elements product, distribution price and promotion
Answer:
Credit cards
Explanation:
Credit cards can allow for easy access to money. They can also be expensive if the balance is carried or they are overused.
Answer:
a) If Goshawk is a proprietorship, only $21000 long-term capital loss can be deducted in the current year. The remaining $19000 net capital loss is carried forward and then carried back
b) If Goshawk is a C corporation, only $ 18000 long-term capital loss can be deducted in the current year. The remaining $22000 net capital loss is carried back and then forward of Item 2.
Explanation:
The gain or loss on the sale of a property is said to be the difference between between the realized value of goods and its adjusted basis. When there is a gain the realized value would be greater than the adjusted basis, while when there's loss the realized value would be less than the adjusted basis.
A) In this case, if Goshawk is a proprietorship, only $21,000 of the $40,000 long-term capital loss can be deducted in the current year. The loss will offset the short-term capital gain of $18,000 first; then, an additional $3,000 of the loss may be utilized as a deduction against ordinary income. The remaining $19,000 net capital loss is carried forward to next year and years thereafter until completely deducted. The capital loss carryover retains its character as long term.
B) If Goshawk is a C corporation, $18,000 short term capital gain can be set off for long term capital loss. Then the remaining $22,000($40,000 - $18,000) will be carried backwards