Answer:
<u>expense</u>,
<u>income statement</u>,
<u>debit</u>
Explanation:
Cost of goods sold refers to all those direct costs and overhead costs which have been incurred in manufacturing those products, which have been finished and sold.
Cost of goods sold represents an expense account and it is a nominal account and as per the accounting rules for nominal accounts, expenses and losses are debited while incomes and gains are credited.
Since it is an expense, a debit to such an account increases it's balance while a credit reduces it's balance. Cost of goods sold account has a normal debit balance.
Cost of Goods Sold account is reported in the income statement and deducted from sales revenue to arrive at Gross Profit.
Cost of Goods Sold = Sales Revenue - Gross Profit
Also, cost of goods sold can also be computed as,
Cost of Goods Sold = Opening stock + Purchases + Direct Expenses - Closing stock
Hi there
To find the future value of annuity ordinary the formula is
Fv=pmt [(1+r)^(n)-1)÷r]
Fv future value?
PMT payment per year 3000
R interest rate 0.1025
N time 45 years
So
Fv=3,000×(((1+0.1025)^(45)−1)
÷(0.1025))=2,333,571.66
Good luck!
Answer:
He will forego 'job at a large well-established financial services company'
Explanation:
Pete's opportunity cost of 'joining band' is - 'job at huge financial service company'.
Opportunity cost is the cost of next best alternative foregone while choosing an alternative.
Eg: If I like rice & noodles, opportunity cost of eating rice is the other best option i.e noodles.
Similarly: Pete having 2 options of following Music or Finance; deciding to join band - has opportunity cost as the other option i.e 'job at huge financial service company'
Put D' as (4,2) as your answer.