Answer:
Explanation:
1. The computation of the ending retained earning balance is shown below:
The ending balance of retained earning = Beginning balance of retained earnings (+ net income /- net loss) - dividend paid
= $50,000 - $5,500 - $10,000
= $34,500
2. The Net income would be zero As the debit side total is $75,500 which indicates total expenses whereas the credit side would be revenues + loss = $70,000 + $5,500 = $75,500
3. The journal entry is shown below:
Income summary A/c Dr $5,500
To Retained earning $5,500
(Being the difference is credited to retained earning)
B- BOTH ARE ACCEPTED BY MOST PPL ND MOST BUSINESSES.
Answer: Consumer generated marketing.
Explanation:
The role of consumers to the growth and development of indutries and brands is vital. Consumer generated marketing is when producers make use of feedback such as reviews and user created content.
This is done to help the producers know what the people feel about the product and whether there are things to improve upon or things that the consumers will like to be added to the product.
Personal finance is a subject that focuses on the investments and cash flow of an individual person. Personal finance helps people achieve long term financial stability. It often covers the areas of taxation, investments, retirement savings, and insurance.
Answer:
$20.00 and $32.50
Explanation:
The computation of the ending inventory using the lower of cost or market value which is shown below
For Product 1
Given that
Replacement Cost = $22.50
Net Realizable Value is
= Estimated selling price - Estimated cost to dispose
= $40 - $5
= $35
So, the market value is
= Net Realizable Value - Profit Margin
= $35 - (0.30 × $40)
= $23
As we can see that the cost is $20 and the market value is $23 so the lower value is $20 and the same should be selected
For Product 2
Given that
Replacement Cost = $27
Net Realizable Value is
= Estimated selling price - Estimated cost to dispose
= $65 - $13
= $52
So, the market value is
= Net Realizable Value - Profit Margin
= $52 - (0.30 × $65)
= $32.50
As we can see that the cost is $35 and the market value is $32.5 so the lower value is $32.5 and the same should be selected