Answer:
The cost of ending inventory = $193,200.
Explanation:
First in First out (FIFO) inventory system refers to the system where the materials are issued when they have purchased in an orderly manner. See image below to get your answer with illustration.
Answer:
The journal entry for the issuance of the preferred stock is shown below:
Explanation:
Cash A/c..................................................Dr $30,000
Preference Stock A/c....................................Cr $10
Paid in Capital in excess of Par A/c...........Cr $29,990
Working Note:
Cash = Shares × Issued price per share
where
Shares are 1,000
Issued Price per share is $30
= 1,000 × $30
= $30,000
Preference Stock = Shares × Par price
= 1,000 × $0.01
=$ 10
Paid in Capital in excess of Par = Cash - Preference stock
= $30,000 - $10
= $29,990
Answer:
d. By not closely questioning Jason about his area of the business, Ellen and Frank will be seen to have ratified Jason's partnership operations.
Explanation:
Because Ellen and frank are partners with Jason, they would also both be liable for Franks conduct because the three of them are business partners and have shared profits equally in Jasons area of the business without paying attention to details about the source of the profit. This would make it seem like they were in agreement and accomplices with Jason.
Flat money, commodity money, the gold standard and representative money is the money that would have the least value if people lost confidence in the government. Flat money is the currency that the government has declared as legal tender but it is not backed by a physical commodity. Representative money is any money that its face value is greater than its actual value. Commodity money is money whose value comes from the commodity in which it is made of. The gold standard is economic unit of account which is based on the fied amount of gold.
