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Answer:
$50
Explanation:
Net income will be the difference between the selling price and the Cost price.
Cost price is $1000
net profit margin is 5%, selling price will be
=$1000 + profit margin
= $1000 + (5/100 x 1000)
=$1000 + $50
=$1050
Net income = $1050 -$50
=$50
Answer:
C.)Finished Goods Inventory is credited.
Explanation:
The journal entry at the time of product sold which are held in inventory is shown below:
Cost of Goods Sold A/c Dr XXXXX
To Finished goods inventory A/c XXXXX
(Being the product sold is recorded)
For recording this transaction, we debited the cost of goods sold and credited the finished goods inventory account so that the correct posting could be done
Answer:
Earning dividends from stock in the federal reserve
Explanation:
Earning dividends like this can be a small asset over the long period.