To estimate and control project cost within the approved budget and to achieve the stated goals of the project.
Answer:
The growth rate of the U.S economy in 2011 was 5.65%
Explanation:
This is a simple calculation
We use this formula to calculate percent changes from one period to another:
% change =
We have that the GDP for 2010 was $11,150 billion and the GDP in 2011 was $11,780 billions we then apply the formula:
% change =
% change = ![\frac{630}{11,150} = 0.056 * 100 = 5.65%](https://tex.z-dn.net/?f=%5Cfrac%7B630%7D%7B11%2C150%7D%20%3D%200.056%20%2A%20100%20%3D%205.65%25)
This means that the growth rate of the U.S economy in 2011 was 5.65%
Answer:
INCORRECT.
In income summary account, all revenue accounts are closed by debiting them and crediting the income summary account. expense accounts are closed by crediting them and debiting income summary account. then on closing income summary account it shows debit balance if there is a net loss and it shows credit balance if there is a net income.
In the given case clever auto services has debit balance of $5,300 i,e it implies that clever auto services has loss .
Therefore above statement is wrong. It implies a loss of $5300 not the net income of $5,300.
Answer:
The total cost of goods sold = $70,000
Explanation:
Given:
Initial inventory at the start of the year for Jackson Co. = $20,000
Total cost of purchases made during the year = $80,000
Inventory remaining at the end of the year = $30,000
Solution:
Total inventory for Jackson Co. during the year = ![\$20,000+\$80000= \$100,000](https://tex.z-dn.net/?f=%5C%2420%2C000%2B%5C%2480000%3D%20%5C%24100%2C000)
Inventory remaining at the end of the year = $30,000
The cost of the goods sold can be calculated by subtracting the remaining inventory from the total inventory.
Thus, cost of goods sold can be given as :
⇒ ![\$100,000-\$30,000](https://tex.z-dn.net/?f=%5C%24100%2C000-%5C%2430%2C000)
⇒ ![\$70,000](https://tex.z-dn.net/?f=%5C%2470%2C000)
The total cost of goods sold = $70,000
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